Business – Seven ways to grow your 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. We have outlined below seven ways for you to grow your business whilst you embrace this change:

1Increase 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.

2Generate more leads. The best way to generate more leads is to delight your customers so they become promoters and provide you with more leads.

3Increase 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?

4Increase transaction frequency encourage your customers to buy from you more often.

5Increase the transaction value. This doesn’t necessarily mean increasing your prices. Think about how you could add more value to your customers.

6Reduce 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

OUR VISION

COMMITTED TO BUILDING YOUR BUSINESS BEYOND TOMORROW

ACCOUNTING | TAXATION | ADVISORY

The Directors of Element Business & Accounting Solutions use their 'Big 4' accounting firm experience to guild long-lasting relationships with their clients, while o ering expert advice.

Founder Leschen Smaller says the practice facilitates business and individual growth by taking the time to collaborate, listen and understand each client. "We look beyond the numbers so we can provide more meaningful advice". At Element, we embrace that change and challenge our clients to think creatively and innovatively about the way in which they do business.

Directors Leschen & Theresa Allery share a range of complementary skills that benefit clients in various ways. Focusing on projects such as R&D Tax Incentive, Business Mentoring and three-way cashflow modelling. By becoming integrated with a client’s business in a holistic way, the team at Element gain a 360 degree view of their client's business, family and circumstances. This allows them to provide advice in a better way, advice that has depth because they are aware of the other factors influencing decision making that aren’t just commercial factors.