Ensuring a consistent and committed income is quite a struggle for many businesses. Here, we will tell you 3 ways by which you can ensure this:
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Focus more on long-term projects
Focus more on service contacts and projects that may go on for several months. By engaging in such contracts or projects, you can make better plans to continue receiving monthly revenues for longer periods. This way, you can also ensure a continuous flow of work coming in every month, at least till the expiry of the contract/project. Sometimes, you may even look to enforce the contract for a little longer.
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Encourage repeat business
If you are able to deliver products or services that get renewed automatically, after a specified duration, you can expect a fair bit of consistent and committed income. Similarly, if you are into a volume-driven business, attracting repeated clients (for example, shoppers in retail business) would ensure your consistent cash flow and growth. You can make use of VIP offers, loyalty programs and other such programs to systematize repeat business. The cost of funding such freebies would be covered by dealing in excess inventory or low-cost add-ons.
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Market yourself in a consistent manner
In today’s world, you just can’t expect to create consistent income if you are not noticed consistently enough. Therefore, you need to market your business in a consistent manner. You should put in efforts to add value (both tangible and perceived) to your offerings. One way of doing this is by bundling your products and services. You can see this with car manufacturers when they bundle maintenance packages along with the purchase of a new car. The customer would not mind a little increase in price as such a package would lower his risk perception considerably.
Here is some information on how to increase your business visibility. You may also like to read this blog post about how lead generation can help your business.
We encourage your comments on this post.
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