Three Ways to Grow a Business
I am a big fan of Jay Abraham. If you haven’t heard of him, do a quick Google search and you will find a ton of information about him. He has written some amazing books like The Sticking Point Solution and Getting Everything You Can Out of All You’ve Got, among others. He’s an accomplished speaker and is highly sought after as a business consultant. One of the most important lessons I have learned from Jay is that there are only three ways to grow a business. I know. I was surprised to hear that, too.
The only three ways to grow a business:
Attract new clients.
Translation: External marketing campaigns and internal referrals to generate more new patients whom you can potentially convert to long-term clients.
Increase the average transaction value per client.
Translation: Comprehensive treatment plans, effective treatment presentations to increase case acceptance, and high value procedures such as implants, orthodontics, cosmetic dentistry, periodontal surgery and sleep apnea treatments.
3.Increase the average transaction frequency per client.
Translation: Effective follow up appointments and appropriate hygiene frequency with three, four, six, nine or 12-month recalls. Comprehensive periodontal program focused on oral systemic health is one example of how frequency can be increased.
In the simplest of terms, you can get more new people to buy something from you, increase the amount the buy from you or increase the number of times they buy from you. The most powerful part of this lesson is to compound all three!
One more thing you need to understand before we move forward:
Here are the three ways a business makes money: sell more, spend less or do both. Profit is the spread between the revenue and expenses. The wider the gap, the higher the gain.
Warning: We Are Going To Use A Dirty, 4 Letter Word!
Sales is not something you do to someone….it is something you do for someone. We define sales as follows: Presentation of a product or service that will enrich the lives of the customer/patient…..begin with education and enrichment in mind and then SELL all day long.
The floor on savings and cost reduction is hit far sooner than the ceiling on revenue….the smartest business owners understand this and focus much of their attention on increasing revenue….
There is no way around the sales function. There shouldn’t be. What needs to change is our perception of the sales role. As you continue to read, keep that in mind.
The path to Sell More, Spend Less starts with the Profit & Loss (P&L) statement. The success of your practice depends on it.
Your practice is either
- …. Growing
- …. Stagnating
- …. Failing
What is your practice currently doing? Growing? If so how much? Could if be doing better?
Its time to figure out the root cause and change your results.