Growing Your Business
21st October, 2009 | 3:58 pm| By Graham Crombie - CEO

Did you know there are just 4 ways to grow your business?

The amount of money you take home at the end of the year is the result of these four factors. And interestingly it's the combination of small improvements across each of the four ways that produces significant improvements, rather than having a single focus.

So to grow your business, you need to increase your number of customers of the type you want. And when we say the type you want, we mean it's not a case of getting as many people through your door as possible—you want 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 we 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.

We should take a look at how tweaking the 4 Ways to Grow could impact your profitability. Email us at graham.crombie@ph.co.nz to talk about how this can happen

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Last updated: 18th Jan, 2010 | 11:22 am