When you’re busy running a wholesale business, it can be easy to just concentrate on the day-to-day activities in front of you, and “putting out fires” as they crop up. However, if you really want to build your venture over the coming months and achieve more of your business and personal goals, it is important to spend time and effort on those things which can achieve growth in the short and long term. If you’re keen to see those yearly revenue and profit numbers rise, read on for some tips you can follow today.
Find the Right People to Surround Yourself With
One of the first strategies you should consider implementing to grow your business is finding the right people to surround yourself with. After all, if you have a very small team or are just doing everything yourself, you will always reach a point where it’s impossible to grow further because there isn’t anyone available to handle the work. As a result, you must find ways to delegate some of your tasks.
There are multiple ways of doing this. You don’t have to expand your workforce, although this is often a helpful option; you may decide to outsource certain tasks to contractors or other businesses instead. For example you might want to free up some time by paying outside sources to handle jobs related to payroll, administration, social media, search engine optimization, graphic design, customer database management, and more. You can find independent professionals to hire on a per-project basis from freelancing sites like Upwork, although you need to ensure that you provide your contractors with a comprehensive job description to minimize complications and misunderstandings.
Alternatively, you can streamline your operations by finding the right software for your business. For a start, inventory and order management software like TradeGecko is a big help when it comes to dealing with physical goods, particularly if you’re a wholesaler. You can ensure that you’ll always have the right amount of stock at the right time to best match customer demand, based on real-time sales reports.
In addition, keep in mind that growth often comes about because of new ideas or ways of doing things. As such, it is helpful to expand your team to include advisors and mentors. Having people you can turn to for support and sage advice can make a huge difference to your results.
They can help you to solve problems, see new opportunities, find more productive processes, and source funds. Supportive contacts can also help you to get your mindset in a better place, and to become a better leader, which in turn can help you to grow your business from many angles.
Utilize Additional Funds
In the world of wholesale business, sometimes expansion plans just can’t happen unless you actually have more cash on hand. For example, you may need funds to increase your inventory levels, move to a bigger warehouse, take on additional staff, attend a key industry event, increase your sales force and their respective vehicles, or up your advertising efforts. No matter what you need the cash flow for, it may be necessary to source a business line of credit, get a bank loan, or locate funds from an alternate source.
If you’re in this position, it’s time to conduct some research. Take a look at your options and you’ll soon see that there are many companies out there who can provide a line of credit to free up cash flow, as well as alternative lenders if a bank loan doesn’t seem the right fit. After all, according to Eyal Lifshitz, CEO of BlueVine, “Up to 80 percent of small businesses don’t currently qualify for many traditional loans.”
Other financing options include turning to family members or friends, or finding investment partners who can bring some cash to the table. No matter which option you go for, just make sure you complete your due diligence so that you find the best fit for your needs.
Make Sales a Priority
Another good way to grow your wholesale business is to commit to making the sales process much more of a focus. If you’re like many entrepreneurs and business managers, you probably find that you get caught up in the day-to-day running of your organization and end up neglecting the sales side of things. If so, now is the time to change your priorities.
If you are operating a fairly new wholesale venture, it pays to devote a large chunk of time (up to 80 percent) each week to sales tasks so that you can really find yourself a foothold in the market. If you have a more established business, then you can get away with spending around a third of your time on sales — this is probably still considerably more than you currently allocate though!
Whether it is you or, your sales team, or outsourced contractors who concentrate on sales, salespeople should be picking up the phone, organizing meetings, sending emails, attending events, and following up with past clients and contacts to drum up new business. To help you out on the customer relationship front, getting software like TradeGecko Mobile can offer you an efficient way to manage your customers and increase productivity. With TradeGecko Mobile, your sales team will be able sell anywhere and enjoy easy access to all of your CRM data. They’ll also have the entire product catalog in their devices, allowing them to create, edit, and manage sales orders on the go.
No matter what your current growth-based goals are, you can start achieving them today. All it takes it a little time and effort, some smart moves, and concentration on the key strategies that have customers buying more and coming back again and again.
About the author:
Tiffany is a leader in marketing authority, she prides herself in her ability to create and provide high quality content that audiences find valuable. She also enjoys connecting with other bloggers and collaborating for exclusive content in various niches. With many years of experience, Tiffany has found herself more passionate than ever to continue developing content and relationship across multiple platforms and audiences.
Grow your wholesale business quickly with TradeGecko!
Start streamlining your operations and sell on the go.