Every so often, business needs a boost. If sales are slumping or they’re not signing new clients as quickly as they’d like, business leaders may need to take quick action to improve the bottom line. Many leaders may believe doing so takes a major initiative, but that isn’t always the case — sometimes a quick addition or adjustment can yield significant results.
There are several simple growth hacks leaders can leverage to make a positive impact on the bottom line. Below, seven members of Business Journals Leadership Trust share the best growth hacks they’ve learned and discuss the results they’ve seen from leveraging them.
1. Boost your online presence.
One of the most straightforward hacks I’ve learned over the years is ramping up visibility across various channels such as social media, search engines and even your own website. Today’s world circulates around virtual spaces, and your online presence matters. Thus, increasing and maintaining your social media interactions, search engine optimization and so on are valuable initiatives. – Sanjay Jupudi, Qentelli
2. Look closely at operations and operating costs.
Sometimes boosting the bottom line means taking a good look at your operations and operating costs. See what efficiencies can be improved to tighten overall operations and minimize costs. – Jessica Hawthorne-Castro, Hawthorne Advertising
3. Leverage positive reviews from happy customers.
In our case, the simple growth hack that helped us significantly increase revenue without adding a lot of new resources was focusing on positive reviews from existing customers. The happy, satisfied clients were already there; all it took was establishing a simple process to collect their reviews in a systematic manner. This helped boost new customer confidence and raise our conversion rate. – Peter Abualzolof, Mashvisor
4. Identify redundant, low-value activities.
We reached a point in our growth where we were at capacity but wanted to grow top-line revenue. As a service business, you are always constrained by people capacity. We took time to really document our workstreams and then identify those activities that were redundant, low-value and repetitive. By eliminating waste and automating repetitive activities, we saw a 30% increase in revenue over 2020. – Kimberly Lucas, Goldstone Partners
5. Develop new services based on client requests.
A simple method that has led to business growth for us has been to focus on client requests. When a client asks us to do something new, we then extend that new service to all our existing clients. The expansion of our service offerings helps us to continue doing business with existing clients while also attracting new ones. – Jack Smith, Fortuna Business Management Consulting
6. Revisit product pricing and service contracts.
Revisiting your product pricing and service contracts — especially if you’re in the professional services business — can have a significant impact. For example, we changed how we billed our clients for reporting technology and turned it from a top five largest expense to a top 10 largest income line item in less than a year. – Kent Lewis, Anvil Media, Inc.
7. Add value pricing packages, and be aggressive about managing expenses.
Value pricing, where clients buy more and receive some type of valuable asset in addition to the traditional product, is a strong way to drive revenue and boost the bottom line. The other way is to manage expenses very tightly and aggressively, especially for a short-term interval. Doing without expensive items, such as travel, for 90 days can create savings that go directly to the bottom line. – Kimberly Janson, Janson Associates