Do you want to know how to grow your business quickly below video from Brian Tracy will provide great advice. Especially if you are looking to grow your business in the USA or Australia.
Transcript of Brian Tracy‘s video
Engage in mountaintop thinking project forward in thought and imagine your ideal life. What does it look like. Growing a small business takes a lot of sweat hard work and sleepless nights. When you have your own business you have multiple options to increase your profits. Because that’s what everyone wants.
Here are seven options you have to grow your business more rapidly
Increase the Number of qualified leads.
You can grow your business by increasing the number of qualified leads that you attract. The process that you use to attract interested prospects to your business. if five out of 10 prospects end up buying from you and you can increase the number of people coming in from 10 to 15 you will increase your profits by 50 percent.
Increase the conversion rate from prospects to buyers.
You can grow your business by increasing the number of prospects you convert to buyers. This is the measure of the effectiveness of your sales efforts. If you can increase your conversion rate from 1 out of 10 to 2 out of 10 you can actually double your sales and increase your profits the same amount. Improving your ability to sell and convert interested prospects into paying customers is one of the most important things you can do. And there’s no replacement for ongoing sales training both for you and for every single person who speaks to customers either live or on the phone.
Review the sales process
Look at the key area in your sales process and seek ways to improve a little bit in each area. A small improvement in each area can lead to an enormous improvement in overall sales results.
Increase the frequency of sales
You can grow your business by increasing the number of individual sales that you make to each customer that you acquire. By increasing the frequency of purchase by 10 percent you increase your sales increase your profits by the same percentage.What are some things that you could do to get your customers to buy from you and to buy more frequently? You should be continually looking for ways to upscale each customer so that he or she buys more each time.
Increase your profit margins for each sale
Profit margin is the gross profit that you make from the sale of each product or service that you offer. By continually seeking ways to raise the price or lower the cost of the product or service without decreasing the quality you can’t increase profits presale. With every dollar that you raise in price. If you hold costs constant flows straight to the bottom line as profit. Every dollar you reduce in expenses if you hold sales and revenues cost it also goes straight to the bottom line as net profit.
Lower your cost of acquiring a new customer
The amount that you have to pay to acquire each paying customer is an important number for you. You should be continually seeking creative ways to improve your advertising and promotion so that it cost you less to buy each customer. This can impact and increase profits of your business dramatically.
Increase customer referrals
The customers who come to you as a result of referrals from your satisfied customers. Developing one or more proven referral systems for your business can have an inordinate impact on your sales and your profits.
When you practice continuous improvement in all of these areas in your business you will make more money. You will increase your profit in your business and help contribute to your future financial success. Before we wrap up I’d like to leave you with a thought to share with your friends and followers. Engage in mountaintop thinking project forward in thought and imagine your ideal life. What does it look like?