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7 ways to grow your business

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.