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Take a fresh look at business growth

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We all want to experience enhanced business growth. We work hard to make our businesses the success and, whether you want to achieve an increase in your regular income or get yourself out of trading time for money… it’s time to take a fresh look at business growth.

There are only three ways you can increase sales and help your business to grow:

  1. Repeat business
  2. Increase minimum order value
  3. Get more customers

Unfortunately, the vast majority of businesses will focus on number three. They spend their time and energy focusing on chasing around for new customers. In reality however, that is probably the hardest of the three!

Getting more customers

business growthWe work hard to attract new customers. This can involve activities such as:

  • Email marketing
  • List building
  • Attraction marketing
  • Paid for advertisements
  • Social media interaction
  • Creating free products and services
  • Creating paid-for products and services

All of these activities take time and/or money. There is also an element of hit and miss to the entire process. However, we can work out the maths.

Scenario 1 – increase your customers by 10%

  • Starting point in business – 100 customers @ £500 = £50,000
  • Increase customers by 10% – 10 customers @ £500 = £5,000
  • Business growth 10% = additional £5,000

If you want an easier way to build your business growth though, you’ll be better off focusing on the other options available.

Increase minimum order value

business growthIncreasing your minimum order value is a smart move to make. Why? Because it isn’t as hard as looking for new customers! It involves no more effort, time or money, but will improve your business growth.

Scenario 2 – increase your minimum order value by 10%

  • Starting point in business – 100 customers @£500 = £50,000
  • Increase minimum order value of existing 100 by 10% to £550 = £5,000
  • Business growth 10% = additional £5,000

Repeat business

There are several ways you can encourage repeat business and, yet again, it doesn’t involve chasing for new customers – but does tend to include more time. If you could increase your repeat business, so customers bought from you twice, instead of once, you could really improve the growth of your business. Repeat business activities include:

  • Creating additional and/or add-on products and services
  • Creating upsells to your existing products
  • Packaging products into monthly products and services
  • Add VIP elements to your existing products
  • Offer discounts for repeat buyers

Let’s look at the maths:

Scenario 3 – repeat business

  • Starting point in business – 100 customers @ £500 = £50,000
  • Add one repeat sale from each existing customer = £50,000
  • Business growth 100% = additional £50,000

Get a system in place

business growthWhen it comes to business growth you need to have a system in place. Look to implement a system that will help you grow your business.

There is however, a final business growth scenario to look at, that will REALLY increase your bottom line – and that’s to work on all three! Let’s look at the maths:

Scenario 4 – do all three!

  • Starting point in business – 100 customers @ £500 = £50,000
  • Increase MOV of 100 customers by 10% to £550 = additional £5,000
  • Increase customers by 10% – 10 extra customers @ £550 = additional £5,500
  • Add one repeat sale from all 110 customers = additional £60,500
  • Business growth = additional £71,000

By focusing on all three, you will have increased your customer base AND grown your income by 142% – and THAT’S worth focusing your attention and time on!

What business growth strategies do you have in place? What one step can you take to ensure you reach a high level of business growth? Why not share your thoughts on business growth in the comments box below?

Images © bahrialtay (featured), Maksym Yemelyanov & tashatuvango/Dollar Photo Club

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