Inflation has been the major economic story of 2022, and businesses are still figuring out how best to cope. One of the best antidotes is bringing in more money, so consider these tips for growing revenue.

1. Hire the Right People

Having a great team of people with a common goal is key to growing revenue at any time, but it’s absolutely critical during inflation. If your business is feeling the strain, it's imperative that you have employees who are giving their all to help the company succeed. Find people with good attitudes and leadership skills who are willing to give you their best work and help your business provide customers with the best possible experience.

2. Invest in Marketing

Consider your marketing strategy and how it can be adjusted for maximum effect. There are plenty of effective ways to reach customers, both online and off. Some marketing doesn’t have to cost a lot if you put in the right amount of effort.

"Be sure to create profiles on the major social media platforms," says Rohit Arora at Forbes.1 "Being active on Facebook, Instagram, TikTok, and Twitter allows you to market your business relatively inexpensively and interact with a much greater number of potential customers. Online marketing is so much cheaper, but also more cost-effective than traditional print advertising and direct mail pieces. Businesses that are on social media are easy to find, and fans are eager to share your company with their friends. This is especially true for companies that target young people."

3. Prioritize Repeat Customers

Pay special attention to customers you've already done business with. Find ways to get them back in the door. Encourage repeat business and customer loyalty so you can generate more sales from folks who are already familiar with your business.

Consider starting a loyalty program or give customers coupons they can use for future purchases. Collect contact information from willing customers so you can keep them abreast of future sales, events, and other relevant information. Keep your brand in their minds and give them reasons to return.

4. Offer Discounts

Offering discounts may seem counterintuitive when you're trying to grow revenue, especially when you're already paying more for your inventory. However, doing so can help you drive more traffic to your business quickly, which may also lead to more repeat customers.

"While promotions are a cost to your business, they also have the power to increase your sales," notes the BigCommerce website.2 "Implementing a discount strategy adds a layer of time sensitivity to your customers’ purchasing journey. In turn, you’ll likely see an influx of purchases during the duration of your offer."

5. Improve Efficiency

Find ways to improve efficiency within your business. Streamline operations where possible, and this will not only help you save money, but will improve productivity, freeing up resources that can be put to use in ways that directly impact revenue. Automate, delegate, and consolidate. Always look for ways to improve, and keep your team's focus on what matters most.

6. Develop a New Revenue Stream

Try adding a new revenue stream. Consider diversifying your product lineup or applying your expertise, data, and processes to a different industry or segment. Even an expansion may be something to consider if you are confident you can thrive in another market.

7. Apply for a Loan

Apply for a small business loan3 to help you finance what you need to improve success, whether it's new equipment, more inventory, a new location, or the acquisition of another business. If you have a plan that will help you increase revenue, but you need some funding to put it into action, contact Nevada State Bank so we can help you figure out the best option.

Inflation can be difficult to deal with for both businesses and consumers, but by taking measures to increase your revenue, you can offset the strain it's putting on your business.




3. Subject to credit approval. Terms and conditions apply. See a banker for details.


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank. Nevada State Bank is a division of Zions Bancorporation, N.A. Member FDIC