Three Ways to Grow a Business
As owners or managers of a business, it’s our responsibility to not only figure out how to keep our business functioning properly and effectively, but also how to GROW our business. Staying level or going backward are not options. Profit and growth are key!
So how do you grow a business? It’s more complicated than just increasing sales. If you’re trying to grow your business, start by understanding that there are only three ways to grow a business.
1.) Sell more of what you are currently selling.
2.) Sell what you are currently selling for more money.
3.) Add additional product(s) or service(s) to what you are currently selling.
Regardless of how you slice this, nearly everything you can come up with to grow a business will fall under one of these three headings.
While discounting and sales events can help grow a business, lowering your profits is not the fastest nor the most efficient way to grow.
In our Eight Critical Profit Factors, factor number two is, “Have an up-sell, cross-sell or add-on sales plan”. Include a staff incentive with every promotion and train your staff to up-sell, but not hard-sell, every customer.
Attracting a customer and getting them to open their wallets can be a difficult and costly process. But once they’re in your showroom and have their wallets open, an accompanying up-sell is relatively easy. Once the customer has chosen a bed, selling the matching nightstands can make the difference between profits or break-even.
SoundADvice is designed to offer you meaningful and helpful tips to help you run your business more smoothly. This week’s issue will help you increase your sales at a profit. Click here if you would like to see all 8 Critical Profit Factors to improve your bottom line.