Published: 05 January 2018
Created: 05 January 2018
As business owners we sometimes get overwhelmed by the amount of workload that our business demands. Every business demands time, energy and ideas. For us to remain in the business and be at par, if not above par, with the best of the best in the business, we have to learn how to manage our time well through prioritization, spend our energy properly and always be open for ideas.
To further explain all that was mentioned, here are some key points that we need to take notice:
- Set average daily sales target. It’s non-sense to build a business without a vision or mission. Same goes for sales. You need to set target sales that will serve as the backbone for all your promos and target efficiency.
- Get your daily transaction count. Why do you need to get this data? Because you need to know the peak hours and the slack hours of your day. Have you ever been into a business establishment that has promo within certain hour or month? One example is SM. They have rainy day discounts because that’s the slackest season of their year. You may not be SM, but this technique will help you grow your store visit.
- Maximize you customer’s purchasing power. This can be done by offering the best and most expensive items you have. You can also maximize their purchasing power if you’ll offer a promo bundle if they purchased a certain item. Even if they don’t really need to buy your product they will still proceed with the purchase because they have this privileged feeling of being a lucky winner. As a result, they’ll buy more to qualify for the promo.
- Have a focus product. It can be 2 focus products, Product “A” can be the product that gives you higher mark up and the other is the product is the one that’s slow moving. Your slow moving product can be a price for any bundle product that your customer will buy. On the other hand, the product that gives you higher return must be offered by all your employees all the time. It is also a good idea if you’ll partner it with other products.
- Taking good care of your employees, advertisement and promotion will all fall under marketing. Marketing itself is really broad. One portion of it is taking good care of your employees. If they feel like they are taken care of. They’ll love your business and customers. It will give you so much peace of mind knowing that your employees will work wholeheartedly even if you’re not around.
I hope that all of these advices give you realization of the things you need to prioritize when it comes to your business.