The Only Six Strategic Principles To Grow Any Business
Grow the Number of Incoming Leads
This is where most business owners focus. Get more leads. But here's the challenge... Getting more leads is often the most challenging, as well as the most expensive strategic move. Sure, it works, but this should be one of the last strategies you implement, not the first.
Convert More Leads Into Clients
There are three kinds of leads in the world. The "No", the "Yes" and the "Maybe". Most businesses only convert the "Yes" leads, and fail to capitalize on the "Maybe" leads. Of course, no one can convert the vast majority of leads that are "No" leads. But your business can definitely convert a lot of the "Maybe" leads that you've not been converting so far with a strategic implementation of a conversion plan.
Increase The Transaction Value
Transaction value refers to the amount of revenue generated by the average transaction. The way to find your company's transaction value is to simply divide your revenue from the last 12 months by the number of transactions you've had.
Increase The Profit Margin
A very common mistake business leaders make is that they try to cut costs to increase their profit margins. While that works, it doesn't work nearly as well as other ways to increase the margin. Ways that most business owners are oblivious of.
Increase The Transaction Frequency
Transaction frequency refers to the number of times an average client comes back to you each year, and engages in a business transaction. For some businesses that do not follow up, the transaction frequency is just one. In other words, almost any of their customers never return to do business with them. It is observed that it's almost five to seven times easier and cheaper to sell to an existing client than it is to sell to someone who doesn't know you, or trust you.
Lengthen The Business Relationship
Like transaction frequency, the length of the business relationship also matters a lot. This is basically the number of years an average client keeps coming back to you. One of the reasons behind Apple's success is that they have hundreds of thousands of repeat customers buying their newer products year after year. As you can clearly see - if your clients love your brand and your company so much that they'll continue coming back to you year after year, you'd be in a much stronger position than a competitor who's clients just stop going back to them.
I work on all Six Strategic Ways to Grow A Company Simultaneously. The results are often staggering, to say the least.
Just How Staggering?
Watch This Video To Find Out What Exponential Growth Means
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Having an exit ready business does not necessarily mean that you have to sell your company right away. It just means that you have maximized the efficiency of your business, and that your company is ready to achieve its highest valuation right away. That there is nothing to fix, and that everything is systemized. That your business is a well oiled machine that can run on its own without your supervision, and that any time you spend on it is spent on growing it, not running it, or putting out fires.
It's Like A Well Oiled Machine
An ideal business has a dashboard. As the leader, you can see, compare, test & track performance of each individual performance indicator. So for instance, you can see which source you get each new client from, and how much money do you spend on advertising to acquire a client from that particular source.
"We never had the time to think about what a potential buyer looks for in a company.We had just been so busy running our company. Fortunately, we met Lakshay, and being a business buyer himself, he knows what makes company lucrative to any buyer. I have no way to prove this, but I a pretty sure we wouldn't have received the same valuation for our company if Lakshay weren't involved."
-Valerie Pryce, CO
About Lakshay Behl
Lakshay Behl is the world's leading business systems architect. He engineers and deploys business systems that automatically operate, manage and grow companies. While he typically works with established companies in certain sectors, his strategies are universally applicable.
About Behl Capital
Behl Capital, Inc. is the world's first Private Equity firm that offers Managed investments to investors. Instead of handing over money to other fund managers who then channel that money to business leaders, Behl Capital directly employs the investment capital to acquire, run, grow and eventually sell companies.
Westernston Consulting, Inc. is the world's leading strategy consulting company specializing in business growth through deployment of client acquisition funnels that breakeven within 30 days of initiation. Often, our clients find that doubling or tripling their cashflow is simply a matter of letting things take their natural course after we have deployed the proper systems.
OVReview, or Other Voice Review is an independent media company reporting the major global news, events and their implications on the financial portfolios of successful investors.