In yesterday’s blog we examined a few ways in which business owners may consider boosting their sales in the final quarter of the year. Well, October is officially here and the fourth quarter has started. Not much different than the final quarter of a basketball game, it is now crunch time for business owners everywhere to score big!
With the holiday season fast approaching, most store owners are fully aware that the busiest time of the year is on the way. However, as we mentioned yesterday, this is no excuse to not consider methods of increasing sales. Making the most of the year’s last quarter is an important step in outdoing your competition.
Reviewing a recent About.com article by Shari Waters, we outlined a few of those methods yesterday. We’d like to pick up where we left off in an effort to assist entrepreneurs with ideas about having their sales pick up. As previously mentioned, Waters insists that store owners advertise more and generate a buzz about their business as often as possible.
She also advises that you examine your pricing strategy. “When purchasing and pricing products,” she writes, “be sure you’ve considered the cost of goods and that your retail shop is able to make a profit at that price point. Your product price should be competitive, but still profitable. Ultimately, the right price is the price the customer is willing to pay for the product.”
Quite often, our licensed funding specialists here at Synergy discuss with our clients what they intend on doing with their merchant cash advances. Renovations are often on the minds of those business owners who want to spice things up around their establishments. Waters believes that changing things up around your store doesn’t have to be all that elaborate to make a significant difference.
She advises that store owners should design the store in such a way that they can “take advantage of cross-merchandising strategies and impulse sale opportunities.” For example, if certain lighting techniques are used and creative displays are positioned in ways to attract customers, a sales boost can often be the outcome.
“Connect with the customer,” says Waters, “Excellent customer service is the key to increasing sales.” She insists that you listen to your customers and be sure to meet their needs and wants. It’s then important to educate them about your products and how they can meet those needs and wants. Never forget to let your customers know that you appreciate their business as well.
Finally, Waters encourages entrepreneurs to manage their money. Writes Waters: “This may seem like an obvious step, but as retail operators we can become too involved in the little details of our business that we lose track of our financials. Create a budget, know where every dime is being spent, keep an eye on cash flow, and control inventory.”