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HOW TO GROW YOUR BUSINESS AND INCREASE YOUR REVENUE BY 30 PERCENT

business mindset money Dec 25, 2018

Hands up if numbers make you cringe!

If you are like me at all being told you need to know your numbers makes you die a little inside.  I know exactly how that is!  It was the story of my life for far too long! 

But, this one simple strategy completely changed my perspective on learning about numbers in your business.  It took this simple strategy to reveal to me just how simply powerful knowing your numbers and implementing strategy can be to transform your business.

At a business conference last year (the Tony Robbins Business Mastery Conference), I finally started learning to embrace numbers!  

Jay Abraham taught it to me in the only way I have been able to understand!  I began to see the simple power behind them and I am wanting to share one of these strategies with you:

Throughout this article you will need to remember these 2 key points:

  • 1) Embrace Innovation. This means you need to think out of the box, be willing to constantly evolve and grow.
  • 2) Marketing. You have to get out there and sell - or your business won’t grow.  I know that can feel icky, but if you’re not consistently showing up and offering your value , your ideal future client won’t even know you exist!

If you want more money in your business, it is not going to show up by wishing.

The simplest 30% revenue growth strategy:

This is the most straightforward and simple revenue increasing strategy I have ever been taught.

The number 1 way to grow your business & revenue is to increase the number of clients you have, their repurchase rate, and their average purchase value.  Here are some quick definitions to make sure you understand what I am talking about:

The number of clients: This is how many individual people you sell your products or services to in a year.

Average purchase value: The average dollar amount for each sale made in a year.

Repurchase rate: The average number of times each individual client purchases from you in a year.

Here is an example that will show you how this strategy works:

Let's say that you averaged 1,000 clients last year, with an average sale of $100 and an average repurchase rate of 2 times. That would mean you made approximately $200,000 in sales. 

Here is a simple example of how you can write this out in a graph (available in the free workbook you can get at: How to increase revenue by 30% - Workbook

Now, let's play with those numbers!

Now, This is where the fun starts! (I honestly never thought I would say fun in a sentence talking about numbers!)

If you want to increase your revenue by more, you can increase your customers, sales value, and repeat purchases as needed!

Go back to the chart you have just created.

What would happen if you increased each of those columns by 10%? 

If you increased your clients to 1,100 with an average sale of $110 and a repurchase rate of 2.2, you would now increase your yearly revenue to: $266,200!

See how quickly your revenue can compound by just making a few simple improvements across the board?

Then try again in the following row, but this time multiply your original numbers by 20%.

This starts to give you an idea of just how quickly your revenue can grow when you are focusing on optimizing all levels of your sales, not just customer acquisition!

Here is a completed graph using our example:

 

Get creative with your numbers (in an accountant approved way).

Nothing in business follows any formula exactly.

In the above example, what would happen if different columns increased at different rates?  Well:

  • If we took the same 1,000 customers and increased it to 1,330
  • Then, increased sales from $100 to $125
  • Lastly, increase repeat buys from 2 to 3... what do you think we would make?

$500,000!  (Well, $498,750 - but close enough!)

It really is that simple!

Those numbers are not unattainable - right?  Whether you have 10 clients, 100, or 1,000, increasing each column by 10% is totally doable!

So then, why have you not been doing this? Because just like me, you didn’t know that it was that simple!

The number one pain point I hear again and again is clients and audience members wanting more money.  They also say that they want to do it without feeling like they are constantly selling and validating their value of their offer.

No matter what you are selling, this strategy will apply to any niche.

But, you still need to market yourself and your offer!

How to increase the number of clients you have:

If you are truly passionate about the thing you do, the value you provide, and the people you help, you need to be out there selling! No ifs, ands, or buts about it.

No excuses!  

People that need the solutions you provide want you to help them relieve their pain points.  When you learn to speak directly to their key pain, they will be happy to pay for the solution.

Being crystal clear on who you serve and how you serve them in a way that provides a solution to a problem they are facing is they key to increasing the number of clients you have.

How to increase customer value and repurchase rates:

Let’s talk about strategies to increase your customer value (the amount per sale and/or the repeat sale rate)

Remember, if they haggle with you on your price, they don't see the value. Move On! You want to find your ideal customer. They will be much more likely to spend more and spend again and again.

There are so many low cost, high impact strategies for offering massive value! Here are a few:

  • Remember their name and use it often
  • Personally reach out and get to know them
  • Learn about their likes/dislikes
  • Thank them, often and repeatedly (even if they are no longer a current customer) 
  • Ask them about their experience
  • Make them feel important on their birthdays or other special dates

Constantly be asking yourself how you can get better, be better, and offer increased value specifically in the form of relieving a pain point of your ideal client.  

A final note in increasing revenue

Some niches won’t allow you to increase the sale price (like our physiotherapy clinic), but you can be innovative.  For example:

We took a good look at products we recommended to our clients at the clinic we run.

We started offering products ourselves that we had been referring out.  We also started offering free educational clinics.  Additionally, we also started offering services and products for free or discounted as a rewards program.

There are always innovative ways to increase your revenue.

Start training yourself to see the hidden money and think outside of the box!

Take your learning one step further and download the accompanying workbook for today's blog post. Get it right here at the RUSH Resource Library! 

LET'S RUSH!

P.S. If you are a motivated female entrepreneur that wants to create more meaning, money, freedom and growth in your life and business, then join me here in my FREE Facebook Group - The Millionaire Mompreneur Sisterhood

P.P.S. If you are a chasing little munchkins around, you can enjoy great content just like this post in AUDIO format by listening to the R.U.S.H. Podcast HERE 
(search for Ep 010 to listen to the episode that corresponds with this article!)

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