We’ve all heard it recently and most of us have felt it already…the word “Recession”. It often triggers fear, and worry, but only a few see the gem of pivoting, learning, and thriving in times deemed “uncertain”, as if inflationary times are a good sign of certainty. Pause, think about it.

As self-employed and small business owners, we often have to think creatively to boost our bottom line, so we sought advice from owners and founders who've successfully done that.

From optimizing your online presence to running targeted email campaigns for leads, we've gathered 9 actionable strategies provided by seasoned entrepreneurs. Discover how to turn your existing resources into increased revenue with insights starting from leveraging partnerships to utilizing data to position your business as an industry expert.

• Optimize Your Online Presence

• Leverage Partnerships and Digital Optimization

• Double Down on Proven Marketing Channels

• Improve Customer Retention and Product Management

• Streamline Operations and Forge Strategic Partnerships

• Diversify Services Based on Client Feedback

• Listen to Customers for Expansion Ideas

• Utilize Data and Position as an Industry Expert

• Run Targeted Email Campaigns for Leads

Optimize Your Online Presence

Small businesses can leverage their existing resources to increase revenue by focusing on optimizing their online presence. From my experience, one of the most effective strategies is to enhance your website's SEO. This involves ensuring that your site is user-friendly, loads quickly, and is optimized for mobile devices. A few years ago, I worked with a local bakery that had a fantastic product but limited online visibility. By optimizing their website and creating content that targeted local search terms, we increased their website traffic significantly within six months, directly boosting their in-store sales.

Another key tactic is to utilize social media platforms effectively. Small businesses often overlook the power of social media as a free marketing tool. I once helped a small boutique clothing store revamp its social media strategy. By posting high-quality images, engaging with followers, and running targeted ad campaigns with a modest budget, the store saw a considerable increase in online sales. 

The key is to be consistent and authentic in your engagement, showcasing your unique products and telling your brand's story compellingly. These strategies demonstrate that by optimizing what you already have, you can significantly impact your revenue.

Brandon Leibowitz, Owner, SEO Optimizers

Leverage Partnerships and Digital Optimization

Strategic partnerships can exponentially increase your reach and revenue. Identify businesses that complement your services and explore cross-promotion opportunities. For example, a small marketing agency could partner with a web development firm, offering bundled services to clients. Further, optimizing digital tools—like CRM systems or project management software—can streamline these partnerships. By fully integrating your operations with your partners', both parties can offer more value to customers, creating a win-win scenario that boosts revenue without significant additional costs.

“As a longtime e-commerce entrepreneur, I've found leveraging partnerships and optimizing your digital presence is key. We partnered with influencers to promote our online courses, gaining thousands of new students and over $500K in revenue. 

We also analyzed our top students and tailored new courses to their needs. Courses on "sourcing products from China" and "selling on Amazon" increased enrollment in those areas substantially, along with revenue, within 6 months.

Finally, we optimized our website content and social media to rank for key terms our students searched. This increased organic traffic and sales from those sources.

Focus on partnerships, analyze your best customers, and optimize your digital presence. The opportunities are endless if you look for them.”

Will Mitchell, Founder, StartupBros

Double Down on Proven Marketing Channels

As the founder of a digital marketing agency, I’ve learned that focusing on a few key revenue-generating activities can have an outsized impact. For example, one medical practice saw its new patient consults increase by 32% in two months just by consistently posting on social media and optimizing their Google My Business listing. 

Many small businesses already have marketing channels that are working; they just need to double down on them. A specialty clothing retailer increased email list signups by 15% and online sales by 8% simply by redesigning their website to make the email signup more prominent and sending a weekly promotional newsletter.

Look for ways to generate more revenue from existing customers. A dentist's office saw a 12% increase in cosmetic procedure bookings after sending an email promoting teeth whitening specials exclusively to current patients. They were able to fill last-minute openings in the schedule and boost revenue with very little cost.

Small changes can drive big results. Don’t feel overwhelmed. Start with low-hanging fruit like optimizing your social profiles or sending a promotional email. Track results and build from there. Incremental progress will add up over time.

Jeff McGeary, Founder & CEO, PracticeVIP LLC

Improve Customer Retention and Product Management

Small businesses have a wealth of untapped potential within their existing resources that can be harnessed to boost revenue. One of the most effective ways to achieve this is through improving customer retention. By investing in customer satisfaction and building strong relationships, businesses can increase the lifetime value of their clients. 

Simple actions like sending personalized follow-up emails, offering exclusive discounts to loyal customers, and soliciting feedback to improve services can make a big difference. Happy customers are more likely to make repeat purchases and recommend the business to others, generating additional revenue through word-of-mouth marketing.

Additionally, small businesses should look at their current offerings and identify opportunities for expansion. This could involve bundling products or services to create more appealing packages or introducing new features that enhance the value of what they already sell. Another tactic is to optimize pricing strategies by analyzing market trends and customer preferences to adjust prices accordingly. 

Implementing efficient inventory management practices can also free up capital tied up in stock, allowing businesses to invest in other revenue-generating areas. By focusing on customer retention and strategic product management, small businesses can effectively leverage their existing resources to drive revenue growth.

Jon Morgan, CEO, Venture Smarter

Streamline Operations and Forge Strategic Partnerships

Efficiency is key to maximizing revenue with existing resources. Start by auditing your current operations to identify bottlenecks and inefficiencies. Streamlining these processes through automation or better resource allocation can free up time and capital. Additionally, consider forging partnerships that allow for shared resources, reducing costs, and expanding service offerings. For instance, partnering with a logistics company could reduce shipping costs, while collaboration with a tech provider could enhance your digital offerings.

“One approach is to maximize the efficiency of current operations. Often, small businesses can find new revenue opportunities by streamlining existing processes. We use Toggl Plan to optimize project timelines and resource allocation, which frees up our team to take on more projects without compromising quality. This increased efficiency directly contributes to our ability to scale our services and enhance revenue without incurring proportional increases in costs.

From a real-life perspective, consider the power of cross-promotions and strategic partnerships. At our company, we've partnered with complementary software providers to offer bundled services, which broadens our market reach and provides added value to our customers. For example, partnering with remote communication tools has been especially fruitful. These collaborations allow both partners to leverage each other's customer bases for mutual benefit, effectively increasing revenue with minimal investment.”

Alari Aho, CEO and Founder, Toggl Inc

Diversify Services Based on Client Feedback

Your existing clients are a goldmine of information. Regularly solicit feedback to identify unmet needs or potential service gaps. Diversifying your services based on this feedback can lead to new revenue streams. For example, if clients express a need for after-hours support, offering extended service hours could cater to this demand. By responding directly to client needs, you not only increase satisfaction but also create additional revenue opportunities that align with your core business.

“One actionable strategy for small businesses to leverage existing resources and increase revenue is to diversify services based on client needs.

In my legal process outsourcing company, we initially focused solely on document review. However, after receiving feedback and observing market demand, we expanded our offerings to include legal research and contract management without significant additional investment.

By training our existing staff and utilizing current technology, we maximized our resources and tapped into new revenue streams. This not only increased our profitability but also enhanced client satisfaction and loyalty.

Small businesses can similarly identify untapped potential within their current capabilities to diversify and grow their revenue base.”

Aseem Jha, Founder, Legal Consulting Pro

Listen to Customers for Expansion Ideas

As a small business, it has always been tricky to arrange cash flow to find extra money for new equipment or ideas. With the cost-of-living crisis and declining sales following the pandemic, in 2022, we began looking for opportunities for expansion into new areas while using only what we have on hand. The best way we've found to do this is to listen to what our customers ask us. They are an incredible resource for idea generation because they tell you exactly what they want. Most of the time, inquiries are about something similar to our current offering, so no new resources are required.

Before the pandemic, we only produced luxury laser-cut greeting cards on a made-to-order basis. We had been asked countless times if we would consider selling digital artwork and templates so that crafters could make their own versions of our products. We had always ignored these requests before, but, as times got harder, we started to pay attention. People were asking for these products for a reason, and if we were not prepared to help them, they would go to our competitors instead. We now have a whole new range of templates and digital artwork, and they have been really popular among a new audience for our brand.

Emma West, Founder and CMO, pogofandango

Utilize Data and Position as an Industry Expert

Though we are just starting out as a company, we are leveraging insights from our past work at NASA and other companies/agencies that have worked to promote funding and buy-in within different projects and departments. It's important to start wherever you are and grow from there so that you focus on the most applicable needs first.

Start by making the most of the data you already have, whether it's basic sales figures or required tax reporting information. If you lack detailed insights, begin analyzing whatever information is available and pay close attention to the thoughts that come while doing so, like, “It'd be great if we could assess X, Y, and Z.” Building internal systems to not only capture but also report information on X, Y, and Z should be your next priority. 

In our company, we had essentially nothing to start with, so we started generating pain points that our potential customers would face based on past experience in the field. This was our data. From there, we thought, “Gee, it'd be nice to know if this is accurate.” We got onto social media platforms, blogs, Reddit, and other sources and started chatting with people about their data, frustrations, and challenges. It was a slow process at first, but we got some anecdotal data to guide us.

Another strategy that has helped us, and our past employers, is positioning yourself as an expert in the field through the almost magical quality that comes from “conducting science.” Published studies are powerful marketing and sales tools, providing credibility and demonstrating expertise. When you reference peer-reviewed research or case studies, you can enhance your authority and trustworthiness. 

Additionally, planning and publishing your own studies can position your business as a thought leader in your industry. Engaging in this type of evidence-based marketing not only builds trust but also differentiates your brand in a crowded market. When I was working for NASA, this was one way we established ourselves as a leader in that specific field: know the current research, fill the gaps, and become the leader.

Michael Bishop, Founder, Managing Director, On Demand Stats

Run Targeted Email Campaigns for Leads

Email marketing remains one of the most effective ways to reach your audience. However, the key is not in volume but in precision. Segment your email lists based on customer behavior, preferences, and purchase history. Craft personalized campaigns that speak directly to the needs of each segment, offering solutions that address their specific pain points. This targeted approach ensures higher engagement rates, better conversion rates, and ultimately, increased revenue.

“We have started to utilize our existing database of leads and clients by running weekly email campaigns to promote our services. The database has been built up over the years in the industry. With new leads, we tend to focus on some of the common frustrations managers face when dealing with outsourced cleaners, e.g., “Have you been let down by commercial cleaners before?” 

With our current client base, we promote the benefits of additional products and services, e.g., “How a periodic deep clean can add value to your brand.” This is a low-cost endeavor with a relatively good ROI. You generate leads directly from the email campaigns and also increase traffic to your company website. This helps your website rank well online in the search results.”

Sean McGrath, Managing Director, Cleaning Technique

The Wrap-Up

Your small business already possesses the tools needed for growth; it’s all about leveraging them wisely. By optimizing your online presence, deepening customer relationships, and strategically diversifying your offerings, you can unlock new revenue streams without significant additional investment. The time to act is now—don’t wait for the perfect moment. Start by implementing these strategies today, and watch as your business not only thrives but leads the way in your industry. Remember, every small step you take towards optimizing your resources brings you closer to greater success. The future of your business is in your hands—seize it with confidence and make the most of what you already have!