A lot of people have asked me the above question.
Of course, I can sound intelligent and give them some bombastic business lingo only someone with an MBA from Busy With My Busyness University can understand.
And knowing how most people behave, I know most will nod their heads in agreement without understanding fully what I meant.
But knowing me, you know I won’t be that cruel. Or clueless, right?
So here’s my answer, in case you’re wondering.
There are only three ways to increase business revenues:
- Increase the number of customers;
- Increase the average size of each purchase the customers make;
- Increase the frequency of purchases each customer makes.
Any business strategy you can think of must achieve one, two, or all three. Otherwise, it’s just vanity.
Increasing each way by 10% will give you more than a 30% increase in revenue.
There you have it. You don’t need an MBA to understand this.
But when you understand and do them, you will have an MBA. A Massive Bank Account, that is.
