FA105 - The Only 3 Ways To Grow A Business
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GET EXPONENTIAL GROWTH BY DOING JUST 3 THINGS
Jay Abraham, Consultant Extraordinaire, teaches that there are only 3 ways to grow a business. Since I\\u2019m creating training for Foolish University on Maximizing Profit Centers in a Business, I thought I\\u2019d share the 3 ways to grow a business and several simple ways that you can implement them in your business.
What we didn\\u2019t cover in this episode is what happens to your business when you increase each of these 3 ways by just 10% each. What happens is you don\\u2019t increase your total business by 10% or even 30% \\u2014 you end up getting a compounding effect. Jay Abraham says by simply increasing each of these 3 areas by 10%, you\\u2019ll grow your total revenue by 33.1%. This is a tremendous boost in income.
If I said you should grow your business by 33.1%, you might feel overwhelmed, but if I said increase just these 3 areas by only 10% each you would believe it\\u2019s possible to achieve.
Here\\u2019s the math used by Jay Abraham in his book, Getting Everything You Can Out Of All You\\u2019ve Got:
1000 customers x $100 per transaction x 2 transactions per year = $200,000
Increase by 10% in each area:
1100 customers x $110 per transaction x 2.2 transactions per year = $266,200
Just following this simple formula, you could double your business with a 25% increase in each area. I\\u2019ve always liked this idea since it gives you a concrete idea of what to do to grow your business rapidly.
My guest co-host, Johan Woods, joins me in this discussion. I\\u2019ve been mentoring Johan for over 6 months now and he has come a long way. He\\u2019s an action-taker and is becoming a knowledgable marketer in his own right. I think Johan brings a different perspective to the Show especially when he asks questions that I\\u2019m sure are on the minds of listeners.
So, join Johan and I as we talk about how to grow your business. Make sure to take notes and then put them into action in your business.
Mentioned in this episode:
Enjoy your Foolish Adventure,
Tim \\u201c3 Way\\u201d Conley
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New Training: How To Scale Your Business
If you want to get in-depth training on operating and scaling your business check out The Bootcamp:\\xa0TimConley.co/bootcamp/
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