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How to grow your business by 33%?

Discussion in 'General Entrepreneur Discussion' started by papi016, Jun 12, 2018.

  1. papi016
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    papi016 Bronze Contributor I've Read UNSCRIPTED Speedway Pass

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    There are only 3 ways to grow a business. No matter what industry you’re in.

    The 1st thing you do to grow your business is get more customers (Clients)...

    The 2nd thing you can do is get those same clients to buy more each time they buy from you (Increase the average transaction value)...

    If you’re innovating you should be looking for more ways to meet your clients needs which inevitably leads to you having more to sell them.

    The 3rd thing you can do is get them to buy more often (Increase the frequency of repurchase)
     
    AgainstAllOdds likes this.
  2. minivanman
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    minivanman Gold Contributor Speedway Pass

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    But, how about getting more clients while having the same amount of workers working the same amount of hours before you got the new clients?

    When I had my cleaning business we cut our cleaning time by 33% which meant we could do 33% more work per day.

    It wasn't my goal to cut our cleaning time (I was trying to solve a ring around the bath tub problem) but in the process I teamed up with the makers of the Magic Eraser. I actually went back to cleaning myself to perfect how we used the Magic Eraser. It might sound easy but it took quite awhile (about a year if I remember correctly) to learn the tricks. When the Magic Eraser first came out they advertised it to clean around light switches, door knobs and spots on the wall. I'm the one that figured out how to use it in the shower (tile & glass), the tub and the sink.

    So if you can cut the work time by 33%, you can keep the same number of workers, gain more customers which equals much more profit.
     
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  3. Fpm9
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    Fpm9 Bronze Contributor Speedway Pass

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    You can also find a way to reduce your costs. If you make a biggest order and make economies of scales, the customer will pay the same price but your profits will rise. If you reduce your fixed costs, you'll also make more money.
     
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  4. Stargazer
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    Stargazer Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    That is only two things if you think about it.

    1) Get more customers.

    2) Have them buy more.

    Is this some new revelation where you live?

    Dan
     
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  5. minivanman
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    minivanman Gold Contributor Speedway Pass

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    Yes, reducing the cost. So when I started out, Magic Erasers were about $1.50 each. Then I ordered them bulk for about $.30c each. Then I found them for $.07c each. So that was quite a savings. Instead of doing like a LOT of cleaning companies do and buy supplies at the $1 store, I bought 1 gallon of Zip tinted window cleaner (concentrate) and it lasted about 3 years (less than $10 back then). So instead of it costing me $1 per bottle, it cost me around 1 cent per bottle. It's those little things that can add up to quite a savings.

    In all of the businesses that I'm a part of, we knock the ink down to 80% or 90% when printing. And if we just need a copy for ourselves we sometimes knock it down to 70%. We don't buy trash bags from a store. I purposely got to know this guy that owns a small bag company. We get clear 7 gallon & 13 gallon bags for almost nothing. No need for a draw string or anything like that..... it's a damn trash bag. Yes.... I love pennies :)
     
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  6. Charnell
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    Charnell Super Nintendo, Sega Genesis Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Like the military saying "ounces equal pounds and pounds equal pain", referenced in regards to pack size on long hikes.

    Pennies equals dollars and dollars equal profit.
     
    minivanman likes this.

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