BUSINESS GROWTH

BUSINESS GROWTH

BUSINESS GROWTH

Purpose

To put in place suitable processes and procedures that provide opportunities for market share growth through customer relationship development and new market aquisition

'Without continual growth and progress, such words as improvement, achievement, and success have no meaning.' Benjamin Franklin

 

A business is like a tree, if it’s not growing, it’s probably dying. In today’s market, if you’re not implementing some kind of growth strategy, you’ll fall, as a competitor who is implementing one takes your market share.

A growth strategy will not only increase your bottom line, it will increase your profitability. Because to handle bigger volumes, you’ll have to examine your systems and make them more efficient – So rather than just focusing on efficiency, it is better to focus on growth and increase efficiency as part of the process.

In every company from Microsoft or Apple to the local barbershop, business growth is dependant on 6 simple metrics. It does not matter what kind of business you have, or whether you are a start-up or an established company that’s been around since the 1900's. These metrics apply to everyone – and to double the profitability of our clients in 12 to 24 months, we incorporate these metrics into any business growth strategy we implement.

The Six Metrics of any Growth Strategy

Metric #1 LEADS.

Every business needs a steady stream of qualified leads flowing into it. There must be lead generation strategies and systems in place - and you must know what strategies are producing for you and the cost per lead for each strategy.

We will evaluate them and determine what is working and what is not working. Looking at not only how to automate them, but also how to tweak them to produce better results.

Metric #2 CONVERSIONS.

What is your conversion process? How do you move a lead to a purchase? Does it have a high threshold of resistance? Does it appeal to the future buyer or just the buyer who is ready to act now?

We work with you to change your process to not only appeal to potential buyers but also be low risk to engage. We work on your sales scripts ensuring your people use them until they have the ability to dance in the conversation with appropriate information.

Metric #3 TRANSACTIONS

How many times per year do you sell to your client, patient, buyer? Do you have additional products and or services that you can deliver to add value to them? These are important questions we address in your growth strategy - as studies show it is 50% easier to sell to an existing customer than to a new prospect and this is also our experience. Creating new buyers can also be 5 to 15 times more expensive than retaining existing ones, (This is particularly relevant to metric 5).

Metric #4 HIGHER PRICES

Many business owners we deal with are frustrated with decreasing margins. "I have to discount my prices to compete in this market place", they complain. The problem with that is that when you compete on price, there is always someone else willing to bend just a little bit further to get the deal.

In a previous life as a business owner, I typically sold on a margin of 40%. If I gave a 10% discount on a sale, I would have to sell 33% more goods just to make the same profit. Discounting is a losing battle. In fact we make all our clients remove the word from their vocabulary.

If instead, we increase our sales price by 5%, we could get 10% fewer sales and still have the same profit at the end of the day. Trust me - if a $150 pair of boots went to $158 no one even noticed. Do you think anyone at Starbucks notices when their $8 latte goes to $8.39? If they do I dare say it won't stop them buying it.

So instead of competing on price, we help you find ways to bundle products or services. Bundling on average increases sales by 20 to 30%. Use add on sales, something with a high perceived value and low initial cost.

Metric #5 MORE PROFITS

Look for ways to decrease your cost of doing business. (I hinted at this earlier in Metric #3 Transactions), look at your client retention. If you are always replacing clients something is amiss with your products and or service. We work with you to first create raving clients and then find ways to reward them.

Another strategy we recommend is to look for ways to use Interns. This is one where easily everyone wins: The school needs programs for students, students need experience and credit toward their graduation As an added bonus, they have experience on their resume when they graduate. For the business owner, you receive the additional creative mind and hands without the added cost.

If for some reason interns are not a practical solution for you, another option is offshore outsourcing – passing off mundane repetitive tasks to lower cost virtual assistants in countries like the Philippines.

Finally, we work with you to renegotiate your buying price and/or terms.

Metric #6 HISTORY

We work with you to take advantage of past deals to win future sales!

It’s vital that you understand why you have been winning and losing deals. Once we have examined your historical data, we can help you to:

  1. Disqualify and Qualify better!
  2. Shorten your sales cycle!
  3. Execute with confidence!

A Powerful Combination

For these 6 metrics to be properly implemented, we need to ensure your business also has the following:

  1. It must be STRUCTURED for growth.
  2. The business growth PLAN must be strictly adhered to
  3. You must understand your FINANCIALS and set up KPI’s
  4. We must begin generating QUALIFIED leads and stop taking on whatever work you need to just so you can pay the bills
  5. You must begin to gain control by SYSTEMISING your business.
  6. We will help you recruit the BEST possible team and becoming the leader you need to be.

When you combine these 6 metrics it creates what we call the PROFIT CALCULATOR. We help you focus on one of them for two months and then the next for 2 months and so on.

This not only simplifies your life but also creates a path to double your profits in the next 12 to 24 months.

 

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