When we talk about ways to increase profits, one immediately thinks of developing sales and marketing plans for their products or services. But the truth is that it really goes beyond that - the fundamental approach to succeed in any endeavor you take lies within you.
First, do not sell something you do not believe in. One day I was approached by an acquaintance and talked me into buying herbal medicine that was said to be a "miracle drug". Obviously, she didn't know what she was talking about. She was not sure how to answer my questions and she has not even tried it! And so, I turned her down. If you believe in your product or service, it shows. If you trust in your product, you easily become passionate when talking about it. And because you know and have tried it yourself, you tell actual testimonials that are convincing. Rejections do not bother you and if brushed off, you move on to another probable client. You persevere and become persistent about the merchandise in which you believe in.
Second, create your own competitive edge. You are a cut above the rest if you have something that distinguishes you from other competition. It could be having an active prospect list wherein you have an airtight system for following up on clients or responding fast to orders, or being accessible to others by allowing them to talk to you at home even after hours, or by just making the extra effort of giving needed information even if this means taking extra time. Be innovative and offer better services. This will surely give you further advantage in the end.
Have the passion for work - Many want to succeed in work or business to Increase Profits so we do the usual task of working our butts off to make more money. We tirelessly work and pray that the task be over and done with so that we can have break from our work. However, other people take a different approach. They live, eat, sleep and breathe their work. They look for things that they love about their work so that they can believe and be passionate about it. Doing their job is not just another day to tackle but a day full of exciting possibilities, another chance to increase knowledge and eventually profits.
Because of this risk, suppliers give storeowners a lower margin or edge because they are not paying for the goods outright. Meaning, it is lower gross margin per inventory unit. It is now on the hands of the storeowner to find ways to make volume sales to increase profits. It is common that there are fast-moving and slow-moving items. You must bear in mind that you need to strike a balance to your cash flow so that you can afford to pay the supplier in time together with the electricity, sales staff salaries, rentals and other inventory costs as well.
First, do not sell something you do not believe in. One day I was approached by an acquaintance and talked me into buying herbal medicine that was said to be a "miracle drug". Obviously, she didn't know what she was talking about. She was not sure how to answer my questions and she has not even tried it! And so, I turned her down. If you believe in your product or service, it shows. If you trust in your product, you easily become passionate when talking about it. And because you know and have tried it yourself, you tell actual testimonials that are convincing. Rejections do not bother you and if brushed off, you move on to another probable client. You persevere and become persistent about the merchandise in which you believe in.
Second, create your own competitive edge. You are a cut above the rest if you have something that distinguishes you from other competition. It could be having an active prospect list wherein you have an airtight system for following up on clients or responding fast to orders, or being accessible to others by allowing them to talk to you at home even after hours, or by just making the extra effort of giving needed information even if this means taking extra time. Be innovative and offer better services. This will surely give you further advantage in the end.
Have the passion for work - Many want to succeed in work or business to Increase Profits so we do the usual task of working our butts off to make more money. We tirelessly work and pray that the task be over and done with so that we can have break from our work. However, other people take a different approach. They live, eat, sleep and breathe their work. They look for things that they love about their work so that they can believe and be passionate about it. Doing their job is not just another day to tackle but a day full of exciting possibilities, another chance to increase knowledge and eventually profits.
Because of this risk, suppliers give storeowners a lower margin or edge because they are not paying for the goods outright. Meaning, it is lower gross margin per inventory unit. It is now on the hands of the storeowner to find ways to make volume sales to increase profits. It is common that there are fast-moving and slow-moving items. You must bear in mind that you need to strike a balance to your cash flow so that you can afford to pay the supplier in time together with the electricity, sales staff salaries, rentals and other inventory costs as well.
About the Author:
CMOE has been helping companies to increase profits since 1978. Through leadership development and other innovative business techniques CMOE has established themselves a leader in the business world. Visit www.cmoe.com for more information.
