Once your business is up and running, it’s important to capitalize on the momentum that you’ve built. Successful business owners are always looking at ways they can grow their business and maximize their profits. Today, we’re sharing part 1 of the checklist that will make your business skyrocket.
The Checklist That Will Make Your Business Skyrocket- Part 1
1. Increase Your Sales Tenfold
- Contact your best customers to buy more
One of the easiest ways to achieve an increase in sales is to sell more to your existing customers. For example, you could try contacting every customer and offering a complementary product or service that they might need now. You could also try and determine when customers may have run out of product or need to re-order from you and contact them just before this happens.
- Create a customer loyalty program
What you’re looking to do here is create a program where you can connect with your customers and serve them well with a customer loyalty program.
- Commence a contact nurturing program
Can you make more effective use of your database of customers and clients by maintaining regular contact through newsletters (physical or email), phone calls, personal visits, or attendance at conferences and trade fairs? Do you advise them of special offers or tell them about any products and services they have not previously bought?
- Develop a social media campaign
If you’re not already on social media, now’s the time to start. It’s one of the most important marketing tools you can use, as well as one of the cheapest (and often free).
- Run webinars/demonstrations
By doing this you’re positioning yourself as an expert in your industry, and this creates brand awareness and customer trust. It’s also a great way to network among industry peers and to meet potential customers.
- Attend and exhibit at trade shows
These are important for the same reasons you’d run webinars and demonstrations, but trade shows also offer the chance to get your product to new customers and increase word-of-mouth advertising, as well as adding more to your customer database.
- Cross-sell complementary products/services
Learn the fine art of cross-selling, which is suggesting to customers that whatever they’re buying from you would be of more value if they purchased a complementary item. For example, if you’re selling business attire for men, and someone buys a shirt from you, you’ve got an opportunity to cross-sell by encouraging them to purchase a tie as well.
2. Improve Profits
- Improve efficiencies
Technology’s great here – there are many ways you can use it to make your processes more efficient. So review all your systems and look for ways they can be improved. The better the system, the more efficient and productive it will be. Look at your customer base. Do you have habitually late or non-paying customers? It might be time to ditch them.
- Increase output, especially of those products that are selling well
Invest more time and money in manufacturing products that are selling well and consider increasing the amount of time and money you spend promoting them.
- Increase prices
Increasing prices widens your margins and raises cash you might need for business growth. You should always be seeking to increase your prices over time so that you can improve your profit margins and keep up with inflation. Make sure you communicate to your customers the reasons for the price increase. It’s important to convince your target market that your products or services are worth the additional cost, so think about ways to justify a price increase and focus on the benefits.
- Streamline debt collection so there’s more cash coming in
Make sure you’re always paid on time. If your customers owe you money, the faster you’re able to obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your business’s cash flow.
No matter what stage you are at in your business, you can implement this checklist to grow beyond where you currently are. Stay consistent, commit to growth and learn how to maximize on the momentum you’ve already created. Next week, we will be sharing Part 2 in this series so stay tuned! Follow us on Instagram for more daily inspiration!
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