What is your best source of growth?
There are three key levers for growth in any business.
- Add new customers
- Get existing customers to buy more frequently
- Increase the average order value (dollars per transaction)
And within each of these levers, there are countless ways to achieve the end goals.
The real questions come down to:
- What kind of business do you want to be in?
- Where are your biggest opportunities?
If you want to run a boutique, high touch business, get your customers in the door more frequently, spending more money each time.
If you want to run a high volume, lower touch business, growing your new customers is going to be integral for business health.
If you're just starting out and don't have any customer, 100% of your focus should be on #1.
Get clear about what kind of business you want to be in. Get clear on which metric is your weakest and focus on that one first. It'll be the biggest bang for your buck!