Who wouldn't want to see their business profit consistently double? It is very realistic. Some active entrepreneurs manage to achieve this sometimes without extensive knowledge. But what about multiplying your profit tenfold? Without a sales strategy, plans, and metrics, it’s unlikely to get anywhere.
If you are not yet an expert in this field, the following information will definitely be of interest to you. Specifically, if you want to grow your profit by 10 times or more, you need to influence specific elements on a monthly basis. The end result is your dream profit. It’s also noteworthy that by influencing even one of these elements, you can certainly achieve a positive outcome.
So, what are these elements:
1. Number of potential clients
2. Conversion rate (the proportion of potential clients who want to buy your product or service)
3. Average purchase size
4. Margin (the share of profit in turnover)
5. Repeat sales
By increasing each indicator by just 1.25% per month, the result over a year will be a doubling of profit. Increasing each indicator by 5% per month can lead to an 18-fold increase in profit.
If you have decided to grow your business, you must definitely develop a business plan and measure all changes. Choose the most important KPIs for yourself and stay consistent in measuring them. An accountant will definitely be helpful here.
This topic is extremely interesting and very important. By influencing the above-mentioned elements, you can truly develop your business quickly and efficiently. Therefore, we have prepared a more detailed checklist for you, which includes practical advice on how to influence each of these five elements.
Here is the link to download the checklist for free: https://www.landpage.co/kasumikasvatamisechecklist
