[EP 109] 6 steps to increasing the multiplier of your business – Part 2
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We are back with part 2 of our three part series on the 6 steps to increasing the multiplier of your business. In this episode, we talk about the important role of Product Innovation and Extension. And Marc, Nathan and Joanna drill into how to achieve an innovation mindset, understanding recurring revenue and case study examples, the risks of adding extra businesses and extra products, and how to identify when you should create a new product.
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* Step 2: Product Innovation
* How to achieve an innovation mindset
* Understanding recurring revenue and case study examples
* Step 3: Product extension
* The risks of adding extra businesses and extra products
* When should you create a new product?
Welcome to the second part of our 3 part series on increasing your business’ value.
In this 3 part series we look at:
7 common mistakes of valuation
Understanding the valuation formula – why is Twitter worth $23.4 with no profits
Understanding the ways to move the share price multiplier from 3 to 5
A case study of a company that went from a valuation of $400k, to an astonishing $11M in just 18 months
In Part 1 we defined what a multiplier is, and discussed the specific aspects that drive the valuation of a business.
Today we look at steps 2 and 3 of the 6 steps to increasing the multiplier of your business.
Step 2 in the process is product innovation which is the development and market introduction of a new, redesigned or substantially improved good or service and we look at how you can achieve an innovation mindset.
Step 3, product extension is all about your branding strategy, when a parent brand covers a new item in the same product category.
We rounded off this episode by going through when to create a new product and why.
A bit of background on our panel:
Marc Johnstone - Shirlaws Group
Marc is one of the founders of Shirlaws Group, he pioneered the international expansion of Shirlaws by the founding of Shirlaws in the USA. During his 5 years as CEO the business experienced more than 100% year on year growth across 3 offices, 5 partners and 27 staff.
Nathan Williams - Customer Return
Nathan founded Customer Return a Sales Consultancy business in 2010. This was his fourth business in 25 years. Having over 10,000 interviews under his belt on ‘why clients buy’, Nathan is able to transform business owners and leaders into compelling communicators to ensure they don’t miss out on the ideal clients and opportunities in their businesses when Pitching, Presenting and Negotiating.