The 4 Ways to Grow Your Business
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The amount of money you take home at the end of the year is the result of these four factors. Interestingly, it’s the combination of small improvements across each of the four ways that produce significant improvements, rather than having a single focus. So firstly to grow your business, you need to increase your number of customers of the type you want.
This is of itself a product of:
X
Your conversion rate of these leads into a Customer
What you want in the end is an increase in the number of quality customers that are prepared to pay for your products and services.
Secondly, you need to increase the number of times you are dealing with your customers, so you need to get them to come back more often to do business with you.
Third, you need to increase the value of each sale you make. That could be through a price increase or by improving the number of items your customers are purchasing each time.
And finally, you need to improve your productivity – that is, become more effective at your internal processes so that you can decrease your expense per transaction. And so it’s the combination of the small improvements across the four ways that will have a substantial impact on your businesses bottom line.
Bentleys are able to assist you using our Pathway to Success process.
- Analyse where you are currently at
- Put in place a plan for the future
- Advise you of the monthly indicators
- Assist you in implementing strategies to reach the monthly indicators
- Monitor your progress throughout the following year
Why not try our Profit Builder Calculator
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