When planning for growth and development, understand that growth expends resources at a startling pace. Funding your projects ahead always lessen money pressures and gives you an opportunity to receive the benefits of growth.
Capture all the avenues for sales and block out leakages. Especially in the time of recession focusing on cash generation as this can help unearth a whole lot of opportunity.
You can consider the following if you are keen on business growth and development
1. Get paid first:
This is actually one of my favorite strategies. As much as possible, always push for an advance payment which is a basic standard in every industry. Encourage your clients to do this and uphold professional and global payment standards
2. Follow through on your Account Receivables:
A quick method to get in more money is to follow through with owing clients. Put up a system in place or set up a technique that helps with prompt payment. (You may want to consider part delivery on goods or services purchased with installment payment terms)
This gets your customers eager to pay ahead of schedule as opposed to chasing them down to pay at the end of the job delivery.
3.Increment costs:
Raising your costs seems to be very easy but how you increase your costs is what makes the difference. You may want to consider increasing your costs of services or products so it seats withing the 1-10% ratio. Anything higher than 10% will be noticeable and will demand some explanation for your customer. So learn to increase your prices strategically.
4. Use upsells:
The thought is that by “upselling” a superior product or service, the customer gets more worth and value
5. Utilize strategic pitching(Cross-sells):
A perfect example is sales to a lady customer who shops for a bag, you can cross-sell by getting her to consider a complimentary product. i.e, Would you want to have a shoe that is the exact color of the bag you just picked? Amazon is fantastic with cross-sells and upsells.
6.Repeat purchase:
The most difficult sale to accomplish is the first one. After the first purchase and if the service delivery and experience was great, there is every tendency that there will be a reoccurring sale. When you have efficiently delivered, chances are that when you reach out to previous customers, there is a strong chance to close the new sale.
7. Client referrals remains a great way to get in front of other clients:
One approach to development is customer referrals. Even better, develop your client’s voice to turn into a raving devotee of your work. Let your clients become your brand advocates and watch your business flourish.
