One of the best things for me in 2015, was knowing my business did roughly 37% better than I did in 2014. My goal for this year is to do 40% higher in revenue than the previous year. Outside of using my Yearly Project Tracker one of the greatest things I could do was establish a tentative sales schedule to help increase my companies revenue.
Planning No Go With The Flow
Too many small business owners are running hobbies and not businesses. They are go with the flow and not knowing which way the flow will take the next morning. This is a huge no no and can get you on the slides quicker than the winners circle. For 2016, I know almost every sale and product I will launch this year. Mainly because of having the tentative sales schedule calendar + Yearly Project Tracker working together. Creating a calendar with every sale you will have throughout the year, in addition to listing out the products you will releases keeps you focused. On average, I tell people have between 3-4 sales a year.
Too Many Sales
I speak on this all the time and will continue to speak on this. Running constants sales are ruining your companies revenue. There is no need to buy full prices if you’re running constant sales. There is a difference in rewarding your customers and just basically giving away the product for the sake of a sale on your dashboard or to have a customer. Too many sales waters down who your company is and the quality of product or service you have.
One of my favorite companies outside of Barney’s, Target and Starbucks is Nordstrom. I am a Nordy girl to core, especially since I use to work for the company in college. If you ever shop Nordstrom you will note one thing about them they are not a pushy sales company. They have their half yearly anniversary sale twice a year. Thats it, you might spot a sales rack in various departments but they are not having a Columbus day sales. Heck, why are you having one.
Orders Without Sales
One of the best feelings is waking up to digital orders from customers. The second best feeling is knowing they are shopping with me without a discount code or some heavy its St. Patricks day gimmick. Your quality of product or service should speak for itself that causes people to support you regardless if they receive a discount or not.
Quantity Of Products
There are a lot of small business owners who are way over their head. Too much product sitting in their garage because they thought they could do it without having the man power behind them. Ordering little quantity of product which cause their cost to be higher transferring it to a customer. Yes, businesses mark up but have you noticed how some boutiques can have the same pieces as others and the pricey is off. One boutique owner is making three times the cost. Another is making two times the cost and then one is barely a cent off the items they order. Your quantity of product is keeping you from reaching your sales goals. Your t-shirts would sale more at $30 a unit verse the $55 you’re selling them at. However, you need to sell that at that to break even.
These five tips are designed to help you create a better revenue stream for your business with a tentative sales calendar verses just going with the flow and having a sale because you need income. Building a solid business takes time. Having sales for the sake of a sale is not the answer to your revenue.