Revenue in Financial Management
Revenue is what makes your business a business. It is the most important source of money other than loans and investors which may be necessary at times to fund growth.
What is the objective?
To maximize your revenue and make it easy for your customers to pay you.
Why is this important?
One of the primary reasons for lost revenue is pricing. You should review your value exchange regularly. The next reason is slow accounts receivable and finally frustration in paying.
What do you need to know to do this?
You need a clear understanding of your value and you need to know how your customers would like to pay you.
The Project
Delve into your value exchange by looking at changes in your market and by talking to your customers to see if it is time for an increase your revenue.
Do a deep review of your value exchange to look for other opportunities.
Revamp your accounts receivable so that it is easy.
Audit your payment system to make sure it is current with recent technology and customer’s expectations.
You get lessons, the tools and examples in the Small Business Academy to help you do each of these.
How will you you know you have succeeded with this project?
You will have a bump in revenue and cash flowing into your business.
What is important to carry on to the next projects?
You will carry forward these new systems.
Join small business owners just like you in the free Business Owners Success Club online community for more resources and discussions about this and other projects.
