8 Tips To Help Small Businesses Boost Revenue As Concern About Economy Surges

Revenue concerns have grown amid rising inflation worries and uncertainty over President Trump’s new economic agenda.

Some 35% of small business owners, including Black entrepreneurs, have concerns about revenue. That is significant as it represents the highest share in four years.

The finding comes from the Q1 MetLife and U.S. Chamber of Commerce Small Business Index. When tracking for that measure started, it was at 34%, the highest level of concern since the third quarter of 2021. It rose 10 percentage points this quarter, up from 25% in last year’s fourth quarter.

Worry for inflation climbed to a new high, with 58% reporting it as a top concern this quarter. Some (66%) of those quizzed reported being snug with their cash flow, down from 72% last quarter.

Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce, commented in a news release, “The data is clear, confidence is being shaken as small businesses increasingly worry about their revenue while at the same time confronting the possibility that tariffs will raise costs for them and their employees.”

The Q1 survey was conducted online between late January and mid-February this year, with a sample size of 750 U.S. small business owners and operators. It included at least 50 Black-owned small businesses and 100 Black respondents. Further, 141 POC-owned small businesses were surveyed.

The 2025 Report on Employer Firms: Findings from the 2024 Small Business Credit Survey, released March 27 by the 12 Federal Reserve Banks, shows that small businesses reporting a revenue drop surpassed those declaring an uptick.

Many small businesses have expressed concerns recently, including rising fears about inflation and how to navigate President Trump’s new economic agenda.

Here are some tips small businesses might consider on helping to boost revenues in uneven economic times:

Enlarge your product offerings: Consider diversifying to attract a larger audience. That could come by checking out customer segments or new markets you’re not serving now.

Center on customer retention: Selling to existing customers is often less costly and simpler because you already serve them, they trust you, and they are loyal. Examine a strategy where you regularly seek feedback on what they want and digitally follow up to help ensure they turn to you again when they need what you offer.

Pinpoint niche markets: Focus on identifying and targeting underserved markets that larger providers might neglect. For example, offering tailored products or services that rivals are not providing might help you thrive by meeting that demand.

Boost revenue by cutting costs: You can take several actions to help do this. For instance, canceling memberships or services that are not necessary for your business. Explore ways to reduce utility costs and seek discounts or better pricing from suppliers.

Offer a personalized touch: People buying goods and services like to feel they are getting your attention and are valued. Tap into your customer database to offer personalized product recommendations, follow-up messages, or emails on discounts or special offers.

Use upselling techniques: This approach can potentially get customers to spend more. It could involve encouraging customers to buy a higher-end version of a product than what they initially intended to buy. For instance, a patron going to a nail salon for a manicure can be encouraged in a non-pushy way to buy a top-notch nail care kit or even a pedicure.

Capitalize on modern marketing methods: Broaden your exposure online by being proactive on digital media. You can research how well-known sites like TikTok can help with that. Observers say the most successful companies know their online audience and use everything from engaging content, leveraging hashtags, working with influencers, and posting regularly.

Cross-sell with another brand or retailer: Partner or work with another business that provides a setting or supplies products and services that complement what you’re offering.