If you're a business owner, then – if you're anything like me – you spend quite a lot of time thinking about how to grow your business. That begs a question: what do we mean by "grow"?
Think about why businesses exist, and especially yours. You probably have a lot of "higher" reasons for doing it, which are about helping people to solve a particular problem and avoid a particular "pain" in their life, providing a certain experience for your clients and customers, maybe changing the world in a particular way. However, no matter how much you try to hide from it (and some people hide more than others),there is no escaping that starting and running a business brings with it a lot of pain and sweat and heartache, and only one thing can make us accept all that happily:
… we go into business TO MAKE MONEY. And we stay in business because either the business is providing enough money, or we think it has the potential to.
It really is as simple as that.
So now our question really becomes "how do I make more money in my business?"
Now, one way to do that is to cut costs, and later in the year I'll be showing you a number of ways to save money by using free or low-cost tools for marketing, managing and automating your business.
Today, though, I want to think about how we can increase our sales. You see, however much we cut our costs, if our income is, say, £50,000m then we can never get more than £50,000 out of the business. If we want to take more than that, we have to increase our sales.
If i were to ask you how you can grow your sales, I'm sure you could come up with dozens of ideas, but when it comes down to it there are actually three things that we can do; everything else is a way of achieving one of those three.
You see, our turnover is determined by three things:
So, if we want more turnover we need to either find more clients, get them to spend more, or get them to buy more often or for longer.
And those are the three questions you should ask yourself every day>
Watch out for future blog posts around this topic and videos on my YouTube channel.