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There are only 4 fundamental ways to grow your business:
1: Increase the number of customers (of the type you want)
2: Increase the transaction frequency.
3: Increase the transaction value or "average sale"
4: Increase the effectiveness of each process in your business.
A 5% increase in retention (of the right customers) can produce as much as 25% increase in profit.
1: Increase the number of customers (of the type you want)
If you're like most business owners your primary focus will be on teh first way to grow your business - winning new customers. You've probably often thought "I need more leads", "I've got to get more inquiries", "if I could get the phone to ring and more people to walk through the door we'd be doing really well" and so you invest heavily in a more fashionable office and address for instance. Often there is a better way.
2: Increase the transaction frequency.
Take the customers you have and do what is necessary to have them transact more often with you. Build customer loyalty. Why do you think Safeway and other companies have you collecting "Air Miles".
3: Increase the transaction value or "average sale"
Find ways to get more from each customer. Add value for the customer and have them pay more. A more obvious method is to raise prices. Did you know that a price increase of 6% could put as much as 17% toward the bottom line?
4: Increase the effectiveness of each process in your business.
Streamline your operation. Maybe instead of more leads you need to work more efficiently with the ones you already have.
It is important that you have a strategy to deal with all 4 ways to increase your business.
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