Every business owner loves the idea of growing sales. The trick is to find a way to make the idea a reality when the day-to-day responsibilities of running a business always seem to get in the way.
The new quarter is a good time to review your operations and see where things may be tweaked to improve revenues.
With that in mind, here are four low-cost ideas for boosting sales that you may want to try at your retail shop or restaurant.
Motivate The Staff
Your sales staff are some of your most valuable assets. They can make the business a lot of extra money or they can lose a lot of money depending on how they interact with customers. It may seem obvious, but keeping the staff motivated is vitally important to your business.
How to do it? There are lots of methods but one of the best ways to start is by holding quarterly reviews with each staff member and go over their performance. Tell them what they are doing right and point out areas where they can improve. If you saw something they did that impressed you, let them know. And, be sure to set the expectation that they should improve before your next meeting so that they have something to work towards.
Target a New Segment of Customers
Many times, businesses have existing customers that fit into a certain demographic. If you have a predominantly older female customer base, maybe think about how you can attract more younger females. Or, maybe even males if it’s appropriate.
The idea is to look at a new set of customers, figure out what might motivate them to visit your store or restaurant and then experiment with those ideas. For instance, this other demographic may not know about your business because you’re not advertising in the right places or you’re not active on a certain social network. Try to reach these folks where they tend to congregate and see if sales start to grow.
Review Your Expenses
The new quarter is a great time to review your expenses. In fact, you may already be doing a review anyway.
If so, then you probably know that many businesses have fixed expenses that cannot be changed. These typically include things like rent.
On the other hand, businesses also have varied expenses such as inventory and labor. Have a look at each one of these and see if there are any ways to improve efficiencies. Are you staffing too many employees on certain days? Are you ordering too much of one product each month? Find places to cut and then experiment with reducing head count on certain days or ordering less of a certain product in your inventory. It may improve your cash flow.
Build Your Brand
Your brand can boost sales in lots of different ways. It helps differentiate your offering from the competition and it can position your business in the customer’s mind so that they associate you with certain positive emotions such as satisfaction or happiness.
The great thing about building your brand is that there’s almost always an opportunity to do so because the brand extends to so many different aspects of a business. It should be included in everything from the first glimpse of an advertisement the customer sees to the very end of their experience with your business many years later.
Look for areas where you can improve and reinforce the brand. It may be in your packaging or on your website or somewhere in your physical location. It can also be in your customer service. Just make sure it’s consistent and it sends the message you want to portray.
Even if you only use a few of these tips, it’s likely to be a great new quarter for you and your business.
Want to find out how a point-of-sale can help with staffing and expenses? Contact us today for a demonstration.