UWR 010 – The 3 ways to grow a business

In today’s episode, I’m speaking about the three ways to grow a business. So, let’s dive in. You might be surprised to learn there are just three ways. It’s ideal to have all of these three in place if you want to consistently and successfully scale your business. If you do have all three in place, then I can guarantee your business will quickly reach or at least get very close to its overall potential. No matter how young or old, successful or not your business is, most entrepreneurs are only using one or possibly two of these. And often the ones they are using can be significantly improved, which is why I want to cover these off today. It doesn’t matter if you are a newbie starting out or if you’re a seven-plus-figure business owner. It is a great reminder to have these in place in your business. So here they are.

The first is, of course, lead generation, getting more qualified leads. This is the one that the vast majority of businesses put all their focus on, getting more clients, moving people from never having heard of you to becoming a client but this is the hardest way. This is the way that costs the most in terms of time and in terms of money. Ad spend to a cold audience to warm them up and convert them is more expensive. It also takes time generally, to warm people up and move them to a sale. That is not to say that lead generation is not important. It is massively important and you should have lead generation happening in your business every single day. Yes, I did say every day, to move people through but it’s not one that should be focused on solely at the cost of all other areas. They need attention as well.

The second is sales conversion. Generating more customers from your leads monitoring and increasing your conversion rates is an area that can be easily overlooked and often is. Many, many entrepreneurs don’t track conversion rates at all and it’s a massive, massive oversight. And I have seen this in seven and eight-figure businesses as well, not looking at the actual conversion rates. If you don’t have a really close eye on the conversion rates from all activities, not just looking at your landing page, conversion rates in lead pages or whatever it is that you’re using, then it makes it really hard to predict the outcome of your actions and incredibly hard to hit your profit plan as a result. You need to understand the conversion rates from every piece of conversion activity.

So sales calls, for example, you need to be tracking what the conversion rate is on them. Tracking and monitoring conversion rates over time is a critical matrix that you need to measure for your success and then act upon what the matrix is telling you, what actions need to be taken in the business to increase the conversion rate. Is your conversion rate an acceptable one to you or not an acceptable one?

The third area is customer maximisation, which includes things like increasing the average sales value, increasing the number of purchases, getting more referrals from customers, increasing the buyer lifetime, and reducing customer loss or churn rate. Again, these are areas that are very, very often looked, not just by five-figure business owners and low six-figure but high six-figure, seven-figure, and even eight-figure business owners I’ve seen overlooking these numbers. So churn is a big one that I see when I start working with clients is that so many people do not track and monitor churn. And as a result, it makes it very, very hard to predict what your revenue is going to be from current clients on an ongoing basis.

Tracking churn also gives you an indicator if your programme is going well for your clients or if there are delivery issues. I’m speaking about churn in Uncover Wealth Radio Episode 11. I realise you’re listening to Episode 10 just now, so if you’re listening in real time, you’re going to have to wait until the next one comes out to do that. But if you are binge-listening, you can check out Episode 11 after this and learn more about churn in that episode.

Referrals coming from customers is also an area that people do not concentrate on enough. You don’t need ad spend to get referrals from your customers. You need to do a great job and you need to ask for referrals. It is something that can be built into your process really easily and it’s a good idea to have team members who are focused on operations, having referrals as a matrix for them. You can and should bonus them on referrals and getting referrals from their clients and customers that they are speaking to.

There are a number of proven strategies that you can apply to massively improve on each of these areas that I’ve been speaking about it. By combining the power of each, you have the ability to scale your business to even greater heights that you perhaps hadn’t thought possible. I hope this episode has been useful in understanding the three ways to grow a business and it’s given you a little bit of food for thought in some areas that you can be concentrating on over the next little while to increase your business and scale your business.

Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pockets.


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About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.