How Much do you want to Grow your Business?

How much do you want to grow your business ... and at what rate?

It seems a simple question however, it raises further questions for your business.

Know how much you are currently trading

In order to answer the question you need to know how much you are currently trading on a week by week basis;  and how much your business is likely to grow over the next period.
If you aren't able to track how the sales of your business are changing - then you will be unable to measure whether any growth campaigns for your business are effective.

You are essentially throwing away your money if you are advertising before understanding the position that your business is currently in.

Therefore - it is important to track the basics of your business;

  • Detail your sales in a digital format somewhere
  • Track how many active customers you have on a weekly basis
  • Understand the average value of sales and how much you are earning for each revenue stream

 

How much you can address realistically

Once you have worked out how much you are currently selling - make sure you understand your current limitation for your business sales.  Understand what is your maximum capacity for sales so you can set realistic growth targets.

This would be based on : - 

  • Number of available staff and hours / Hours to provide services
  • Realistic level of stock that will be held at any period
  • Physical capacity for storage area

Once you know your current limits and capacity - take your capacity and divide it by the level of sales that you are actually providing.
This will give you your current level of efficiency - this also gives your business something to aim towards improving.

 

Are you making the best of what you have got?

Once you have started to work out your business capacity within your current team - it is worth considering if there are ways that you are able to increase the value of each sale that you are currently generating.
How much is your current cost per sale and are there any ways that you can sell additional services in order to increase the value that your current infrastructure can generate?
This can be another way to consider growing the business,  efforts can be made to secure these new higher value sales for the business.

 

Ready to Expand

Once you have worked out how much you are currently selling,  how much you are able to increase this by and how much you would like to increase your sales;  
Consider what changes and investment will need to be made in order to expand the business into new areas.  

Users signing up to Xpand Access can find out how much they should budget for exploration and international development.

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