When it comes to growing a retail business there really are only three ways to grow.
- Increase the number of customers you serve.
- Increase the average transaction value.
- Increase the frequency of customer visits.
Is one of these three ways to grow any better than the others? I would argue, yes. But it depends…
First, it is helpful to engage in a little analysis and self-reflection. Because knowing why you want to grow and which way you intend to grow helps you focus on the variables you can change.