Entrepreneurs – How Do You Ride The Turnover Cycle?
Entrepreneurs – How Do You Ride The Turnover Cycle?
* Were the sales for the item?
* Did you make a lot of back end sales?
* Where did you advertise?
* Which was your best advert?
So how come your sales then dipped? Did you stop doing what you were originally doing because you were so busy fulfilling the big orders? Best to get your processes sorted out so that does not happen in the future – even if it means getting in more short term staff.
The key to keeping up a good sales record is to:
* Find out why it happened.
* Review what the results of your marketing or advertising campaigns are.
* Update these campaigns.
* Make sure that you can manage this success.
* Do it all again.
If the sales were for items that are frequently purchased such as printer ink, donuts, office supplies etc then set up procedures to contact your buyers again at the appropriate time. You don’t want to lose those hard won customers!
If you have genuinely been caught out by this sales surge and don’t have enough items to immediately fulfill these orders, then be honest with your customers. Drop them an email or postcard and tell them why, let them know when they can have their purchase and offer a discount on their next purchase. Keep these promises!
Remember that as an entrepreneur that your income will not be regular or guaranteed. Work out what funds you need to run your business and your life. If you receive profits above this amount then put that money away until you have a good cushion for the bad times. Aim for 12 month’s cushion if you can, but at least 3 months. If you have one good week – it does not mean that you automatically are going to get another one next month! When you have your large comfortable cushion, you can invest more in your business! Good luck.
Entrepreneurs How Do You Ride The Turnover Cycle - To learn more about this author, visit Lee Lister's Website.
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First of all congratulations on your big sales figures. Do you know why this happened? Did you have a good marketing campaign going on at the time or maybe a lot of referrals. If you don’t know make sure you put a tracking system in place so that you do know why in the future?
* Were the sales for the item?
* Did you make a lot of back end sales?
* Where did you advertise?
* Which was your best advert?
So how come your sales then dipped? Did you stop doing what you were originally doing because you were so busy fulfilling the big orders? Best to get your processes sorted out so that does not happen in the future – even if it means getting in more short term staff.
The key to keeping up a good sales record is to:
* Find out why it happened.
* Review what the results of your marketing or advertising campaigns are.
* Update these campaigns.
* Make sure that you can manage this success.
* Do it all again.
If the sales were for items that are frequently purchased such as printer ink, donuts, office supplies etc then set up procedures to contact your buyers again at the appropriate time. You don’t want to lose those hard won customers!
If you have genuinely been caught out by this sales surge and don’t have enough items to immediately fulfill these orders, then be honest with your customers. Drop them an email or postcard and tell them why, let them know when they can have their purchase and offer a discount on their next purchase. Keep these promises!
Remember that as an entrepreneur that your income will not be regular or guaranteed. Work out what funds you need to run your business and your life. If you receive profits above this amount then put that money away until you have a good cushion for the bad times. Aim for 12 month’s cushion if you can, but at least 3 months. If you have one good week – it does not mean that you automatically are going to get another one next month! When you have your large comfortable cushion, you can invest more in your business! Good luck.
Entrepreneurs How Do You Ride The Turnover Cycle - To learn more about this author, visit Lee Lister's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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