Monday, April 15, 2013

How To Grow Any Business – Part 1

Monday, April 15, 2013 7:58 AM

How do I grow or build my business? We get asked this question all of the time and of course there are so many things that you could do we couldn't cover them all here.

However, in order to start down the right path of building your business, let’s first start with the basics. When you distill down, clarify and get to the root of the issue, there are basics that you need to know.

In football you need to know how to block, tackle, catch, etc. You need to know the rules of the game. In other words what is the square root of the building blocks? You want to get to the lowest common denominator in order to start building back up the right way.

In business it is the same thing. You must know the fundamentals in order to grow your business. It’s these fundamentals that we are now going to cover.

There are three ways to grow a business. Even though you may think there are hundreds of ways and there are, they will all come down to these three ways:

            1. You can increase the number of your customers.
            2. You can increase the number of transactions your customers do with you.
            3. You can increase the size of the transactions that your customers do with you.

All businesses must do some or all of the above. All businesses should be doing all of these in order to maximize their growth and profitability. All three of the factors listed above are extremely
important. Also, please keep in mind that according to the Harvard Business Review, the average U.S. Corporation loses 50% of its customers every five years!

Everything that you do in your business should be based on these three ways of building your business. These factors should be driving all of your plans and business decisions.

That’s it for now, stay tuned for Part 2 as we dive deeper into each one of these three factors in our series of How To Grow Your Business.

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