When we lose clients, it can be tempting to immediately refocus our efforts on acquiring new business. While this approach isn’t necessarily wrong, it may not be the most efficient way to generate revenue quickly. The process of winning new clients can be time-consuming and costly, requiring investment in lead generation, marketing, and sales efforts. Instead, before diving into new client acquisition, consider leveraging the potential within your existing client base.
In this blog, we outline six actionable strategies to generate more revenue from your current clients without spending an extra penny!
1. Prioritise Collecting Outstanding Payments First
Before looking for new ways to earn more, ensure that you're collecting the money you’re already owed. Many businesses have outstanding invoices that, when collected, could significantly boost cash flow; we call this process "reducing your accounts receivables days".
Start by systematically reviewing your accounts receivable and identifying clients who have overdue payments. If necessary, reach out to these clients directly and negotiate a payment plan. Offering flexible payment terms can sometimes be the key to recovering outstanding amounts without straining the client relationship.
In addition, if you have any work-in-progress (WIP) that hasn’t been invoiced yet, get those bills out as soon as possible. A surprising amount of revenue often remains locked in work that has already been completed but not yet invoiced. By making collections a priority, you can improve your cash flow without taking on additional work.
2. Review and Start Charging for Your ‘Freebies’
Going the extra mile for your clients is great for relationship-building, but over time, these added services can become expectations rather than value-adds. Take a closer look at what you are offering to clients at no charge. Are you providing services, advice, or consultations that were never part of the initial agreement?
It may be time to start monetizing these ‘extras.’ Create a list of services you regularly offer for free and assess their true value. If your clients are benefiting from these additional services, they should be willing to pay for them. Introduce a structured pricing model that clearly defines what is included in your standard service and what is an additional, billable extra.
By repositioning these offerings as premium services, you not only create an additional revenue stream but also reinforce the value of your expertise.
3. Consider Increasing Your Fees
Raising prices can be a daunting task, especially during challenging economic times. However, one of the most common mistakes business owners make is undercharging for their time and expertise. If you haven’t adjusted your fees in years, you may be working harder than ever without reaping the rewards.
Ask yourself:
- When was the last time you increased your prices?
- Are you providing more value to your clients now than when they first signed up?
- How do your fees compare to the industry average?
If your workload has increased without a corresponding fee adjustment, it’s time to have an open conversation with your clients. Be transparent about why a price increase is necessary. Most clients understand that inflation, market demand, and increased expertise warrant reasonable price adjustments.
Instead of a blanket price hike, consider a tiered pricing model where clients can choose additional service levels based on their needs.
4. Analyse Your Client Portfolio and Help Them Get More From You
Not all clients are equal. Some bring in significant revenue, while others may be more trouble than they are worth. To maximize your profitability, conduct an analysis of your client portfolio and categorize them into A, B, C, and D clients:
- A Clients: Your most valuable clients who generate the highest revenue and are aligned with your business goals.
- B & C Clients: Good quality clients who make up the majority of your business and have the potential to grow.
- D Clients: Clients who pay little, require excessive time, or are no longer aligned with your business.
Focus on strengthening relationships with your A and B clients by offering them additional services that fit their needs. At the same time, consider whether your D clients are worth keeping. If a client is draining resources without providing adequate returns, it may be best to phase them out or restructure the terms of your engagement.
5. Follow Up with Old, Cold Leads and Reconnect with Referrers
Just because a prospect didn’t convert into a client the first time doesn’t mean they won’t be interested now. Circumstances change, budgets shift, and businesses grow—making it worthwhile to check in with old leads.
Reach out to past prospects and existing clients with a friendly, no-pressure approach. Ask them how they are doing, what challenges they’re facing, and whether you can offer any assistance. These simple touchpoints can reignite interest and lead to new opportunities.
Additionally, don’t forget about your best referrers. These could be current clients, partners, or industry contacts who have sent business your way before. A quick check-in, an update on your services, or even a thank-you note can encourage them to refer more clients to you.
6. Increase Your No-Cost Marketing Activities
Generating new business doesn’t always require a hefty marketing budget. There are plenty of ways to boost your visibility without spending a dime.
- Enhance Your Online Presence: Keep your website updated, post valuable content on LinkedIn, and engage in online discussions within your industry.
- Leverage Social Proof: Encourage happy clients to leave reviews and testimonials. Case studies and success stories build trust and attract new business.
- Network Smarter: Attend industry webinars, participate in online forums, and engage with potential clients on social media platforms.
- Email Outreach: A well-crafted email campaign to past clients or prospects can reignite interest and lead to new revenue opportunities.
The key is to stay top-of-mind. By consistently showing up in front of your audience, you increase the chances that they will think of you when they’re ready to buy.
Always Focus on Your Existing Clients First
Your existing clients already know you, trust you, and have seen the value of your services. Before looking outward for new revenue, maximize what you already have. Strengthening these relationships, optimizing pricing, and ensuring timely payments can generate significant revenue without the effort of acquiring new clients.
If you’re looking to boost your business’s income, turn to your current client base first—you may find that the growth you need is already within reach.
Set Yourself up for Success
Did you know that we run the highest rated accountancy firm in Blackburn with Darwen?
Book your 30 minute discovery call today— enjoy a relaxed, no-obligation chat with one of our qualified accounting advisors. We can assess your situation and determine how to best serve and add value to your business.
Alternatively, you can send us a message with any queries (big or small), and one of our team members will get back to you promptly.
Related
