The Blueprint and Approach for Growing Revenue in Small Technology Companies

September 27, 2021

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In the tech startup world, it's a well-known fact that scaling up revenue is difficult. The reason is that most small tech companies have a limited number of resources and capabilities to take on new clients or projects.

According to research by the Gartner Group, the vast majority of small businesses that die do so because they run out of cash. 

Most founders and CEOs know this all too well. That's why their number one objective is to find ways to increase revenue quickly - before it runs out due to limited resources or capabilities. So how can small tech companies learn about the blueprint and approach for growing revenue?

Redefine your business value proposition. To create a successful blueprint and approach, companies need to look at their business value proposition in new ways by adding more clarity around what exactly it is that makes them unique - whether it’s being able to deliver faster or more cost-effective services for their customers; or maybe it’s the ability to provide personalized and targeted solutions.

Start selling outside your product boxes. It may sound simple, but companies need to start asking themselves: What products do we have that our competitors don't? Why would a customer want to pay us extra money if they can get it from another company for less? What does our product do better than anyone else's - how exactly is this making my customers more efficient or saving them money?

Once your company has that figured out, you need to start selling outside your core boxes. You should be looking into new ways of innovating on top of what you already know works. You need to be thinking about new ways of adding value, not just slashing prices on the existing products.

The first area of focus should always be around getting customers' core problems solved through your current line of business. And if you have the resources available - may be an off-shoot product or a custom engineering team can solve it faster and better.

The next step is to move into adjacent areas that can help your customers solve their problems more effectively. If you're a virtualization solution provider, focus on automation and IP management. If you're an application development software company, focus on systems integration and DevOps tools. And if you’re in the SaaS business, think about how you can help your customers get more value out of the software and services they already own.

Redesign and continuously improve the customer experience. A lot of companies focus on making internal changes like product enhancements, improved systems, and more. But these aren’t the things that will really make revenue grow for your business; they can help but it won’t be enough to keep you ahead of the game.

This type of growth doesn’t happen overnight. It takes a lot of hard work and dedication to see success – but it can be done if you have the right plan in place. Reach out if you help with your approach - always happy to share notes.

About the Author

Gloria Gunn

Co-founder - LinkedSure

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