When 10% Is Really 44.6%

Here's what we've go thus far... If you haven't yet read the first part of the this article on growing your business, I would suggest going back a page and starting from the beginning so these numbers will have a greater perspective.

 

Current Baseline
Number of customers 1,000
Average per transaction $100.00
Transactions per year 2
Buying lifetime (evergreen) 5
Total Revenue $1,000,000


 

Now consider this... instead of bringing all resources to bear in an effort to improve just one of the key areas of growing your business, let's take a look at those same numbers if you set your focus on just improving each them by only 10%

 

 

Current Baseline + 10%
Number of customers 1,100
Average per transaction $110.00
Transactions per year 2.2
Buying lifetime (evergreen) 5.5
Total Revenue $1,464,100




 

Look what happens to our +10%... It suddenly has became 46.4%!

Think about your business for just a moment. If I were to walk in and mandate to you that you had to increase your business by some 46% or suffer some consequence... you would think there is no way I can do that. But look what happens if you focus and bring just a little extra effort forth of just 10% in a few key areas.

Do you think you could be a little better in your advertising and networking efforts to add 10% to your customer base? And don't you think you creatively package and bundle your promotions and offerings to get just a 10% higher ticket average.

And surely by increasing your customer satisfaction and your communication with your customers that you could increase how many times they buy by just 10%... and certainly if you do all of the first three then by default your customers are going to stay with you longer, so number four is essentially a given.

But 10% seems easily attainable... how about we shoot for 25%

 

Current Baseline + 25%
Number of customers 1,250
Average per transaction $125.00
Transactions per year 2.25
Buying lifetime (evergreen) 6.25
Total Revenue $1,441,406




 

This works out to about 144%. A 10% extra focus across the board = a 44.6% increase... but... A 25% extra focus across the board = a cool 144% increase in your business revenue.

Now I don't know about you, but that's a trade off I'll make every single time. But not to miss the point here.

You may not be able to quite hit 10% in every category. In fact, you might not be able to hit 10% in any of the categories... that's not the point.

The emphasis here is to get you to realize that small changes in percent across your entire business process or in the components of your sales funnel will have a dramatic affect on your revenue. Up next let's tackle... the where do I start and how do I start growing my business...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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