All The Ways To Grow Your Business

I always enjoy talking with business owners and learning about their successes and their struggles.   One of the questions I often ask is how many ways are there to grow a business?   I get a lot of interesting answers hehe.  Hundreds!  Thousands!  Even Millions!   To that, I say wow, it must be hard to pick one lol.   That would be very intimidating!  I am always about simplifying, so below are all the ways I learned about growing a business!

I love quotes, so here is another one!…

“Nothing is particularly hard if you divide it into small jobs.” – Henry Ford.

What If I Told You There Is Only 3 Ways!

Have I got your attention now??   I believe no matter what you think, it really all comes down to 3 ways to grow a business, what’s even more incredible is the math when calculating growth in a business.   So here they are the 3 ways to grow a business!

  1. Increase the number of clients.
  2. Increase the amount your clients spend or the average sale size.
  3. Increase the frequency of purchase, so the number of times they buy again.

That’s It!!   Isn’t that much easier?  I will elaborate on some strategies that apply to each of these in future articles, so stay tuned for that.  Let’s look at some numbers and see the incredible math I mentioned before.

The Math Behind Growing Your Business:

Let’s take a look at a couple of scenarios and see how they play out.

Scenario 1:

# of clients = 100 | Avg. Sales Amount= 100$ | # Of Visits=2 | Total Revenue of $20.000

Increase all 3 by 10% and watch what happens to the Total Revenue.

# of clients = 110 | Avg. Sales Amount= 110$ | # Of Visits=2.2 | Total Revenue of $26.620

Over 30% increase in total revenue!

Scenario 2:

# of clients = 100 | Avg. Sales Amount= 100$ | # Of Visits=2 | Total Revenue of $20.000

Increase all 3 by 25% and watch what happens to the Total Revenue.

# of clients = 125 | Avg. Sales Amount= 125$ | # Of Visits=2.5 | Total Revenue of $39.062,50

By only increasing each by 25%, you nearly DOUBLE your total revenue!

– When working on your Marketing Plan this year, which of these three will you work on?  This is the core of what I do when working with businesses.  We look at determining how can we increase one or all three of these elements in order to help grow a business.

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