It doesn’t matter what it is that you do, the seven ways that you can grow your business will, in some way, shape, or form be applicable to you.
Increase your leads. Increase the amount of sales that you’re doing. Pump some money into your marketing, and increase the number of people that are coming into your business.
There’s no point bringing in a hundred leads a week if we’re only converting one. Why would we then want to bring in 200 leads a week to convert two? How we could convert 10 of the current hundred leads that are coming in?
What’s your retention rate? There’s no point bringing in two or three clients a week, if you’re then spitting out one or two out the back. Are you pumping a lot of resources into acquisition and forgetting about the clients you already have?
Increase transaction value
Can you increase the transaction value? Can you upsell? Can you put your prices up?
Increase sales volume
Can they just buy more? If someone’s buying X amount of products from you, can they buy Y?
Increase your gross margin
Simply increase your gross margin. Can you reduce your costs of goods sold?
This is not about cut, cut, cut. By making some incremental changes, adjustments here or adjustments there, you can decrease or increase your overhead expenses in line with your long-term strategic plan.
If you feel like you want to work with us to help you identify ways that we can help you grow your business, please do get in contact with SMYD Accounting / Advisory.
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