Grow Your Business
Growing your business from one level to the next takes focus. Let’s discuss your situation, unique challenges and the potential road blocks that lie ahead.
Now if you started your business the right way by having the right mindset, having a meaningful reason why you wanted to be successful, and having a good understanding of money, growing your business will be the results of consistent efforts and focus on the right activities. If you haven’t done these 3 things mentioned, go to our Start Your Business page to read more. The main focus of a growing business should be on the TOP line of the Profit & Loss, better known as Sales. Here are 3 simple ways to grow a business and focus on the Top line.
Lead Generation – Many business owners rely 100% on referral based lead generation. Getting referrals is great. Growing your business just on referrals will keep you small or at the same level. Since you never know when a new lead will come in, it will be hard to measure this method of growth if you are not properly trained on getting referrals (This method should be used just in an intentional way). Growing businesses should create 2, 3 or even 4 channels of lead generation. In today’s internet climate and social media you can use multiple platforms to advertise your products and services. I recommend using a paid advertising strategy. If you want to grow your business for scale you should use a paid advertising method. This doesn’t mean you can’t use free, however all business that grow past the level of the owner will use some form of paid strategies.
Sales Conversion – You have a steady flow of leads coming in. Now your focus must shift to sales conversion. Sales conversion is the rate at which you convert your leads. This rate could make or break your growing business. Let’s say you’ve got 30 leads in your pipeline and your conversion rate is 10% and you convert 1 lead into a sale. How many leads / prospects do you have leftover? 20. A lot of people answer this question with 29. On the surface it would seem that 29 is leftover, however, your conversion rate was 10% so if you multiply 30 times 10% you get 3. So for every 10 leads you get 1 sale which is why you have 20 left. The better you get at sales conversion the faster you can grow your business.
Increase Value – This alone could scale a business when positioned correctly. If you add more value to your product or service you could earn more on each sale. Many businesses bundle a number of services and give a flat rate. In most cases this would increase the price on each sale and give your client more than what they were getting in your old service. However, many businesses undervalue their services or products in fear of seeming like it is too much. Businesses must evaluate their perceived value and firmly use that rate. Failure to do so could cost the business its future growth.