Ways to increase revenue for your small business for Legal

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hello I'm Patty K and our topic today is how to increase your Revenue now we all know how to increase weight because there's a simple formula behind it if you consume more calories than you burn the weight magically appears and in business there is a simple formula behind how you can increase your revenue and that's what we'll be looking at in this video Once you understand this formula you can make changes in your business you can look at the three different ways that you can increase your revenue and you can choose the one that's right for you so here's the formula you take the number of clients times the number of transactions that each client makes with you times the price that you charge and you end up with the revenue now when I talk about Revenue I'm talking about the amount of money that you make before expenses so this is your gross revenue you may have heard it referred to as Topline Revenue that's what I mean when I say Revenue so let's take a look at this formula with some numbers in it if you have 10 clients and each one of them buys from you only once and you charge $500 your revenue is $5,000 if you want to make more money you need to increase one of those first three numbers so for for example you could increase the number of clients that you have in our original example we had 10 clients if we double that to 20 the revenue doubles as well and if you get even more than that the revenue goes up proportionately if you want more clients you need to get better at sales and marketing there there's your prescription for you um more clients comes from marketing and from sales and in a future video we will look at a breakdown of the difference between sales and marketing and what you need to do in order to get more clients the second option for getting more revenue is to get more transactions from the clients you already have so in this case there are 10 clients who've made one transaction if you double that to two transactions you also double your Revenue without bringing in any more new clients and the more transactions that each client makes with you the more Revenue you make to get more transactions your basically selling more things to your existing clients so they may be the same services that people come in for a regular basis or maybe you'll offer additional Services Advanced programs or something else that you can sell to your your existing clients and it might be about keeping in touch with them better so that they know that you're there and they can buy from you again the third way that you can increase your revenue is to increase your price so in our original example we said $500 if you doubled it to 1,000 you would double your Revenue the higher the price goes the higher the revenue goes sometimes it's as simple as just bumping up your prices and your Revenue just follows in other cases it's a little bit more complicated you may need to add more value to your services perhaps you need to create some packages or change how you talk about your services to really highlight the value that people get to justify a price increase you may need to Target different clientele and in a future video we will look more at the subject of raising prices increasing your value so that you can make more money and of course you can combine all three of these and you will see that when you combine all three your results are even better so in our original example we had 10 clients they each bought once for $500 for a total of $5,000 in Revenue now if you doubled all of those numbers 20 clients two transactions $11,000 your revenue is jumped to $40,000 two times the clients two times the transactions two times the price eight times the revenue and there are all sorts of options in here in terms of which of these factors you change in order to adjust your Revenue so in summary there's a formula behind how you generate Revenue it's really simple it's the number of clients you have times the number of transactions they make times the price that you charge that's your revenue and if you want more money you need to either increase the number of clients increase the number of times they buy from you or increase your prices it may sound very simple but of course there are there's some complexity to this and you may be wondering how you do that and that's what I do I help people with this and you can contact me uh at my website patty.com and if you go to my blog you'll see that there are more free training videos you can get updates in your email box and I would invite you to do so go to my website Patty k.com blog and you'll see all the free goodies there have a great day I look forward to seeing you at the next video