What to Do When You Hit the Invisible Sales Revenue Ceiling

It's not uncommon for small businesses to hit a revenue ceiling. As you get closer to that ceiling, your growth becomes slower and slower. You might be trying new marketing strategies and rethinking your sales strategy, but you're still not seeing the results you want. It may be time to take a step back and examine your sales process. What's working in your favor? What's slowing you down?

1. You're not sure what your ideal customer looks like.

It's difficult to generate new leads when you don't know what type of person is most likely to buy from you in the future. Use this question to define your ideal customer: "If I owned my own business, and I was looking for someone to do ____________, who would I first call?" Once you have that figured out, it will be easier for you to figure out where and how to find those people.

2. You're not getting referrals or introducing yourself often enough.

You might not feel comfortable asking for referrals, but your customers could be a great source of leads. They've already seen you in action, and they probably love what you do for them. When you get an order or the bill is paid, ask your customers to send referrals your way when they think of someone who could use your services.

3. You don't have a strategy for targeting high-quality prospects.

When people are looking to buy from you online, they're probably going to use Google as a starting point. If they see a lot of results that appear fake or spammy, they'll lose interest and start looking somewhere else. That's not good for you, because you're unlikely to get repeat business.

4. You're not giving your customers a reason to recommend you to their friends and family.

If your customers are happy with your work, they'll be happy to have you do more of it. Customers love being referred, and they'll willingly tell friends about the positive experiences they've had with your business. Make sure that you have a system in place for tracking which customers are consistently buying from you and which ones encourage others to do so as well. This will help you improve in the future and make more money for yourself in the long run.

5. You're not diversifying your income.

It's frustrating to see a growth ceiling, especially when you know that you could be getting more business. If your sales have plateaued and you can't be sure why, it might be time to start generating income from other sources. As a freelancer or small business owner, you probably have a lot of available skills. Maybe you can do more work on the side in another field or offer some new services as part of your existing business. It may hurt your pride to take on more work, but it may help you earn much-needed revenue in the short-term and give yourself some breathing room in the long run.

If you've hit a sales ceiling, don't get discouraged. Instead, take a step back, reflect on your business, and analyze the steps that need to be taken for your sales to increase. The good news is that it's possible to grow again if you keep pushing forward.

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Article Source: http://EzineArticles.com/expert/Jasmine_Francis/173861?published=true

By Jasmine Francis - Research from the Small Business Administration shows that 90% of all new businesses fail within their first year in business and that 75% of all new businesses fail within the first 18 months. That is a lot of businesses going under before they get a chance to become profitable. Do you want to join the 10% who get it right? You can too! But, there is a process. There are many things that you can do to prepare for your new business idea and save yourself from a lot of time, money, and stress. The following are some important steps to take before you begin your new business: 1. Come up with Your Plan - A plan is everything in starting a new business. Without one, you will have no idea what you are going to do or how it will work out when completed. Make sure you know what you are doing and how it is going to benefit your business. Also, make sure that your plan is something that you want to do for the rest of your life instead of just for now. 2. Find the Best Source of Funding Are you sitting on a pile of cash or looking to borrow? You need to figure this out right away because your funding will determine whether or not you will get started immediately or not. Having the best funding available is important because it can help give you more time, which in turn will improve the quality of your business and allow you to have many years ahead of you with it growing in the future. 3. Choose Your Business Name - When you begin your new business, you will have to make a name for yourself. Personalize your business name and make it unique. This is very important and should not be given lightly. Search the internet for companies that are similar to yours in name and see if they already have one. If they do, then you will have to consider whether or not this is a good idea because if they are already using the same name, then you may be infringing on other people's trademarks in order to use them as well. 4. Create Business Cards - Business cards are fundamental in starting your business. They can be used for advertising and to get your name out there. These will come into play both immediately and in the future when people need more information on you and your products. Make sure you have more than enough on hand and that they are readily available because they are very useful in helping you build up a client base quickly. 5. Start Your Website - Before you break ground on your new business, you will want to make sure that you have a presence online. This is an important aspect in helping you spread the word about your services and products. Just because people don't know who you are doesn't mean that they won't come to find out. Having a website is also education for those who may be considering buying from you in the future. It will serve that purpose as well as allowing others to learn more about what services and products are offered by your business. 6. Create Marketing Materials - This can come in the form of flyers or other printed material that will be able to get your product or services out there quickly and efficiently.

Conclusion - When you want to start a new business it may be accomplished by using your own personal skills or buying into some of the many business ideas out on the web. Consider the above items that can help you get things started and learn a lot about how to run your new venture.

This is a summary of "What Will You Find When You Open Your Business". It is from Chapter 1: "Getting Started in Your New Business". This chapter provides a list of things to consider before becoming involved in opening your own business. From owning a store, to being an independent contractor, to starting your own manufacturing business, this book provides a sample for each type of business.