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Video Transcript: That’s when you start to look at the five ways that you can grow a business. This comes from Jay Abrahams I think is where I first heard about this. There are really only five ways to improve any business. You can increase the number of leads that are coming through your business. You can increase the rate at which you’re converting those leads. You can increase the average sale, so how much you’re actually getting that person to purchase. You can increase the margin, as in how much money do you make when you sell something. So an info product we make, maybe 10x our money whereas when we sell a band t-shirt we might only get 100% mark up. Then making sure we get them to repeat sales.
They’re really the five things. I’m working on a little project at the moment. I probably want to come out with a product at some point in time. Pretty much I’m coming down now working out underneath each one: so under leads, under conversions, just coming up with what are the best thirty strategies for each of those that I’m working on. This is something that I’m still working on at the moment but all of those business growth strategies are tested.
I’ve seen other people try and do it but I think it’s coming from old school. Marketing has changed now, there are a lot more things happening online. You want to just make sure that you’re bringing the right elements in to doing this and then helping to grow your business.
All you should start to think about when you get to this point is maybe you start to do one thing under each category every month. So your business might have matured, so now you start to think what is one new way that I could generate some extra leads? What is a new way that I can increase the conversion? What is one new way that I can increase my average dollar sale? How can I slightly increase my margin? What’s one new strategy I can introduce to get clients to come back or add referrals or that type of thing?
That’s what you want to think about as you move into the tail end of maturing that business. How do you eat an elephant? I’ve just given you a massive elephant there. There is a lot of work that needs to be done.
First things first, this comes from Rich Schefren, I would do just in time learning. A lot of people go out, you might think of all of this content is absolutely fantastic and you might want to go ahead and purchase all of the courses on business growth strategies in one go. I say, don’t do that. I’ve given you the process that you need to go through. Start on each little block and only purchase courses when you get to that piece. You learn that piece as you need it. Rather than buying something and then thinking, oh, I’ll save it until I get to that point, don’t worry about that, one piece at a time and do just in time learning.
At the start of every day, make sure that you focus on the three most important outcomes and jobs that you want to accomplish that day. Line that out upfront so that you know what it is that you’re going to be working on for the day. It only has to be three; sometimes I struggle.
At the moment I’m still trying to get one or two important tasks done for the day. It’s so easy for all of the noise to come up, but if you have your maps planned out and you know what it is you need to be doing next, you should be able to intuitively know. You’ll say, this is probably the next thing I need to be working on. Then you should start each day doing whatever that next piece is. Do that first at the start of the day before all the noise and everything comes in and you start checking your emails and before you know it, it’s 4.30 and you’re thinking about finishing up for the day.
You don’t have to be perfect, just get it going and the real key is focus. I’ve given you lots and lots of things there, that was all by design. Just hone it all down and then focus and then just start working through.
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