Are you making the most of your 3 business multipliers?

Written by Richard Baldwyn ATT, CTA
April 11, 2015

"Pretend that every single person you meet has a sign around his or her neck that says,

'Make me feel important.'

Not only will you succeed in sales, you will succeed in life."

Mary Kay Ash

How many ways do you think there are to grow a business?

You may be surprised to learn there are just three.

Each one of these is what I call a 'Business Multiplier'.

If you want to grow your business quickly then you need to be making the most of all three of these multipliers.

But if you're like the other business owners I've met, I bet you're not using even one of these effectively - let alone all three.

And that applies to established businesses equally as much as to start ups.

So what are these business multipliers?

Well, they are:

MULTIPLIER 1: Lead Generation - Getting More Qualified Leads

MULTIPLIER 2: Sales Conversion - Generating More Customers From Your Leads

MULTIPLIER 3: Customer Maximisation: which includes:

· increasing the average value of each sale

· getting your customer to buy different things from you

· increasing the number of times a customer buys from you

· getting more referrals from your delighted customers

· increasing how long the customer stays with you

A small increase in each of these can have a dramatic increase on your sales.

So take a look at your sales process and identify your multipliers.

Once you've identified them you can start improving them - because remember:

what gets measured gets managed

and

what gets managed gets improved.

So how do you increase each of these?

Well, the Business Growth System is full of useful low cost and no cost ideas.

And all our clients get it for free.

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About the author

Richard Baldwyn ATT CTA

Richard is Co-Founder of The Friendly Accountants and has more than 30 years' experience in tax, including 3 years spent inside HMRC before moving into private practice. He advises individuals and owner-managed businesses on a wide range of UK tax issues, including the tax challenges created by digital platforms and online business models.

Richard has specialised in UK crypto taxation since 2016 and was one of the first UK tax advisers to write publicly about the taxation of cryptoassets. His work includes advising individuals, investors, founders and owner-managed businesses on complex crypto transactions, HMRC disclosures and enquiries, DeFi, NFTs and the tax issues facing businesses operating with digital assets.

He also has first-hand experience of cryptoassets and Web3 projects, combining practical knowledge of how crypto is used with wider UK tax experience.

He particularly enjoys making complex tax transactions easier to understand and helping clients apply tax rules to transactions and technologies that do not always fit neatly within traditional tax categories. More about Richard and the TFA team

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