Episode 121: The 5 Stages of Business Growth
How many dollars would you give me today, if I gave you a brand new, shiny customer who gave you $1,500 per year? What would the value of this be?
You have to remember, the lifetime value of a customer is 8-10 times the initial transaction.
Does this bit of information change your answer?
I got asked a question recently, How much should I spend on marketing?
Well, there isn’t really a clear, one size fits all dollar amount answer. But, I can tell you, the general answer for this is
as much as possible.
When you scale back for a little while you can have what you want in the long run. You can’t take 60% of your companies revenue and put it in your pocket and expect to scale.
Do you want to build a team that can get you free? Do you want enough revenue to pay competent people well?
There are two ways to do this, pay yourself as little as possible for as long as possible. Spend as much as possible to acquire as many customers as possible for as long as possible.
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There are 5 stages of service business growth:
1. The person on the ladder, in the field. Producing the end deliverable like a clean window, mowed lawn, etc. Fill in the blank.
2. Most of your time is spent in the office.
3. Primarily mostly doing sales.
4. General manager
5. Sit back and relax!
Want to learn more? Check out this awesome podcast today where we go deeper into these stages and more about business growth!
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