Tips to Increase Profits in Your Business at No Cost
All businesses, whether old or fledging are faced with a singular task: to bring in a profit at the end of any operating fiscal year. This objective is to be achieved amidst a number of constraining factors such as competition from rivals, costs of raw materials and labour, government fiscal policies, the operating business climate amongst others.
Sales can be viewed as the bedrock upon which businesses receive monetary compensation for the service or goods provided. Hence any activities centered on sales must be accorded priority.
There are times when businesses get caught up in a sales rut; whereby employees are just hitting brick walls in their interaction with customers. Concurrently such a business begins to witness a drop in revenue earnings and ultimately a drop in profits.
However, the business can engage in certain measures that can give employees the needed traction, improve sales and grow profits again. These activities involve little or no costs and they can be implemented at a moment’s notice. These ways include:
How to Increase Business Sales and Profits at Zero Cost
- Enlivening Staff and Strategy Meetings
It is universally noted that monotony kills the creative muse. The business can add variety to the proceedings of team meetings and think-tank sessions. Use methods and ways to get the creative juices flowing; employ an array of tools to communicate- tables, charts, pictures, collages- there should be no restrictions or inhibitions.
Reverse the order of meetings if need be and see what sparks the imaginative fires. Have a sales rep take the lead on deciding strategy and give turns to others.
- Appreciate Each Sales Employee
As a business, one of the core strategies that should be put in place is the art and act of saying thank you/well done to your sales team. From those that have achieved tremendous objectives to others that continually make sacrifices and put in the daily grind.
Such gestures of approval can take the form of a thank you note or the employee receiving a standing ovation from the office, for a few minutes during work hours. This method is a proven way of improving morale and it comes at no cost. And an improved office morale could in turn lead to improved sales and profits.
- Observing the Three Foot Rule of Engagement
The business enterprise must take into consideration, its immediate vicinity of operation. The business should know that prospective customers for its offerings could be right beside it.
It must therefore embark upon the Three Foot Rule for marketing and advertising: Every individual and corporate body in its neighbourhood, must be intimated about what the business is all about and what goods/services it offers as well as how the business can help in meeting and solving problems.
- Do More Active Listening
Various studies reveal that the average sales person spends over 80 percent of the day’s allotment engaged in verbal and other kinds of communication. More than half of that period is spent listening.
However, what will serve the sales employee and the business is active and effective listening. Active and effective listening has the potential to generate sales and profits in the following ways:
- By gaining valuable insight to the needs and problems of the customer.
- By following up on positive hints and leads left by the customer in closing statements.
- By appropriately deploying the right strategies and tools in response to the identified needs of the customer.
- Look Beyond the Covers
The business must inculcate in its sales force the understanding that all customers that approach the business, must be accorded the same level of attention, enthusiasm and service delivery.
So whether the potential customer is a boy or a girl, tall or short, well dressed or shabby-looking, the sales team must pay each and every potential prospect the time and energy needed to effect a sale. The sales force should never fall into the trap of proverbially judging a book by its covers.
- Save the Prospect’s Time
In the fast-paced world that we live in, people are pressed for time; time being the most telling resource in the world today. Many are on the move, from attending meetings to dropping off kids at school to preparing dinner.
The business that seeks to improve sales and profits in no-cost ways must teach its sales team the value of saving the customer’s time. Have an effective sales strategy and pitch that can harp on the goods and services of the business and its benefits, to the customer in a sprite fashion. This presentation should afford the prospect the opportunity and space to make a decision to make a transaction.
- Appreciate Existing Customers
Another no-cost way of increasing sales and profits is to say thank you to customers that have patronized the business. Such gestures can include making a telephone call to show appreciation, sending a thank you note via email or social media and other plausible means.
Follow-ups such as these show the customer that the business takes into cognizance the customer’s decision and creates a relationship. Such a customer is not only likely to be a repeat prospect but he/she could also spread the word about the business, which could increase sales and profits.