Growth can come in many different forms (even in pruning… more on that another day). If you’re planning to grow your business this year you need to get very clear on the HOW. How are you going to grow? That can be the overwhelming part, but it doesn’t have to be. Break it down into steps and simplify your way to success. There are three easy growth areas to consider.
Volume – Boosting Sales Numbers
Volume is all about the quantity. You want to sell more of the thing you already do. This strategy usually involves acquiring new customers which can be costly because it requires more spending in marketing and getting new customers in the door. However, keep in mind that selling to existing customers is also part of the solution.
The focus? Creating lasting customers and not one time customers. By prioritizing customer satisfaction and loyalty, you can lay a solid foundation for sustained sales growth.
Price – Elevating Service Value
If you want to increase your prices you need to be sure that your value aligns with the price increase. The value you deliver should outweigh your price. This results in delighted customers! If you’re not comfortable with a direct price increase, especially in competitive markets, think about how you could add value, then increase the value and the price. Value justifies price.
Conduct market research to understand your customers’ willingness to pay and identify areas where you can enhance your product or service value. Whether it’s through improved product features, enhanced service offerings, or superior customer support, investing in value-added initiatives can empower you to command higher prices and set your business apart from your competitors.
Services – Expanding Offerings
Adding new services is a great way to increase sales. Figuring out what to add can be simple, but many businesses don’t do it. What is this simple step? ASK. Simply ask your current customers what else you can help them with. What are their biggest frustrations? What is is their unmet need? Now figure out how to provide solutions.
Once you understand your compeitive market and customer preference, you can get to work. These three strategies can be used alone or together. But remember, Focus is key. Depending on your size, your team, and your goals, you should only focus on one to two things at a time. Focus is what gets work done!
What are you going to do to grow your business this year?
Our Fractional CFO services provide targeted financial expertise to help you navigate the complexities of growth and maximize your business’s potential. Contact us today to schedule a consultation and explore how we can help you unlock your business’s full potential.
Cessie Cothran, MBA
Combining the CFO Advisory with tax strategy creates the best opportunity for financial success. We like to call it being perfectly Aligned. Our clients know they have us as a partner, helping them to feel secure about their financial future.