Dynamic Business

One of the first things that business owners that start the Your Business Success Program tell us is that they want to ‘grow their business’. They have lots of ideas, they have tried many different marketing activities but at the same time they are totally confused about where to start.

The first step is to try and narrow things down and get some focus. Here are four key strategies to grow your revenue and profit:

1. Find more customers.
2. Sell more to your existing customers.
3. Increase your price.
4. Increase your margins.

In this article I will look at each strategy and give you a few examples and ideas that cost very little, are easy to do and add profit to your bottom line.

1. Find More Customers.

Start by conducting an audit on all the activities that you have tried over the last 1 to 2 years. Work out what is and isn’t working. Review all your marketing performance indicators e.g. number of leads, cost per lead, cost per sale, average sales price, number of sales per customer etc. Focus on the activities that work, dump the failures and start making changes to those that have potential to get them performing better. One client saved $2,000 per month by stopping an advertisement that just wasn’t working. As they say, what you can measure you can manage!

An Easy Win – Chase up existing leads. One of the most common questions we ask business owners, especially trades people, is do you follow up all the people you have given quotes. The most common answer is “NO”. I recently challenged the business owner of a fencing company who was complaining that he didn’t have enough work to ring up the last 15 people he had done quotes for. He picked up 7 jobs. Why? Simple, he was the only one that called. He now has too much work!

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