Last week, The Entrepreneurship Institute held another successful full-day event. Every year the TEI board of directors hosts the President’s Forum to inspire, inform, and stimulate CEOs of entrepreneurial companies. The event is packed with speakers and round table discussions that cover hot topics that are important to CEOs.
This year, I hosted the “New Sources of Revenue/Smart Marketing” round table and highlighted five main strategies about how to generate more revenue through smart marketing efforts.
1. Understanding where the bulk of your revenue comes from – The pathway to expansion may be catering to your current customers rather than recruiting from new markets, or vice versa.
2. Don’t give away your knowledge – Examine what you are providing and how it benefits your clients, then figure out if you can charge for it the next time you offer it.
3. Stop itemizing expenses – Charge an administrative fee that will encompass expenses spent servicing a client. This will save you significant accounting time.
4. Examine your resources – Look at your employees, experience, and products to see if you can leverage them to sell something new.
5. Base your pricing on value – Figure out what the operational expenses are and then come up with a price that encompasses your costs and the value you provide your clients.
I am always encouraged by executives who are eager to learn. Every time I attend an event like The President’s Forum I learn something new and exciting. I would challenge everyone, in all positions, to seek out opportunities to grow and develop.
TEI is a group of business executives who exist to provide unlimited opportunities for business owners to acquire knowledge, experience and resources needed to grow their firms and create new jobs in their communities.