How to Grow Sales for Your Business
Three must-read tips from our financial advisors, to help small business owners boost sales profits.
As specialists in small business growth, we’re often asked what the one thing is that can make the difference between rapid sales growth and dwindling profits. While there’s no one-size-fits-all approach to company growth, these three tips from our financial advisors have helped small business owners to boost their profits.
Tip 1: Don’t Sweat the Small Stuff
“The secret of change is to focus all your energy not on fighting the old, but on building the new” – Socrates
Imagine how much time you’ve already wasted this financial year on admin and paperwork. With payroll to process, self-assessment tax forms to file and all manner of evidence to provide to HMRC, small business owners spend considerable time bogged down by necessary administration duties.
A cost-effective alternative to doing all the financial administration yourself, is to use an accounting consultancy for your financial admin. It makes sense; your time is best spent focused on ways to make more money, and your money is best spent on building your business.
Tip 2: Let Loyal Customers Do the Selling for You
More and more people are choosing which products to purchase based on personal recommendations from their friends, loved ones, influencers and peers. Companies that switch on to advocacy and loyalty programmes, or who make it easy for customers to provide product recommendations, are reaping the benefits of being open to feedback and willing to engage in a two-way conversation with their customers.
According to Chris Lake, business strategy specialist at bestselling magazine Medium, “Customer advocacy is one of the best indicators of loyalty and repeat purchase intent.”
Creating brand advocates might require you to send off a few free products or discount codes, but the benefits are far-reaching and can impact your bottom line. That’s because advocacy increases the likelihood of customers placing repeat sales and recommending your products to other potential customers.
Methods you can use to boost sales growth through brand advocacy:
Surprise and delight: Who doesn’t enjoy a nice surprise? Your customers will love receiving rewards for choosing your company. Discounts, vouchers and money off at relevant retailers are a good way to go.
Make it pretty: Packaging your products nicely and including little extras helps to give a great impression of your brand. That’s why many online businesses invest in personalised packaging and high quality finishing touches that instantly elevate the perception of your brand and help you cut through letterbox noise.
Go the extra mile:There’s a lot to be said for the feelgood factor that customers experience when they receive great support. If you enable your support team to go the extra mile, for instance by offering customers a free replacement product, complimentary tester or an invitation to join a pre-release sample list, these little gestures will help to keep buyers coming back for more.
Tip 3: Think Social
As defined byForbes, social selling is “a way for sales teams to use social media to connect with pospects and provide them with value”. The benefits speak for themselves. In fact, according to LinkedIn, “78% of social sellers outsell in comparison to colleagues who don’t use social media.” That’s a big reason to invest in your company’s social networks and start engaging with your customers on Facebook, Twitter and Instagram.
Social selling is the single biggest innovation in small business for the past five years. It works by using social networks to sell products directly to customers; even sole traders with no prior product sales experience are successfully doing it, by going straight to their social audiences for financial backing and offering their products for sale via Facebook auctions, Instagram opportunities and Kickstarter projects.
More and more established businesses are making the move to social sales, so before you get left behind by your competitors, start establishing yourself as a social seller and increasing your sales profit via social neworks. Investing in a super-engaged network of loyal customers and influencers who are actively looking to consume and promote your products can help you boost your bottom line.
Want to benefit from free financial advice that can help to boost your business sales?
Book your free 1-hour initial consultation with a wedo accounting business strategist now.