That’s it, the five ways you can grow your business.
Mastering these five fundamentals will give you an edge most business owners don’t even dream of.
You may already be using some of these concepts but used together the cumulative effects are astounding, and make a massive difference to your bottom line profits.
Without a steady stream of new clients and leads coming into your business you will surely fail as a business. Generating new leads and measuring the response to marketing campaigns will give you a benchmark to improve upon.
Do you know how many leads you convert into clients? If not how can you improve it? Most businesses only convert 10% of new leads into clients a 10% increase would double your profits!
The clients you already have are your best people they already trust you and enjoy doing business with you.
Increase the umber of times a client does business with you and you increase your profits. And remember the value of each transaction is greater on the second and subsequent sales.
When you know this figure you can begin to upsell, cross sell, and to promote higher profit items.
Once the client decides to buy from you, don’t lose any opportunity to increase your average value of sales.
You can raise your fees or you can lower your costs – or both!
You must know your numbers and what the market can bear and understand what startegy you wish to follow (high fees, very selective, lower number of clients OR lower fees, less selective, higher number of clients)