Do you ever wonder how many ways there are to increase your business? 20 ways? 100 ways? 200 ways? It can be intimidating to know where to start. I have good news – there are only three ways to increase your business.
It’s significantly less daunting if you only have to focus on 3 categories. In fact, it’s easy.
Explosive growth comes when you leverage and multiply the power of the three fundamental ways to build your business.
Everything you do to build your business falls into one of these three categories…
- Increase the number of clients
- Increase the average size of the sale per client
- Increase the number of times clients return and buy again
Exponential growth rates happen when you’re multiplying the power of all three areas together.
When entrepreneurs get focused on just one of these areas they get stuck and the most common sticking point is when they only chase after new customers. Getting new customers is important, but it’s only one piece of the puzzle. Average business owners get stuck here and never grasp the power of leveraging their growth opportunities together.
How do you leverage these three areas for super-fast growth?
Increase your customer base by 10% by adding new customers, increase your average transaction value per client by 10%, and then increase the number of times your customers buy from you by 10%.
Here’s how the numbers play out with a 10% increase across the board – 110 customers x R110 x 11 sales = R133 100
A nice little 33% boost in revenue. It’s like compound interest for revenue – focusing on all three actions together gives you that much more.
Working day in and day out with growth obsessed entrepreneurs has taught me that a 10% increases in customer acquisition, transaction value per sale and average number of purchases is small fry.
So see what happens when you get 30% increases across the board…
100 customers x R100 X 10 sales = R100 000
This becomes – 130 customers x R130 x 13 sales = R219 700
You’ve now MORE THAN DOUBLED your business!
Focusing on this simple formula is just one small way people easily do increase their incomes or grow their businesses by 100%, 200% or more. All my business and consulting success has been built on this key business growth strategy. This is the blueprint to instantly DOUBLING YOUR SALES.
The point of this lesson is to emphasise that dynamic business growth can’t flow out of a stodgy, linear strategy. You have to think in geometric terms.
As always, my explicit goal is to see your business and income massively magnify and multiply. My challenge to you is: what can you do differently in each area to make an impact on your results?
John Lloyd is a business growth strategist, award-winning marketer, speaker, trainer, columnist and author of the book Smart Thinking for Crazy Times.
Visit John at www.brandstorm.co.za and subscribe to his free newsletter.
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