Three Ways to Grow Your Business- Fast!

It’s been said many times that you’re either growing or dying- and that saying can be applied to your business as well. Business growth is vital to every organization but the reality is that this is the area in which most companies struggle. Hiring a business consultant through companies like MindStorm, can set you on the fast track to growth.

This article,along with more in this series, is dedicated to helping you achieve that growth. And just like everything that we do here at MindStorm, we will be focusing on strategies that get maximum results in the shortest period of time.

In this article we will discuss three ways to grow your business- immediately. There are many variations of these 3 ways so in future articles we’ll discuss each one in greater detail and give specific examples on how to apply them.

First let’s look at the 3 ways to grow your company:

1) Get more customers
2) Get customers to make larger purchases or more units
3) Get customers to make purchase more often

We’ll use a simple example to demonstrate the formula. It doesn’t make a difference if your company revenues are $100M or $100k, just input your own numbers into the formula.

Let’s say your business has 100 customers and the average dollar amount a customer spends every time they buy from you is $1,000. Some will spend $2500, some might spend $350 but the average dollar amount per transaction let’s assume is $1,000. Let’s also assume that your customers come an average of once per year. So the formula below would look like:

# of Customers  XAvg transaction X Frequency of purchase=$100,000 Annual Revenue

Based on these figures your company would generate $100k a year in revenue. The goal is to increase each of these 3 impact areas so that even a small change can mean a large gain in revenue.

For example, let’s say that you increased your client base by only 10%.

•# of customers: 110
•Dollar amount of average sale: $1,100
•# of times customers purchase per year: 1.1

110 X$1,100  X  1.1= $133,100 Annual Revenue

A 10% increase in each area can equate to more than a 33% growth in your revenues! Let’s look at what a 25% increase can do…

# of customers: 125
# Dollar amount of average sale: $1,250
# of times customers purchase per year: 1.25

125 X$1,250  X  1.25 = $195,312.50 Annual Revenue (95%+ Growth!)

Increasing each impact area by 25% equals to almost a double in your company revenues. Imagine if you are using your real revenues and we were talking about $3 million or $30 million. The outcome is the same. Now, if you think that a 25% increase in these areas are hard to achieve, in future articles our Business Consultants New York are going to give you strategies that have resulted in triple digit returns in each of these areas! Stay tuned…

Ps.. In the meantime, write down every way that you can think of to:

1.Get new customers
2.Get customers to increase the money they spend with you
3.Get customers to make purchases more frequently

MindStorm Strategic Consulting is a New York City based Business Consulting firm which helps organizations achieve rapid growth. MindStorm’s business consultants focus on 4 Key Performance Areas: Strategy, Innovation, Marketing, and Sales. If you’re interested in learning how you can help your organization get more clients, increase sales, and grow profits, call MindStorm and ask to speak to one of our business consultants at 1-844-MINDSTORM(844-646-3687)

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