Most business owners will appreciate 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. 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. This is because you’re creating sales revenue into future years rather than 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 development. Or you could encourage one-off buyers to join your Customer Club where for a minimum monthly fee, they would be entitled to a progressive discount on purchases.
As we strive to emerge from recent difficult 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.
