You may be surprised to learn there are JUST 3 ways to grow your business.
And I call each for these “the business multiplier” – for obvious reasons!
So in order to successfully grow then you need to be using all 3 ways to grow your business.
If you do, then I guarantee your business will quickly reach, or at least get very close to, its potential (now what it’s potential is, will be the subject of a different post!)
You see, what happens for most business owners (regardless of how long they have been in business), if growth is an issue, then in my experience, you are only using one or two of the business multipliers (and those that you are using, could probably benefit from being revisited)
So here they are…
MULTIPLIER 1: Lead Generation – Getting More Qualified Leads
– How many leads are you bringing in each day/week/month?
– How are those leads finding you at the moment?
– What is the quality of those leads? Are they ready to buy or are they tire kickers?
MULTIPLIER 2: Sales Conversion – Generating More Customers From Your Leads
– What is your current conversion rate?
– Does your conversion rate differ for different lead sources?
-MULTIPLIER 3: Customer Maximization, which includes:
– Increasing the Average Sales Value
– Increasing the Number of Purchases
– More Referrals from Customers
– Increasing Buying Lifetime
– Reducing Customer Losses
There are, of course, numerous proven strategies you can apply to massively improve each of these three Business Multipliers and by combining the power of each multiplier you have the ability to grow your business to heights you never thought possible.
Revisit the 3 ways to grow your business i.e. the business multiplier areas in your business and rate how you think you are performing in each of the 3 areas.
Do you know the stats? (number of leads, conversion rate etc.)
What area needs to be looked at?
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!
Reinvesting money in your business is not a bad thing if it is done consciously. Now, what do I mean when I say that it’s