BUSINESS
SEVEN WAYS TO GROW YOUR BUSINESS
At Element we work with you to help grow your business. We’ve all been through a lot recently and it’s likely you know you need to make some changes in your business. Change won’t just happen on its own. You have to make the choice to change. The first action is being aware you need to change. It’s unlikely your business has been able to continue as normal and changes need to be made. The next step is to accept that you need to change. It may not be easy. But the alternative of not changing won’t be easy either. Once you’ve accepted change is needed, you need to take action. What steps do you need to take to enable the change? Most people get stuck here. They may respond to immediate actions while in crisis mode but fail to take the action required. To make sure you do take action, accountability is required. Being held accountable by someone independent really does make things happen. And finally, take time to acknowledge the change you’ve actioned. Take your team on the journey and give positive reinforcement. 94 GOLD COAST • PANACHE Magazine
We have outlined below seven ways for you to grow your business whilst you embrace this change:
1
Increase your customer retention rate. It’s much cheaper to make sales to existing customers, in fact statistics show that it’s six times easier and cheaper to make sales to existing customers than it is to new customers.
2
Generate more leads. The best way to generate more leads is to delight your customers so they become promoters and provide you with more leads.
3
Increase your conversion rate. Do you measure how successful you are at converting leads, quotes and proposals into sales? Do you regularly review why you aren’t converting more?
4
Increase transaction frequency encourage your customers to buy from you more often.
5
Increase the transaction value. This doesn’t necessarily mean increasing your prices. Think about how you could add more value to your customers.
6
Reduce your variable costs. These are the costs which increase as sales increase, such as direct labour, cost of materials and sales commissions.
7
Reduce your overheads. These are your fixed costs like phone, power, rent, office supplies. As Albert Einstein famously said, “Insanity is doing the same thing, over and over again, but expecting different results”. We all know this, right? So, what do we have to do differently this year? You have four choices:
• Do nothing. • Retreat. • Take normal amounts of action. • Take massive amounts of action.
How we can help Firstly, if you don’t already have a Business Plan, we can work with you to develop yours over a half-day session. If you need a bit of accountability to ensure you’re on track to achieving your goals, we can meet with you regularly to review and reset the goals and actions in your Business Plan. And finally, if you’re not a client, we offer a one hour complimentary meeting to establish if we’re the right fit for you. Element Business & Accounting Solutions Ph: 07 5551 0143 www.elementbusiness.com
