Boost Your Year-End Revenues
Towards the end of December I know many people (like me) start to consider what the new year should be like. We look at business goals, forecasts, how much money we want to make, how many hours it’ll take to do it, and the like. For a quick increase in any business or industry there are actually only 3 ways to grow a business.
The simple formula for more income for the remainder of this year, as well as in the new year, requires the following:
1. Getting more customers
2. Increasing the size of each transaction per sale or the cost of your services
3. Increasing the frequency of how often your client buys from you
It sounds so simple it almost makes it sickening, right?
The spinning wheel happens when you are constantly running around trying to get new clients without trying your other two options. Getting more customers is fine but it’s probably the most expensive and time-consuming way to grow a business! Those people have to get to know you, need you, and trust you.
Increasing the size of the sale, or your rates, is easy to accomplish. Say, for example, you’re selling spa services to a customer. We see this done all the time… when the person gets to the counter you can offer them to purchase the products used in their service. Having hte product available in different sizes, perhaps even a travel bundle, almost guarantees you a sale. You’ve just increased the size of the transaction and you’ve provided a much greater service to your client!
Increasing the frequency of their transactions is another very simple and very effective method to grow your business and if you master this you would greatly reduce the stress of the sales cycle! Those who are already buying from you may need more products or services from you than you offer, all you have to do is ask.
I recently set up a database to keep track of my clients notes, needs and nuances so that I can enrich their lives throughout the year.
Imagine what would happen if you increased each of these ways to grow a business by just 10%? Which one would you start with? What’s worked for you in the past?