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Many business owners will be aware of the difference between one-off sales and services that are generally described as recurring.

For example, you may sell a laptop (a one-off sale) and then bolt on a support contract (a recurring sale).

The advantage of recurring income streams is that they not only impact your current sales numbers, but they also help you build a platform of future sales for your business.

Also, the cost of “selling” or acquiring recurring sales is generally lower than securing a one-off sale as you are creating sales revenue into future years rather than just improving your sales figures in the current month.

It is worth researching how you could develop recurring income streams for your business. Subscriptions or support are two areas ripe for exploitation.

One-off buyers could be encouraged to join your Customer Club where for a minimum monthly fee, they would be entitled to a progressive discount on purchases, or if you manage a restaurant, perhaps you could offer a member’s discount.

As we strive to emerge from current economic challenges, seeking out ways to introduce recurring services into your product mix may help you build a sustainable future for your business. Well worth getting together with your work colleagues to brainstorm ideas.

Source: New feed