All business owners want to grow in sales; however, to grow in sales, the business owner must set goals in order to use the right sales approach. Identifying the revenue equates to a number of customers needed each day, week, month, or year. For example, a coffee shop may need thousands of customers each month to be successful. Conversely, a home builder may only need a few customers per year to be successful. The number of needed customers will drive what techniques are best to achieve the desired results.
Sales growth can come from a variety of areas. The most obvious is organic, selling more of what you already do. This can occur by selling more to existing customer base. This can be the easiest and fastest and least costly way to grow. Taking market share from your competitors is also a way to increase sales. This can be more difficult and costly as the effort to this is more significant. Often price cutting becomes part of this strategy. Unless you have a substantial cost advantage over your competitors, this can have a negative impact to your business.
Other ways to grow sales can include adding a new product line, changing your geographic footprint, opening a new location, or acquiring a competitor. Refer back to the business model to determine if this will be successful.