How to generate more income for your business

In the wake of the COVID-19 pandemic, businesses are on the lookout for ways to diversify income streams, build business opportunities and improve cash flow.

So this week, we wanted to share with you 7 ways to help generate income for your business.

1 – Utilise free advertising

Okay, so you might not be able to employ a social media assistant to manage all of your social platforms, but investing time in your business’s social channels will pay off.

According to Ofcom, UK adults spend 2 hours 34 minutes accessing the internet on their smartphones every day. And on average, users spend 39 minutes on services including Facebook, Instagram and Twitter. Your audience is primed and waiting; you just have to speak to them. So interact with posts, share engaging content and be consistent. Shout it out loud to the world: what problem do you solve, and what’s the impact you’ve had.

2 – Pay monthly

Generate reoccurring income by setting up a membership service, or GoCardless monthly invoicing. If your customer is receiving a regular service, ask them to authorise a direct debit payment. This will not only significantly reduce administration time for both parties involved in the transaction, it’ll improve your cash flow.

Knowing the exact date you’ll be paid means you can plan and spend accordingly.

3 – Improve your reach

With lockdowns and restrictions dominating the winter months, we’re having to discover new ways to get our products noticed. If you’re the owner of a high-street boutique, for example, the online world is your new shop floor. So boosting your virtual presence is essential if you’re going to maximise sales.
Video-centric content is becoming increasingly popular, so why not highlight your products or services through some engaging video content? Or why not ask a client to record an honest video testimonial to explain what problem you helped them to solve?

Or if your product or service would make an ideal Christmas gift, why not sell your festive wares at a Christmas market? The Cheshire Business Directory’s Virtual Christmas Market already has a following of over 10K, so it’s an ideal place to capture your audience’s attention.

Sponsoring events is another great way to create new business opportunities from clients across your local area.

4 – Offer discounts

There’s no denying it: we all love a deal.

So why not consider offering a free or discounted offer to help generate new business? For example, if you’re a website designer, offer free consultations on prospective clients’ current websites. Even if this doesn’t automatically create a sale, it allows you to bolster your brand and solidify your reputation.

And in the spirit of Black Friday and Cyber Monday, try celebrating one of your products or services with an exclusive, discounted offer. And why not run a competition alongside the promotion to further improve its reach?

5 – Client share

Join with an associated business to develop your client pool. For example, if you design and make bespoke furniture, partner with an acclaimed interior designer to deliver a room-makeover package. Doing so will help you to diversify your clientele and boost sales. Try to align yourself with a company or trader who uploads similar values to your own. And remember, noted features on established websites help to improve your SEO rating too.

6 – Teach others

Webinars have seen a spike in popularity since March. With people eager to develop their skill set, interest remains high. If you’re an expert in your field, run a free webinar, and promote it across your social channels. This will not only lengthen your list of business contacts, it will cement your reputation as a trusty-worthy and highly-skilled entrepreneur.

The result? Connection. Enquiries. Sales.

7 – Get a grant

In response to the COVID-19 pandemic, the government are offering businesses of all sizes monetary support. One such scheme allows small and medium-sized businesses to borrow between £2,000 and £50,000. And there won’t be any fees or interest to pay for the first 12 months.

To see if you’re eligible for financial support from the government, check out their official business advice page.

Want to get your business seen and heard?

Time. Energy. Cash. There’s always a reason why businesses just can’t seem to improve their reach.

If you’re seeking an affordable marketing opportunity, then The Cheshire Business Directory are here for you. From as little as £6 per week, we can help showcase your products and services to your ideal clients. Using a range of on and offline strategies, we promote businesses from across Cheshire and Greater Manchester to our loyal social media following of over 120K.

To find out more about how we can help you, or for a no-obligation chat about your business’s marketing strategy, contact Kerry on 07501 896 445.

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