One of the main reasons for starting a business is to make money. But what if your business is not what you dreamed it would be? What if it is not earning enough? What if you have tried all kinds of marketing and sales strategies but your sales continue to drop and you are left with a negative cash flow?
What should you do?
As business advisors and chartered accountants in Auckland, we've seen many small and medium businesses struggle to increase their profit and business value. When this happens we assist them to get back on their feet and help them create a business strategy to improve their sales and performance.
So if you find yourself struggling to improve your sales, here are some tips that may help:
1. Be very hands on and make increasing sales a priority
Some business owners have knowledge and skills when it comes to sales and may be the head of their sales team or sales department. However, if you don't know anything about sales, you may need to hire someone who is more experienced and skilled when it comes to sales. If you can't afford to hire a sales specialist you could talk to a sales mentor and ask them what you need to do.
While your business will have many aspects that need your attention, you need to make improving your sales a priority at this time. You need to focus your energy and effort on achieving sales growth.
2. Know your product or service
You and your sales team should know all aspects and details about your products or services. You should know and be able to fully describe and sell them to anyone. Lack of product knowledge can put your sales down.
If you or your team know your products or services very well and are confident about them, you can be great salespeople. You can use your knowledge to tailor-make solutions to meet the needs of your customers. If you can successfully do this, you will be creating a good relationship between your customer and your company, and this will surely result in further sales.
3. Tailor make your products/services to the needs of your customers
Some businesses push their products/services to the customers instead of adjusting their products/services to meet their customers' needs. Perhaps you could tailor-make your products//services specific to one industry or profession. Your products/services should be able to help a specific niche. If you try to generalise you may be targeting random people who might not be the customer that you are looking for. This means you are wasting your energy and resources.
4. Stay up to date and know what's new
Today, things change quickly. The conventional way of marketing your product may not work anymore. You may need to reconsider and look for more non-traditional ways to promote your business to your target market. Get up to date with the latest trends and use them to your advantage.
5. Up-sell and cross-sell
Up-sell is a sales strategy where the seller encourages the buyer to upgrade or buy other add-ons to the existing product/service. Cross-sell, on the other hand, is a strategy where you offer other products/services to an existing customer.
Up-sell and cross-sell are two of the easiest and most effective sales strategies that you can use if you want to improve your business sales. But for these strategies to be effective the timing and customer relevance needs to be right. Make sure that your up-sell or cross-sell offer is relevant to your customer and it is what they actually need.
These are just some strategies that you can use to improve your sales. If you are serious about achieving business growth, please register for our seminar "7 Ways To Grow Your Business" happening 23 March 2017 (Thursday) at 4:00 PM and 24 March 2017 (Friday) at 8:30 AM at Paul Martin Chartered Accountant Boardroom located at located at Level 1 The Lane, Botany Town Centre, 588 Chapel Road, East Tamaki, Auckland 2013.
At this seminar we will be discussing effective strategies that you can use to increase your profit and business value in more depth. We will also help you to discover how to measure and maximise business efficiency.
Aspiring entrepreneurs and business owners are invited to join us and learn in this valuable seminar.
Just click the link below to learn more about the seminar and reserve your seat for either date.
You may also directly call us on (09) 576 4166 or request an online appointment today.