On Friday 11 February I had the pleasure of attending a Business Networking Breakfast in Mackay (at the wonderful the Mackay Entertainment & Convention Centre).
Owners and staff from several businesses in Mackay Qld (and the wider regional area) gathered to network and learn!
Not only did I meet some great people with their own small businesses in Mackay:
- Rowena Hardy from Minds Aligned Mackay
- The new owners of Mother’s Pantry Mackay
- Leigh from State-wide Sales & Service
I also loved listening to the guest speaker, Wayne Grundon, and his business growth formula.
Wayne’s 5 Steps to Small Business Growth for Mackay Businesses
Here is what I learned from Wayne. You can increase your Mackay business by working on a 10% increase in 5 different areas.
- 10% increase in leads to your business
- 10% increase in conversions
- 10% increase in transaction size
- 10% increase in repeat business
- 10% increase in prices (or profit margin)
1. Business Tip #1 – Generate a 10% Increase in Leads
A lead is potentially interested in buying your product or service. They may walk into your store, contact you via email or ring you up.
- Digital marketing helps to drive traffic to your website
- Web design principles such as the visual hierarchy
Other ways to get more leads include:
- SEO (Search Engine Optimisation)
2. Small Business Tip #2 – Convert 10% More Leads into Customers
Not all leads become customers, so the second way to grow your Mackay business is to increase the number of leads who do become customers by 10%.
How can you do this?
- Reduce apprehension (e.g., guarantees, testimonials, payment options)
- Offer great things (service, product range, unique niche products)
- Use scripts and funnels in both your verbal and written offerings
3. Find your fries to add 10% to each transaction
Some of you may not be old enough to remember this, but before McDonald’s started to offer boxed meal deals, they were famous for training their staff to say one line. That line was, would you like fries with that?
They said it to every customer and their average transaction size increased substantially.
You need to find the fries for your Mackay business and consistently offer it to all your customers. By doing so, you aim to increase your transaction size by 10%.
4. Grow Your Repeat Business by 10%
The easiest, but often untapped source of business is repeat business.
It is why businesses from hotel chains to local pizza shops send you emails with special offers. And why other businesses offer loyalty programs.
What is right for your business will depend upon your customers and what they value.
But growing your repeat business by 10% is vital.
5. Increase Your Prices (Profit) by 10%
Many businesses don’t plan for inflation or increased wages. But increasing your prices (or at least your profit) by 10% was the last key strategy discussed at the Mackay business networking breakfast in Mackay last week.
The simplest way to increase your profit per product or service is to increase the price of that product or service.
But other ways you can do it include:
- Reducing your expenses
- Making your process more efficient
|Business as Usual||74% Increase in Profit|
|200 leads||10% More Leads|
$100 per transaction
$14,000 in sales
$110 per transaction
|No repeat business|
Still $14,000 in sales
|10% or 18 repeat customers|
$21,310 total sales
|Existing profit margin 70%|
|New profit margin of 80%|
Wayne’s Business Advisory Services
Wayne is part of the Entrepreneurial Business School, a Qld based firm that offers:
- Business Advisory Services
- Business Coaching
- Kickstart Programs
Mackay Regional Council Support
Other than providing the venue, the Mackay Regional Council offers other support to local small businesses:
Mackay Mayor Williamson said small business owners are the backbone of the local economy.
Help for Others
I found the event very useful and I hope other small businesses in Mackay find this helpful.
Some Other Networking Opportunities in Mackay
If you own a small business in Mackay, you may want to consider joining the following networks:
Of Course, Mackay is Not All About Business
So many people offer care and support in Mackay. As one example, read my personal testimonial to the wonderful people at the Mackay Base Hospital.
A Personal Shout Out!
Here is a personal shout out to some of my favourite small businesses in Mackay: