Four Roads to a Thriving Business
According to most people, there are only four ways to grow your business:
- Increase the number of customers
- Get them coming back more often
- Increase the average spend
- 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.
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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