Four ways to grow a business

There Are Only Four Ways to Grow a Business

A long time ago, I came across a powerful yet remarkably simple business truth: there are only four ways to grow a business. These four strategies, while generic, form the backbone of any successful business growth plan:

1. Increase the number of customers you want to do business with

2. Increase how often your customers do business with you

3. Increase the average sale value per transaction

4. Systematise your business operations

Let’s break them down.

1. Attract More of the Right Customers

It's not just about more customers – it's about the right ones.

Start-ups often chase volume to keep the lights on. But over time, businesses must become more selective. Not all customers are equal, and working with the wrong ones can drain resources, staff morale, and margins. Profiling your ideal client – those who value your offering and are easy to work with – is critical to sustainable growth.

Focus your marketing and sales strategies on those ideal profiles. When you tailor your approach to suit the right audience, you improve both profitability and operational efficiency.

2. Increase the Frequency of Purchases

It's almost always easier (and cheaper) to sell to an existing client than win a new one. Yet, many businesses spend the bulk of their time chasing new leads rather than nurturing their current base.

Regular communication, loyalty programs, value-add follow-ups, and excellent service can encourage repeat business. Be careful not to alienate loyal clients by offering better deals to new customers – it’s a surefire way to lose trust.

3. Increase the Average Transaction Value

Retailers know this one well. Upselling, cross-selling, bundling, offering upgrades – these techniques are standard fare in the retail world. But they work just as well in professional services and B2B.

The key is subtlety and value. Clients don’t want to be “sold to.” They want solutions. If you can show how additional products or services will improve outcomes, clients are more likely to increase their spend.

That said, always weigh short-term gain against long-term relationship value. Don’t jeopardise lifetime loyalty for a one-off bigger invoice.

4. Systematise to Scale

This is where many small businesses hit a ceiling.

You can only scale so far relying on gut feel, handwritten notes, and ad-hoc processes. Systematising your business – from onboarding and client communication to delivery and invoicing – reduces error, improves consistency, and frees up your team to focus on what matters.

The saying goes: Systematise the routine so you can humanise the exceptional. Standardising repetitive processes means you can deliver personalised service at scale – a hallmark of successful, scalable businesses.

Even professional services firms with highly tailored offerings can find parts of their workflow to streamline: document templates, standard advice frameworks, automation tools, checklists, and cloud-based systems.

Final Thoughts

Most business owners are deeply knowledgeable about their craft but aren’t always equipped with the tools or mindset to scale it. They’re immersed in the day-to-day and may struggle to step back and build a deliberate growth strategy.

These four strategies are simple in theory but powerful in execution. Whether you’re building a retail empire or a specialised consulting firm, the key to long-term profit growth lies in applying one or more of these strategies consistently – and adapting them to suit your industry and customer base.

As business advisors and forensic accountants, we’ve seen these ideas play out in real time, sometimes brilliantly, sometimes not. But they always provide a solid foundation for any business serious about growing smarter and more sustainably.

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Disclaimer:

The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.