Tips to increase your top line: because there are two sides to every sale
In business, everyone’s always talking about the bottom line – how to reduce expenses; how to get more productive employees; how to save on taxes. All to ensure the bottom figure of net income is as big as can be.
But, with all this talk of the bottom line, sometimes we forget to look up and see what’s going on at the top. The top line of your business refers to your revenues and gross sales, and it’s just as important as the bottom line.
Some companies can experience growth while their revenues and sales remain stagnant. They do this by making adjustments to their business that benefit the bottom line, e.g. saving on expenses. However, companies experiencing strong, fast growth will focus on improving both their bottom and top lines, and this often comes with practice and age in a company. This doesn’t mean that as a new company you can’t experience top and bottom growth. There are many things you can do to get the ball rolling.
A top line growth strategy
The key to improving your top line is adopting a strategy that optimises your sales, marketing, and customer service. These are the foundations of your business’s revenue generation, and you need to nurture them if you want your top line to grow. This means having a customer-focused business culture that ensures you deliver the best value and service to your customers, maximising your sales to them, and keeping them coming back time and time again. There are key steps to doing this:
- Go places your competitors haven’t – It sounds difficult, but it’s not impossible. Understanding your marketplace and its trends helps you expect areas that need a new player. That player is you.
- Re-imagine your marketing – Traditional ways of marketing just won’t cut it anymore. Things are going digital, and consumers expect their brands to be on demand and perfectly tailored to them. Fortunately, the most effective advertising platforms, like social media, are free to use, but you might need to hire a professional marketer to take care of the details, eventually.
- Make sales more accessible – If you have one shop in one city, you’re limiting the amount of sales you can get. 51% of UK consumers prefer to shop online. Getting online is the fastest, most-effective way to put yourself on a global market, so the sooner you can do this, the better.
- Don’t forget about the staff – Your customers are important, and that means so are your staff. Happy, committed, and well-trained staff are the key to ensuring you have the resources to promote top-line growth. Don’t forget about them.
The sky’s the limit
Sometimes, we underestimate our business’s ability to sell more. We think if we try to push the sales, we might lose sight of our bottom line. But, what happens when you can’t skimp and save any more? You need to push your business higher and build a generous revenue.
The consultants at Big Hand are here to help SMEs be the best they can be by offering expert business advice. We can guide you through the trials of business management, and if you need us, we are qualified, professional accountants who can take control of your finances. That’s one less thing to worry about. Give us a call today on 0161 327 2911.