In this week's dynamic '15 Minutes To Action' episode, Nick reflects upon a piece of advice he received from Jay Abraham regarding three fundamental ways in which you can grow your business.
The three ways to grow:
Increase the number of customers
Increase the transaction size
Increasing the purchase frequency
Far too many businesses focus on one of the three ways in order to grow. By focussing on more than one we exponentially increase our growth potential.
There's a mathematical equation running behind all three ways. When combined they multiply upon themselves, maximising your growth.
The simple answer is the best one. The solution staring you directly in the face is the one that will solve the most problems.
'It's not so much about understanding what the three things are, but implementing them'
'Of course there are different ways of activating the three things'
'If you optimise all three together it reduces the risk of something not working, and can produce exponentially greater results'
'Sometimes we look to solve problems in a complex way'
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ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor. My background is in growing and scaling VC and Private Equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development - showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.
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Scale Up Your Business website: www.suyb.global