It may sound simplistic but basically there are four ways to create a more profitable and valuable business

1. Increase the number of customers (of the type you want)

2. Increase the number of times customers come back
   

3. Increase the average value of each sale you make
   

4. Increase the effectiveness of each process in your business

These 4 fundamental strategies will help you win more customers, motivate them to come back to you more often, prompt them to spend more when they do and improve the processes in your business to ensure that you can manage the growth.

Theoretically, it’s that simple! If you could increase each one of 4 factors by just 10% the combined effect would be an incredible 46.4% increase in your sales. Is it possible? We at All Year Taxation Ltd believe it is achievable and we can provide the tools, experience and help to make it happen.

At All Year Taxation Ltd, we are not just your average bookkeeping/accounting/tax prep business that just ‘counts beans’ and keeps ‘score’. We aim to work with you to build a better, more profitable and valuable business by combining our consulting expertise with your knowledge of the business.

1. Increase the number of customers (of the type you want)

Most business owners focus on winning more new customers through advertising. This can be expensive and there are numerous other strategies that you should consider including:

• Develop Referral Systems – Thank your clients for any referrals and consider a reward system to encourage additional referrals.
• Develop a Unique Selling Point – What makes your business unique? Think about what you do differently from your competitors. You need to find ways to differentiate your business and communicate these points to your customers.
• Research your Market – You need to understand your customer needs and focus on benefits you offer. It is vital that all of your advertising and marketing material focuses on the benefits customers will receive rather than just the features of your products and services.
• Improve Product Mix – to be more appealing and concentrate efforts on high margin products and/or services.
• Enter New Markets such as exports or selling in new areas.
• Trust your Advertising and Marketing – Identify your ideal customer and direct your advertising and marketing strategy to reach those potential customers.
• Review your Phone Manner – Many marketing ‘experts’ consider the phone to be the single most underutilized selling resource in business. Why spend money advertising if the customer’s first contact with your organization turns out to be a negative experience? With proper training (that we can provide) and follow up your team can learn to have skills to handle any call and convert it into a sale. Use phone scripts to alleviate anxiety engage conversation and increase sales!
• Develop a Sales System – A systemic approach to selling based on an effective sales method is a must-have for increasing your customer base. To motivate consumers to make a purchase, it is usually important to educate them. Ask new customers, ‘how did you hear about us?’ It’s a simple question that can tell you volumes about the success of your advertising.
• Be a Problem Solver – If a person inquires about something you do, they are asking for help in solving their problem. If you fail to do everything possible to solve their problem you are doing them a DISSERVICE. Identify their problem. Direct them to the proper solution!
• Create Sales Forecasts – Mapping your sales forecasts is also crucial to increasing sales. It’s must easier to get to your destination – if you know where you are going! Sales forecasts help you find that direction and give you a target to achieve (See previous BLOGS on Business Plans)
• Follow Up – Statistics show that 80% of sales are made after the 5^th contact. Think about other ways to promote your business. There are so many! Create reciprocal referral agreements with a non-competitive business with the same type of customer base.

This completes Stage 1 of ‘Four Ways to Grow Your Business’. Each of the above items can be substantially widened to help your business grow. We can work with you and make a plan so that it works. Call me at 416.488.1801 or drop me a line at dgalet@allyeartaxation.com. I would be happy to show you how we can help.

As well, if you can’t wait for Stage 2, 3 and 4 over the next month in new BLOGS, I would be pleased to give you a private preview addressed specifically for your business.