P.O Box 2523
Windermere, Florida 34786
Telephone: (407) 295-4424
Grow Your Business
We've filled this area
with useful information to help you develop your
business that works so you don't have to.
Did you know
there are just 4 ways to grow your business?
true. There are 4 fundamental ways to grow
Increase the number of customers (of the type
2. Increase the transaction frequency
3. Increase the transaction value or 'average
4. Increase the effectiveness of each process
in YOUR business
you're at all skeptical about whether there
really are just 4 ways (obviously with
multitudes of strategies under each) think of
a strategy to grow your business - any
business - and you'll find it very probably
falls under one of these 4 areas.
think about a strategy like 'cutting costs' -
realistically that won't grow your business
unless you use the money you save to promote
your business. It may let you control your
business better and return greater profits,
but it won't help you to actually grow
Increase the number of customers (of the type
you're like most business owners your primary
focus will be on the first way to grow your
business - winning new customers. You may
have often thought 'I need more leads', 'I've
got to get more inquiries', 'if I could just
get the phone to ring and more people to walk
through the door we'd be doing really well
and so you invest heavily in advertising for
instance. Often there are other ways to win
increased sales that don't cost nearly as
much and usually those strategies go
on this way to grow your business is often
far more expensive and the least leveraged.
It costs up to 6 times more to win a new
customer than it does to have an existing
client do more work with you and that
directly affects your profit potential.
team at Business Development Partners, Inc.
will work with you to find other leveraged
ways of winning new customers and show you
how to improve the advertising you are doing.
And they'll make sure you're winning the
right type of customer - someone who's
'qualified' to buy from you! They'll also
work with you on the 3 remaining ways to grow
your business so you're maximizing all of
your opportunities rather than focusing on
just one way to grow.
Increase the transaction frequency
the 'transaction frequency' - or the number
of times someone deals with you is an
important step to increasing profitability.
In fact, some scholars say this second way is
the most important of all. It's a fancy
definition of loyalty, or customer retention,
which in and of itself is closely related to
author named Frederick Reichheld has done
extensive work on the subject of customer
retention. It was most recently captured in
his brilliant book, The Loyalty Effect.
Reichheld discovered that a 5% increase in
retention (of the right customers) can
produce as much as a 125% increase in profit.
He didn't say a $5,000 or $50,000 investment
in marketing can produce a change of 125% in
profits. He said JUST a 5% change in
RETENTION of the right customers.
isn't it. And, of course, you effect loyalty
by delivering value and nurturing your
customers. The team at Business Development
Partners, Inc. knows how to develop your
customer targeting and retention strategies.
Increase the transaction value or 'average
is a 'Blinding Flash of the Obvious' or 'BFO'!
However, few businesses realize its
importance (in fact, they do the exact
are two fundamental ways to increase the
average sale. First, by 'cross selling' or
'up-selling', both mean you encourage the
customer to buy more. The team at Business
Development Partners, Inc. can teach you how
to do this in a systematic fashion so it
happens every time and adds value to the
second way to increase the average sale is to
raise your prices. When you suggest 'raise
your prices' to the average business person
they think you're crazy. But when you sit
with your team from Business Development
Partners, Inc. we'll guide you through what's
called "The Margin Chart". It shows
the direct relationship between 4 key
variables in your business - price, volume,
fixed costs and variable costs and you'll be
amazed at the possibilities.
Increase the effectiveness of each process in
fourth way to grow your business is more of
an all-encompassing strategy than the other 3
ways. You see, increasing the effectiveness
of the way you do business is central to
everything but so few people work at it.
you think about it, a business is nothing
more than a group of people carrying out a
variety of processes - the quality of the
processes defines and determines the quality
of the outcome. Makes sense doesn't it? So
going back to the example earlier of a
business owner needing 'more leads' we might
discover that in fact, the business doesn't
need any more leads rather to convert more of
the ones they're already receiving! That's a
sales 'process' that needs improving. Truth
is that most people don't see their
businesses as a series of processes. But
that's exactly what they are, so we'll look
at exactly what results your current
processes are generating and see if we can't