We're still at a very high level here. Each of these four ways has quite a number of steps. We can't cover them in detail here, but future articles will look at some of the more common ones. Some will be more relevant to your business than others, but the basic issues are the same for everyone. Growth is about making your business more valuable - whatever that is to you.

 

Let's start with the four ways to grow your business. These four ways are:

  1. Increase the number of customers of the type you want to have.
  2. Increase the number of times customers come back to buy from you.
  3. Increase the average value of each sale you make.
  4. Increase the effectiveness of each process in your business.

Other strategies can help temporarily, but won't make your business more valuable.

 

Each of the four ways will help grow your business, and there is a compounding effect for the first three. If of the three each increased profit by say 10% each (and there's more than one component in each way so five changes giving 2% would be more than 10%), that's a 33.3% improvement overall.

 

Ideas make a difference only if and when implemented. Different people will have different issues leading to different solutions, but the framework applies to all businesses. If you want to discuss any of the issues mentioned here, email us - talking involves no cost.