Raising revenue is often one of the key objectives for small and medium-sized businesses (SMEs), however it can be a difficult process to navigate.<\/p>\n
The last two years have had a damaging impact on UK businesses, with closures due to coronavirus restrictions and a lack of consumer confidence contributing to the 6.5 per cent of businesses closing in the year leading up to January 2021.<\/p>\n
With the inflationary pressures impacting consumer pockets, this could also weaken the opportunity to generate sales revenue, however the higher interest could have a beneficial effect on any savings the business holds.<\/p>\n
There are some steps that your business can take to target revenue growth:<\/p>\n
Have a plan in place <\/strong><\/p>\n Your business may have other goals to meet, alongside raising revenue, and the fundamental first step is to create a realistic plan to meet these goals.<\/p>\n Your goals will adapt alongside the stage that your business is at, so it is important to review the aspirations at regular intervals.<\/p>\n When initially starting out, revenue goals are likely to be centred around making enough profit to survive.<\/p>\n However, once settled, aspirations will likely change to focus on raising enough funds to allow for business growth and expansion.<\/p>\n Focus on customer retention <\/strong><\/p>\n By providing exceptional customer service, alongside a high quality good or service, your business can develop a strong brand reputation which will benefit it in the long run.<\/p>\n In turn, this could lead to repeat customers, as well as more brand recognition to generate new sales.<\/p>\n Bookkeeping <\/strong><\/p>\n Whilst bookkeeping is not going to magically generate revenue, it is important to keep track of all the business\u2019 assets, liabilities and equity on a balance sheet in order to monitor its financial status.<\/p>\n You may wish to consult an accountant to assist with keeping your financial records, especially with the requirement for all VAT-registered businesses to comply with Making Tax Digital rules being less than two weeks away.<\/p>\n If you require support with related matters, contact our experts today. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Raising revenue is often one of the key objectives for small and medium-sized businesses (SMEs), however it can be a difficult process to navigate.<\/p>\n","protected":false},"author":2,"featured_media":4618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,56,31,25,4,26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4616"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4616"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4616\/revisions"}],"predecessor-version":[{"id":4617,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4616\/revisions\/4617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4618"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}