There are just seven ways to grow your business. The first five grow your sales and the last two reduce your costs. The seven ways are:
1. Increase customer retention
Stop your customers defecting to the competition by keeping them happy. It's easier to retain existing clients than attract new ones.
2. Increase leads generated
Gain more enquiries from people who are not yet customers with improved marketing strategies.
3. Increase your sales conversion rate
Get more of your prospects to buy from you by following up effectively and building rapport.
4. Increase transaction frequency
Engage your customers to buy from you more often.
5. Increase transaction value
Help your customers buy additional products or services or bigger volumes.
6. Reduce cost of sales
Increase your margin by improving efficiency to reduce the costs that go into your product.
7. Reduce overheads
Eliminate or better manage your fixed business costs.Which of these should you focus on as a business owner? There are improvements to be made in each area, however, it's most effective to focus on one or two at a time.