5 Top Ways to Boost Your Store’s Monthly Revenue

Revenue is the amount of money that comes into the business, predominantly through sales activities. It has nothing to do with profit or tax breaks. It is the total amount of money generated by that business. A poorly run business might generate a lot of revenue only to fail due to lack of profitability. That is called profitless revenue.

You can generate profitless revenue by selling everything at cost or less. The smartphone industry likes to tout the number of units sold vs. the competition. But practically all of the profitable revenue is controlled by Apple and Samsung. Between those two, Samsung sells the majority of phones. But Apple makes the vast majority of the profits.

If you are going to stay in business, you have to generate profitable revenue. Here are five tips for doing just that:

1. Get People Talking

Word of mouth is one of the most powerful sales boosters there is. It is common knowledge that bad news will travel halfway around the world while good news is still putting on its boots. But there is some good news for good news. A recent study shows that positive word of mouth has a bigger impact than negative.

Crest Financial has been recognized as one of the fastest companies in Utah. Those positive Crest Financial reviews are an important part of their success. Because it provides a necessary service for other companies, those businesses also benefit from positive word of mouth. You can grow your profitable revenue by utilizing the oldest tool of the trade.

2. Breach the Credit Barrier

No one has $5,000 lying around to buy furniture. That’s got to be financed. The barrier to entry is not the price on the sticker. It is the credit worthiness for a reasonable financing offer. Because there is no credit needed with Crest Financial, many retailers are choosing this service to make no-credit financing available to their customers for up to $5,000. Stop letting profitable revenue walk out the door for lack of credit.

3. Free Shipping

Web Marketing Today, along with innumerable studies, suggests that higher than expected shipping and handling costs are the top reasons for abandoned shopping carts online. Offering free or heavily discounted shipping is a tried and true strategy to increasing revenue, but to make that revenue profitable, you will need to consider the following:

  • Offer free shipping only on items up to a certain price.
  • Offer free shipping only on orders that exceed a certain price.
  • Limit free shipping to standard ground.

The idea is to use free shipping strategically. Ill-considered free shipping can increase revenue, but destroy profits. Use this method wisely.

4. Order It

The power of Amazon is that ordinary consumers can order any item they want from anywhere in the world at a reasonable price. When a consumer walks into a local store to purchase a specific item that is not in stock, it leads to frustration that costs you revenue. The customer can just whip out their smartphone and have the item ordered before they leave the store.

The Internet is never truly out of stock, and neither should you be. You should have systems in place to order and drop-ship the item so that it is a part of a seamless transaction. “Out of stock” is meaningless in the Internet age. Either you will order it for the customer and get the revenue or they will do it themselves. Make sure your business is set up to do the ordering for them.

5. Help Them Find It Elsewhere

If the customer wants something that you just can’t provide, don’t let them leave with a bad taste in their mouth. You can still send them on their way with positive feelings by redirecting them to where they can find what they’re looking for. You may not gain revenue that day, but you will make a friend for the life of your business. The long-term relationship is just as good as a sale.

In your pursuit of revenue, don’t forget that you are in it to make a profit. Revenue is treading water. Profit is swimming like Michael Phelps.

 

The Expensive Side of Roommates

The Expensive Side of RoommatesIf you are just starting off in your career, you want to lower your expenses. Housing is a major cost. Rents increased 2.7% from March 2015 – March 2016, well above the overall inflation rate of 1.02%. Consider these median monthly rents:

  • Los Angeles: $1,930 for a one bedroom; $2,630 for a two bedroom
  • Washington D.C.: $2,180 for a one bedroom; $2,990 for a two bedroom
  • San Francisco: $3,550 for a one bedroom; $4,450 for a two bedroom

Yikes!!

Even smaller cities like Colorado Springs, Co and Orlando, FL saw rents rise 11.4% and 8.9% respectively. Faced with these financial realities, you want to consider getting a roommate (or two) to split expenses. However, you need to take certain precautions so that a roommate does not end up costing you money.

Protect Yourself Financially

You can take steps to protect yourself from a bad roommate. Address these three situations before you move in with other people.

  1. Just Not Paying Rent- The first problem is the most obvious one. Your roommate, because of financial hardship or because he/she is a jerk, fails to make rent payments. You can be on the hook for costs and at risk for eviction. Consider these ideas:
  • Ask the landlord for a separate lease. A separate lease spells out how much each person pays in rent. You are only responsible for the amount you agreed to in writing.
  • Make a written agreement. Not every landlord accepts a separate lease. However, you can protect yourself with a written agreement that details when rent is due, how much is due, and a method of acceptable payment. This method is not as iron-clad as a separate lease, but you at least have something in writing if you need to pursue the matter legally.
  1. Damage to the Apartment- Ever wonder why fast food wrappers come with warnings to not put them in a microwave? The answer is that a whole lot of roommates in the world harmed microwaves through that action.

If your roommate damages any part of the apartment, it costs you some or possibly all of your security deposit. When looking for a roommate, take into account if this person has a lot of common sense. You might even consider running a background check if you do not know the person well.

  1. Theft- Unfortunately, not every roommate is too particular about who he or she brings back to the apartment. If your roommate likes to party, that person might bring home a thief who steals your property and possibly your identity. Make sure you secure your valuables and identification if you are out of the apartment and others are there.

Fewer Costs, Not More

A good roommate reduces your housing costs so you can focus on other priorities such as paying off student loan debt. It can be very beneficial to both people when done right. However, some roommates are prone to problems. Consider the aforementioned three situations to reduce the risk of having to deal with the expensive side of roommates.

How Payday Installment Loan Works

An installment loan is not your typical payday loan. Payday loans are repaid with just one lump-sum of cash, whereas an installment loan is paid back in increments. The payback schedule can then stretch over the course of many years or months. This extended payback period usually means that borrowers can handle taking on a larger sum of money than with your standard payday loan.

How the installment loan works

One of the best things about an installment loan is that they are flexible. Options for these loans can depend on many things including where you live and how high your income is. A now popular method of acquiring an installment loan is by going through an online lender. So long as you are 18, and are employed with an active checking account, the online route should work for you.

If you have a steady income and a decent credit score, you may have the choice of deciding how much money you will borrow. With every installment deal comes a payback period as well, which can also sometimes be negotiated. The logic is simple; do not borrow more money than you need. Though it may be tempting to get a larger sum, this only means you will end up needing to pay more overall.

When deciding on the repayment period, choose the shortest timespan possible. It might seem convenient for someone on a tight budget to go for the longest timespan in order to have smaller incremental payments. However, doing this increases the amount of money you will pay overall. It is therefore in your benefit to get the shortest window you can, despite the higher monthly payments.

Why get an installment loan

Installment loans can be the best solution for someone looking to pay for an expense like a car, emergency medical fees, or home renovations. While these expenses are quite large, they are not so large that going into debt to pay them off will stay with you for more than a year or two.

Installment loans can be the best method for taking care of unexpected events in your life. Unlike most other payday style loans, people with lower incomes have flexibility in their payback method. This allows them to extend their period to get a rate that is most comfortable.

Installment loans are never recommended for frivolous and minor purchases. Recognize that a loan is an important financial decision and can have serious consequences. Borrow the minimum amount possible and make sure it is only what you truly need.

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