How to Accelerate Your Business Growth

The Four Ways

We find that there are four basic drivers of business success:

• Increasing the customer base.
• Increasing frequency of sales.
• Increasing the average value of sales.
• Cutting costs.

The three big ways forward are all sales and revenue based. We put them in order of their potential impact. The other is strong medicine, to be taken with caution.

Increasing the Customer Base

Winning new customers has the most forward scope – if the prospective new customer is well chosen and a good match, the aggregate of their purchases could well be larger than that gained by convincing a reasonable number of existing customers to increase their purchases or to pay more. Whatever you are selling, the new customer needs your product or service from the ground up. The addition of a new customer also provides a cushion against inevitable customer turnover.

Increasing Frequency of Sales

Frequency of sales may be easier to achieve than increasing value of sales – offering more and better of something the customer already likes, or new and different things from a source they already trust, is usually more work but less obvious than simply raising the price of something for which they are used to paying less. Broadening the service and product base to a customer builds the relationship as well as the cash flow. So much of sales and accelerating business growth is about understanding human nature, and having a genuine wish to solve problems and bring success to the customer.

Increasing the Average Value of Sales

Value of sales can be an exercise in shades of meaning, and this is worth considering. The value of a sale is more than the price on the sticker. It could be additional service with the sale of physical product. It could be an extension of services already provided. This can set the stage for an increase in the value of the transaction from a monetary point of view, which will certainly accelerate your business growth. A higher price is not a negative for the customer if they perceive a good increase in value received.

Cutting Costs

The fix most businesses turn to first – and sometimes exclusively. We say this must be approached with care. Cutting costs provides a quick and visible improvement, but it can come with delayed drawbacks. You can only cut so far before something important is damaged, and it can be hard to see until the damage is done – a quality supplier is alienated, a key employee departs for greener pastures, customers notice a drop in service and value. This sort of thing is harder to repair than it is to break. That’s why we put cutting costs last in our list – it is powerful, and it has its place, but to accelerate your business growth it is so much better to actually grow your business than to shrink it.

Finding a Trusted Advisor

This is another key driver to accelerate your business growth, and one of the most important. With Taggart & Partners, you’ll have a team on your side whose total focus is on ways to increase your success. A dedicated business advisor will work with you to develop growth strategies that mesh with your plans for the future of your enterprise. You will receive advice on significant issues like structuring your business properly, budgeting and financing for short and long term – and tax planning, so your business is not paying more tax than it must.

Let Us Push Your Business Toward Success

Taggart & Partners has been consulting for small and medium-sized businesses in the Brisbane area for many years – our experience and results speak for themselves. We would like to discuss your unique circumstances – the best time to get started is right away. Call us on (07) 3391 1188, e-mail us at enquiries@taggartandpartners.com.au or get in touch online.