Slumping revenue needs a booster shot
Slumping revenue happens. The question is, “What do you do when you identify it?”
When some Small Business Owners (SBOs) notice slumping revenue they hold a sale. Other SBOs will ignore the dip, hope it goes away on its one, build another widget to sell, or do another marketing campaign.
That list holds something peculiar – your default. What is your default reaction when you notice your revenue isn’t delivering?
This is an important question because the goal of every business is to perform well and generate profit. The IRS says YOUR Small Business needs to operate in a state of profit to be viable. Let’s better understand the 3 Levels or Revenue.
Revenue usually has 3 levels in business:
- Slumping Revenue: Occurs when your revenue decreases or takes a dip.
- Stagnant Revenue: Occurs when your revenue isn’t moving positively or negatively.
- Strong Revenue: Occurs when your revenue is healthy and gaining.
Even though not widely accepted, some also include Sputtering Revenue, which occurs when revenue moves from stagnant to strong.
BRILLIANT BUSINESS QUESTION:
Which level is YOUR Business currently in?
Each level requires a different type of support from SBOs. You should have your statistics to analyze what has and is occurring.
Slumping Revenue: You most likely need to retool YOUR Offering or drop it like a hot potato! Do more research to find out the true need in YOUR Marketplace.
Stagnant Revenue: Is it the right time of year for YOUR Offering to accel? Has something changed in YOUR Marketplace? Do you need a new marketing campaign? If YOUR Offering is cyclical, maybe you need another offer to offset flat revenue.
Strong Revenue: To keep the revenue flowing, implement a new marketing campaign before you need one. Survey YOUR Customers to learn what other needs they’ll pay you to resolve.
WARNING: When revenue runs strong, SBOs tend to sit on their laurels. Don’t. This is the time you’re golden and YOUR Customers want more! Create more to serve YOUR Customers’ needs.
Another quarter will begin soon. You have several weeks before the 4th Quarter is here. Making the time to adjust your strategies and tactics now could determine if you are closing the year with great momentum or supporting slumping revenue. The choice is yours!
Need help with this?
You’re in luck! This is what I do. Click here for a no-cost 30 minute conversation to discuss your current situation and explore which possibilities are better suited for you than others. Don’t bring any money; I won’t sell you a thing! Click here to start.
I’m curious? What do you do to improve your revenue level? Feel free to share in the comments section so we all can win!
THANKS FOR ALLOWING ME TO HELP YOU IMPROVE YOUR BUSINESS!
Brilliant Breakthrough, Inc. provides Small Business Coaching & Strategy
to Simplify Strategies & Align Actions
to Further YOUR Profitability, Peace, & Potential
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p.s.: If you’re in the Milwaukee area this Friday, August 25th, please join Wisconsin Business Owners Group for a great Lunch and Learn . Wisconsin’s very own #1 Podcaster will be presenting the value of podcasting for Business Owners.
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