How to Double Your Business Income —
It’s Easier Than You Think
The only way you can guarantee the long-term growth and success of your business is to continually increase the amount of money coming in. There are only 3 ways you can increase the flow of money coming into your business:
1. Increase your number of customers (Get more new customers).
2. Increase the average dollar amount of each purchase (Get bigger sales).
3. Increase the frequency of purchases by your average customer (Get more repeat business).
You’ll be amazed at the impact a small increase in each category can have on your total volume of business. Do you think you can increase each of these 3 categories by just 5% or 10% — or maybe more? An increase of only 10% in each category will increase your total income by 33%. A 25% increase will almost double it. Look at the following illustration to see how this works:
(Number of Average Purchases per Customers) x (Purchase) x (Per Customer) = Total Income
500 x $30.00 x 2 = $30,000
If you increase each category by only 10% you’ll increase your total income by 33%…
550 x $33.00 x 2.2 = $39,930
Suppose you can increase each category by 25%…
625 x $37.50 x 2.5 = $58,594
A 25% increase in each category almost doubles your income.
Apply these numbers to your business and do some experimenting. Most businesses find it impractical to increase all 3 categories by exactly the same percentage. It’s easier and less expensive to increase the average size of each purchase and the number of purchases than to get more new customers. For example, you can double your total income with the following 3 increases:
1. 20% more new customers
2. 20% bigger sales
3. 40% more repeat business
There are many ways you can increase your growth in these 3 categories. The following lists include only 3 for each category to stimulate your thinking. All 9 are simple and inexpensive methods any business can put into action.
To Get More Customers
- Implement an automatic follow up procedure to periodically contact previous prospects who didn’t buy. (This one procedure alone can increase your number of new customers by 50% or more.)
- Set up a proactive referral program to automatically ask every prospect and customer for referrals.
- Establish a procedure to get free publicity on a regular basis.
To Get Bigger Sales
- Increase your prices.
- Find or develop some higher priced products or services to offer.
- Propose an “Upselling Offer” in every transaction. Offer an upgraded product for a higher price. Or, combine the original product with one or more related products to create a special package for a higher price.
To Get More Repeat Business
- Develop a special offer for existing customer.
- Find or create additional products or services to offer your customers.
- Communicate regularly with customers. Keep remind them of the benefits you offer.
There are only 3 ways to increase the flow of money into your business. A small increase in each category will substantially increase your total income. Use the information in this article to develop your personal marketing plan to double your business income. Be sure to include a realistic deadline. You’ll discover it’s easier to double your business income than you thought.
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