Oct 16 2007
The Only Four Ways To Grow Your Business and Make More Profit
PART ONE - THE INTRODUCTION - OF A FIVE PART SERIES.
There are only FOUR ways you can grow your business and make more profit. These four ways are a formula that very few owners fully understand.
So, over the next few days I am going to explore these four idea categories so you can put them to work vigorously in your business.
THE FOUR IDEA CATEGORIES WE ARE GOING TO EXPLORE ARE:
1. Average $ Sale Ideas (how much, on average, each customer spends)
2. FREQUENCY OF PURCHASE IDEAS (how often, on average, each customer buys from you per year)
3. NEW CUSTOMER IDEAS (how many regular customers you have)
4. Your profit margin ideas (how much profit you make on each sale)
As a formula they look like this:
Your average dollar sale x Your customers frequency of purchase x Your number of customers x Your profit margin = YOUR TOTAL PROFIT.
The objective of all this stuff x stuff is to establish a regular plan of doing something about each of these categories each day.
The exciting (yes, there is something exciting in all this) part is: if you regularly work on each of the four categories together, YOU WILL BE REWARDED WITH COMPOUND IMPROVEMENTS TO YOUR PROFIT.
Regular readers will already have noticed this entire site is CATEGORIZED to make the searching of each of these ideas easy for you.
In each posting, we will explore a whole heap of ways you can do stuff to improve each of these four categories. Please feel free to add any of your own ideas to the comment sections.
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