Clients often ask “How do I grow my business?” There are lots of different techniques and tactics that different types of businesses might use to do this but in fact there are only 4 ways to grow your business. These are:
1 Increase the number of customers – but only the ones you want.
2 Increase the transaction frequency – this means getting your customers to come back and buy more often than they currently do.
3 Increase the average value – this could mean increasing the quantity customers buy or increasing the price you charge for your product or service.
4 Reducing the cost of making your product or delivering your service - this is often achieved by making the process more efficient.
Start with these four ways and think about what you could be doing in your business to address each one.