Four Ways to Grow Your Business

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four ways to grow a business

Four Roads to a Thriving Business

According to most people, there are only four ways to grow your business:

  1. Increase the number of customers
  2. Get them coming back more often
  3. Increase the average spend
  4. Improve the effectiveness of every business process

For instance, a local art gallery worked with their trusted CPA to improve their profitability significantly by running a series of quarterly themes through the year. Before each quarter, they gathered their small team together while the CPA facilitated a brainstorming session: what could they do to improve the key focus of the quarter? In other words, they set a clear goal and prioritized the top three actions to be implemented in the next 90 days.

four ways to grow a business

A CPA’s smart plan turned a art gallery’s business around.

Examples of the projects they set in motion included:

Increase number of customers

  • Identify WHO customers are and nurture them
  • Referral campaign
  • Introduce an online store

Get them coming back

  • Birthday emails and texts
  • Record customer preferences and personalized emails when new pieces became available

Increase average spend

  • Test price increases
  • Reduce discounts (offered to customers who didn’t ask for them)

There are hundreds of ideas out there to improve your business, but if you try to implement a hundred things, you’ll likely do next to nothing. Plan, prioritize, and implement a small number of things instead.

If you need someone to hold your business accountable for the success it deserves, call Williams & Kunkel CPA today in Flower Mound at 972-446-1040 to have a chat.

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Source: Panalitix

 

 

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