There are three ways to increase turnover
- Increase your customer base
- Increase your prices
- Increase the frequency of when customers buy from you.
If more than one of these takes place, then turnover growth is exponential. For example, if your business could achieve an increase of just 10% in customers, prices and frequency of purchase, then turnover would be up by 33%. However, by increasing customers, prices and frequency of purchase by 50%, turnover increases by an incredible 238%.
In any business, the importance of effective pricing cannot be underestimated.
In the next tip, I’ll be looking at how you can make your accounts into something you WILL want to read!
For a free analysis of cash movements in your business, please email me at email@example.com let me help you take the first step to understanding your accounts.
Blog post written by Gordon Welsby of www.welsbyassociates.co.uk