7 ways to grow your business

Date: 18th May 2017

Last week we had the opportunity to share with local business people our key strategies for successful growth. If you weren’t able to attend our ‘7 Ways to Grow Your Business’ Seminar in Wanaka and Queenstown, here is a brief summary of what we shared.

Plan first

If you want to grow your business – whether it’s a small café, medium construction firm or a large exporting business – you’re going to need a plan to get moving in the right direction.  So get your business plan in place first:

  • Set an annual plan and budget.
  • Set and measure your 5 most important KPIs (Key Performance Indicators). These might include turnover, cost of sales, gross profit, wage costs, accounts receivable turnover.
  • Have someone independent hold you accountable to your plan.

Growth Checklist

Once you have a plan in place, you can then address each of the following tactics for growing your business.

1.     Increase client retention rate.

Keep current clients happy – it is easier to keep existing clients than it is to attract new ones.

2.     Increase leads generated.

Drive more potential clients to your website, phone line and premises.

3.     Increase prospect conversion.

Follow up those who’ve made enquiries, show interest and build rapport – help prospects to buy from you.

4.     Increase transaction value.

Upsell additional services or bigger volumes to your current clients.

5.     Increase transaction frequency.

Encourage clients or customers to buy more frequently.

6.     Reduce cost of sales.

Identify ways to save time and resources in order to make more sales – drive efficiency and variable cost reduction.

7.     Reduce overheads.

Review your business costs to identify fat that can be trimmed (not muscle).

Need Help?

If you need help developing your plan, budget, KPIs, reducing overheads or cost of sales, let us know. These are just some of our specialties! We’re also good at being independent and holding you accountable to your plan!

Posted in: Alexandra, Latest News, Queenstown, Wanaka