In my previous post we discussed the only four ways to grow a business. Remember what they were?
1. Increase the number of customers you serve.
2. Increase the average purchase each customer makes.
3. Increase how often the customer buys from you.
4. Increase the number of products or services you offer.
Seems obvious, but sometimes we fail to understand how powerful it is to focus on this. Think about what makes up your gross sales. Notice how the first three items on my list, when multiplied, equal gross sales!
Number of customers x average purchase x number of purchases = gross sales
Right know you ought to be thinking how powerful it is to increase any one of those three factors. Why? Because if you can increase one it’s multiplied by the other two. You get exponential results!
Now, each of us has different businesses, some service, some product, some professional. If you have a service business, it might be easier to increase the average purchase. For a product business, it might be easier to increase the number of purchases or number of customers.
You need to take the time to think about which area you can grow in your business and focus on it. The increase will be exponential and that’s well worth it, especially in our economy.
If you’re unsure of how to make the change, visit with a mentor, a trusted business associate, or contact me and we can work together to grow your business. But whatever you do, don’t ignore this powerful opportunity for your business. Think about this quote, it speaks to taking charge of your future:
“History will speak kindly of me, for I am writing it.”
by Steven Schlagel