The 4 Ways to Grow Your Business
If you’re an entrepreneur chances are you want to grow your business and earn more income. But sadly we often end up chasing our tails making it WAY more complicated than it needs to be!
So let’s break down the 4 true ways to generate growth in your business. Click the video below or read on for details.
New Customers - Get more of the right people to your door & you can sell them the stuff you already have! For example, you run a marketing campaign to reach an audience similar to your current customer profile, which generates new leads for your business.
Current Customers - Sell more things to your current customers! This could be buying more of what they’re already bought or buying something they haven’t yet experienced. For example, your existing client purchases additional personal training sessions after the first round ends or she signs up for your group classes which she’s never taken before.
Innovation - Create new offerings to sell to your current customers or an entirely new audience. For example, you launch a brand new apparel line for travelers as an extension of your travel booking service.
Efficiency - You sell the same stuff at higher margins by improving your processes, systems, and internal costs. For example, you cut 25% off the cost of raw materials so the savings returns to the bottom line.
This is your homework, boss lady.
Decide where are you putting your growth efforts today in your business? Is it all about generating new customers? Or is it a combination of 2-3 of these things?
With your growth strategy in mind, develop the activities that will support your growth. For example, if your strategy is to grow through innovation, go deep in building the pipeline of activities that are supporting time, focus, and energy on new product & service development.
Have thoughts or questions? Holler at us anytime!