GROWING YOUR BUSINESS

The majority of our clients own small and mid-sized businesses.  They range from new businesses to seasoned veterans and they are incorporated, sole proprietorships, and partnerships.  We work with service providers, wholesalers, retailers, farmers, and manufacturers.

Nothing makes us happier at Northshore Business Consulting than to watch a client's company grow and be successful.  We take pride in the businesses we have helped to get on the right track.

Did you know there are only four ways to grow your business?

1)  You can grow your business by increasing the number of customers.  This is often costly as obtaining new customers requires a lot of advertising and promotions.  Worse, it takes time to see the results.  This method needs to be part of the business plan, but it should not be the only plan.

2)  You can increase the frequency your existing customers buy from you.  The example I like to give here is with tooth brushes.  There are only so many mouths to brush and it's a crowded market.  How did they increase sales?  They came out with brushes that show you when it's time to replace them.  Now, every three months you are apt to change your tooth brush.  Before that, they sometimes looked like they were used for cleaning grout before they were changed.

3)  You can also increase the average individual transaction (IAT) of your customer.  Why do you think McDonald's always asks whether you want fries with that order.  Regardless of what you ask for, they will suggest an add on.  The cash desk can be one of the best spots for this.  Get your existing customer to spend a bit more on each purchase.

4)  Finally, you can try to reduce costs.  For a lot of retail operations, one dollar in cost reduction is equal to two dollars in sales.  Make sure you don't reduce too much and leave yourself unable to take on the next big job that comes along.

Whether you are trying to improve your bottom line or you are thinking of buying or selling a business, we can help you solve your problems and achieve success.