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How many ways are there to grow your business?

Would you be surprised to know that there are only 4 basic ways to grow your business? You’re probably thinking that I’m totally out of my mind, but bear with me. The following strategies are soooooo basic but it’s shocking how many business owners overlook these concepts.

Question: What would happen if you could increase your average sale by 5% or 10%? or 20%? The 3rd way to increase profits is to increase the average dollar amount per sale. Have you ever heard “Do you want fries with that?”  That’s called packaging and it’s a great way to get your clients to spend more money with you. The twin brother of packaging is upselling. Car dealers do it all the time. After you buy the car, they add on all kinds of options like extended warranties, rust proofing etc.

Question: What would happen if each client purchased 5% more, 10% more or 20% more? I’m sure that would make an impact on your bottom line! The 4th way to grow your business is by increasing the number of transactions per client. Optimize this strategy by simply creating a program to keep in contact with your clients. Think about all the money you spent attracting your clients – stay in touch with them for a fraction of that expense. As a by product of consistent contact, you’ll get more referrals.

Question: What would happen if you increased your customer base by 5%, 10% or 20%? The most obvious way to increase revenues is to increase your customer base. Use advertising to attract prospects then work on increasing the rate of converting prospects into clients.

"We make money by selling insurance and servicing our clients. The Manko Company has helped us grow our business by creating compelling advertising programs to furnish us with fresh leads."

Greg V., Insurance Broker, Chadds Ford, PA. Client since 2003.