Creating Profit in Uncertain Economic Times
All businesses face unique challenges in their respective markets, but there are numerous tips and tricks that will allow smaller companies to maximize profits while minimizing risks. This site offers suggestions to improve revenue for the small business industry as a whole. Each industry and segment will need to fine-tune these ideas for their own niche; however, the theories and ideas in this message will apply to almost any small business.
Increasing Profits Idea #1
Create a Highly-Functional Sales Team
There are countless reasons to start a small business. Passion for an industry, a desire to give back to the community, and the chance to work for one’s self are just a few reasons why hardworking individuals start small businesses. While these are all excellent reasons, at some point in the process, the company has to make money. Without a successful business plan, small businesses will not be able to generate enough capital to fund other initiatives.
Successfully implementing an operational sales team will generate the business your company needs to thrive. As a company executive or manager, you should have a hand in the sales process. Communication between you and your customers is often paramount to success, as your actions lend legitimacy to the company’s product or service. Unfortunately, very few people in high-level positions have the time, endurance, and desire to solely handle these responsibilities. Assuming your business sells enough of its product or service to create an economy of scale, employing sales representatives or account managers to guide customers through the sales process can be the necessary extra step to close more sales. Your customers will appreciate the personal contact plus you can focus on running the business.
Once you create your successful sales team, be sure to track results and methods. Often, companies have superb sales team members, but do not measure their results or successful sales methods in a meaningful way. Without accurate data, companies cannot properly award compensation, reward success, or determine how a sale, discount, or discount factor might affect sales. Knowing what brought initial success is crucial to future training efforts as the company grows.
The sales team must be positioned for success. This will not mean the same thing to all companies, although the basic principle is the same. Sales team members need an environment where, with proper motivation and work ethic, they can achieve results. No matter how good a salesperson is at their job, the product and back-office support systems must assist the sales process. If your company wants to obtain and retain the best sales talent, make sure to give them the resources, leads, and motivational environment for success.
Increasing Profits Idea #2
Reduct Overhead Within Your Information Technology Department
Streamling IT expenses can be accomplished by outsourcing your help desk or network support functions. Tier 1 IP provides companies with Managed IT Services, offering them an increased set of skills, professional IT consultants, and a flat rate fixed monthly fee for easier budgeting. Reduce your employee benefit costs by utilitizing Tier 1 IP’s contractors since you will not be responsible for health insurance and other employee-related expenses. Contact us today for more information.