“If you are not moving forward, you’re falling back.” is the motto that every growing and successful business needs to follow. Being stagnant growthwise is harmful to your business. Your business needs to move up the notch to increase the wholesale distribution sales. Here are some valuable tips that you need to follow as a wholesaler to increase your profit levels and build a good customer base:-
Build an excellent team to work with
Your business will not be successful without a good teamwork. Every person working with you matters. So hiring the best people suited for the job is essential for your business. Hiring untrained people at the beginning might save your time then but later on, it can causes losses to your business.
Set a benchmark for every position in your business, and analyze the requirement for the position. While interviewing the candidate avoid general questions, instead give them real-life situations that they might face in their working tenure if they work in that position, this will help understand their attitude towards work.
Provide the right tools to your employees
The introduction of technology in business has enabled optimal utilization of available resources and streamlined various business operations. And this extends to the management of inventories for the wholesale distribution of goods as well. The usage of SIOP software (sales, inventory, and operations planning) has particularly enabled the simplification of the processes involved. Previously faced problems such as inventory shortage and overstocking, mismatched customer supply and demand, and property damages among others can be prevented, and similar issues can be dealt with more efficiently by using suitable software.
Get rid of paperwork, excel spreadsheets, MS word and invest in the latest technologies to automate all your tasks. Good inventory management software, accounting software and many other technologies are available in the market to make your work easier.
You should test out apps like EMERGE App, for tracking your orders and inventories. These tools help you automate most of the mundane tasks.
Good customer service
Nowadays every business is providing almost the same kind of products. If you own a clothing business there are ten more clothing business in the market, so what will make your customer come back to you? The answer is good customer service.
Pre and post customer service both are equally important. Here are some things you can do to maintain good customer service:-
Professionalism -Train your customer sales reps well. Teach them to understand the problems of every buyer and treat them with empathy.
Generate reviews –
- Product reviews mentioned under every product helps to clear the dilemma of customers that whether or not they should invest in that product. Encourage your existing customers to write reviews in exchange for some brownie points.Take post-sales customer reviews through emails or phone calls to make your strong areas stronger and work on the weak areas.
- Even for your sales executives ask for customers to leave a review or rating, whether they were helpful or not? Did they talk nicely? Because you cannot monitor every employee of yours, and this your employees also know very well. So this rating will help you get a feedback and also push your employees to work better.
Make your customer’s work easier-
- Provide seamless checkouts by providing faster checkouts, saving cards details and addresses, related combo products recommendations, free shipping.
Provide exciting offers-
- Give discounts to new customers on their first order- This helps to attract new customers. Once they get a taste of your good service they are going to keep coming back without any discounts.
- Discounts to customers for referring your business to their friends- Using this technique you will reach out to more people through the people who have already done business with you, now that increases the chances of getting a sale.
- Extra discount on buying combo products- Your customers will end up buying more than they planned using this technique. For example, you are selling a t-shirt which has 10$ shipping charges on it. In the combo offer, the new product added is jeans and removes the shipping charges. If the customer likes the combo offer then he might end up buying it. So this increases your chance of cross-selling.
Faster delivery and quick updates. Customers want to kept updated about when the product is shipped, out for delivery, delay in delivery, etc through emails and messages.
Cash Flow Management
Business is all about cash in and cash out and successful management of this cash is very crucial, which is why business owners often use a financial forecasting software application to deal with business finances effectively. However, besides using a technological tool, there are several other ways to ensure a financially stable business. Some of them are listed below.
- Outstanding payments– Timely follow up on outstanding payments via calls and emails in a friendly manner.
- Offer extended credit – This is a good way to keep your customers stick to you and pay you back according to their convenience.
- But don’t provide overextension- Avoid entertaining demands of overextension of credit from your customers. Set a time period and limit for credit.
- Know your financial status- The cash coming in allocated to buy inventory. So after assessing your financial status well you can assign the time limit for credit and know what payments you need to collect.
Wrapping it up
Applying the above tips will differentiate you from your competitors. Your customers and your employees will love you for the perks you provide them and that will all lead to an effective increase in your profit levels.