by Guest Blogger: Mark Samuel, ActionCOACH
Most business owners know that growing their business means getting more customers, which leads to more revenue, and that MAY lead to more profits. However trying to directly grow these key areas can be overwhelming and even futile.
Instead, a business owner must focus on these 5 areas, which will ultimately grow customers, revenue and profits:
1. Leads – you need to consistently grow your lead generation strategies in a business environment that is cluttered with competition for your prospects’ attention. Having an abundance of strategies is critical.
2. Conversions of leads into customers – every member of your company team needs to understand the value of and be trained on the importance of selling/converting prospects into customers.
3. # of customer transactions – focusing on increasing the frequency of your customers’ purchasing your product or service can have one of the most significant impacts on your revenue and profits.
4. Average $ Sale – Increasing the value of every transaction will have a profound effect on your revenue and ultimately your profitability
5. Profit Margins – instant impact on your cash flow and long term results are the outcome of improving your margins. When you have increased the amount of leads as well as the conversion into customers, the number of and value of your sales, then improve your margins, bottom line growth will be synergistic.
There are some very specific strategies that drive these 5 stages, to learn which ones can impact your business, set up a time with Mark – EMAIL or call 215.527.9906.