Growing your business (Part 4)
The fourth strategy is generally about the overall effectiveness of your business.
In the previous 3 articles of this series we have covered:
- Increasing Customers and Clients
- Increasing Transaction Frequency
- Increasing the Transaction Value
The overall effectiveness of your business is more of an all encompassing strategy than any of the other three. Increasing the effectiveness of your business involves looking at each of the processes within your business and improving each for a better outcome.
Let’s consider the example of a typical contractor who quotes jobs for his trade based business.
When analyzing the success of his return rates from quotes it’s discovered that only 2 in every 10 people quoted actually engages their services. It may appear that their most immediate problem is that they need more leads or more opportunities to quote, or perhaps they need to spend more money on advertising. However, in order to grow their business, their main focus should be to actually increase the effectiveness of the quoting and sales process!
By analyzing the situation further we may find that a greater number of people engage their services when the quote is delivered in person and discussed in detail with all the decision makers. So, by ensuring all future quotes were completed this way, the number of people engaging their services may increase to 5 out of every 10 quotes leading to more income for less effort. Time is saved from not doing additional quotes and money saved by not increasing advertising.
In this example we have only considered one process. When you stop and think about it, a business is really a series of processes completed by a group of people. The quality of the processes, and the execution of them, determines the quality of the outcomes.
Most people do not see their business as a series of processes, and often when they do, they do not know which process to concentrate on for the maximum benefit.
That’s where we can help.
If you would like to explore business growth strategies for your business in more detail, please feel free to contact us.