increased sales / 2 posts found
8K – Recurring Revenue
Onto week 5 of the 8 Key Drivers of Business Value: Recurring Revenue! Having a reliable and consistent source of income without having to fight for every sale tooth-and-nail will not only make your business more valuable, but also far less stressful. There are six main types of recurring revenue, which I will put in order from worst to best: Consumables - disposable products like toothpaste Sunk-money consumables – a customer invests in an item (called a platform) and buys supplementary items along with it. Razorblades are a good example. Renewable subscriptions – fixed-term subscriptions such as with magazines Sunk-money [...]
Struggling with growth?
Trying to achieve increased growth can seem a daunting prospect, but as with most thing in business and life, once broken down it becomes clearer. There are only 4 ways to increase growth. 1.Increase the number of customers or transactions. Increase the average value of existing transactions. Increase the gross profit margin on your products and services Introduce a new product or service So, for each of these we can come up with a strategy that may help. Firstly, increase your customers or transactions. This can be finding new customers or encouraging your existing customers to order more frequently. [...]