The Entrepreneur Escape Plan: How To Own The Business And Not The Other Way Around by Darar Jas

Author:Darar, Jas [Darar, Jas]
Language: eng
Format: epub, pdf
Publisher: Speaker House Publishing
Published: 2021-01-15T16:00:00+00:00

Chapter 10

Five Ways to Grow Your Business

Most people I first come across tell me that they want more customers, more turnover, and more profit. In the diagram below (You can also see the diagram in Appendix 14 at www.theeeplan.com ), you will see that these 3 things cannot be directly influenced as they have equals signs before them, they are outputs.

We can however, influence the other five things, hence we call this “The 5 Ways.”

1. Leads – How many qualified enquiries can you attract?

2. Conversion Rate – How many of these enquiries can you convert to paying customers?

3. Average Value Sale – On average, how much do people spend?

4. Number of Transactions – On average, how often do people come back to buy from you over any given time period, like a year, for example?

5. Margins – On average, what is the profit margin per transaction?

One of the widely held myths in business is that the only way you can grow is to bring in new customers. If you are a brand-new business, then yes, this is the only way you can grow. For everyone else, I hope I can prove in this chapter that there is massive potential sitting in your business in the four other areas:

Conversion Rate

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