Determine to work on these 3 things and your business will become unstoppable.
True entrepreneurs work ON their businesses more than IN them. Their focus falls into each of the following 3 areas:
1. Getting New Customers.
A sound business always needs to maintain a deliberate effort in attracting new customers. All other variables remaining normal, more customers will automatically translate into more dollars. A referral strategy, advertising, and a good website which collects contact information from visitors are important tactics to have running on a continuing basis to keep new faces coming in to your business.
2. Increase Transaction Size.
Every business can calculate the average transaction size and hopefully can measure the average lifetime spend of a repeat customer. Every entrepreneur’s job is to find ways
to increase these averages. Up sells, cross-sells, incentives, point-of-sale displays, and introducing new items are some examples. When you deliberately increase the average size of the sale and are also increasing your customer base (refer to #1), your business will grow dramatically.
3. Increased Frequency.
Create incentives for getting your customers back more frequently. You see lots of different kinds of businesses doing this. Sometimes referred to as a bounce-back campaign, it can be as simple as “10% off your next visit” with an expiration date on the back of your business card. By working on ways to keep your current customers coming back more often, just one more time each month or even once more each year can be huge.
Combine all 3 tactics and your results can be exponential.
Recommended reading:
Getting All You Can Out of Everything You’ve Got by Jay Abraham
Be entrepreneurial. Spend more time reading, thinking ,planning, implementing and managing. This is the kind of work which multiplies your income.
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