When you're in the early stages of getting a business off the ground, it's important to have a systematic approach to making and marketing your product. How will you manufacture it in a way that's affordable, quick and ensures you break even with each copy you sell? How will you send your marketing message out to the masses and build your brand's reputation? If you don't have a clear plan, you're bound for trouble.
An effective sales campaign is one that targets the right consumers, locks in transactions and has staying power.
It's similarly crucial to have a system in place for making sales. An effective sales campaign is one that targets the right consumers, locks in transactions and has the staying power to keep revenue flowing for years, not just keeping your company afloat from week to week.
On top of that, you also need some assurance that your cash flow will be healthy enough to sustain operations. All in all, there's a lot to think about if you want your company to remain profitable.
What goes into a good sales strategy?
The first step toward getting working capital into your company's accounts is having a rock-solid sales strategy that will drive consistent results. According to the Department of Education, Employment and Workplace Relations, this is a long-term process, and it should begin with drawing up sales targets and then coming up with a detailed plan to achieve them.
For example, if you're looking to sell 50 units of your product in your local area within the next month, how much manpower and effort will you need to make that happen? Which members of your team are responsible for which portions of that overall goal? Come up with a plan of attack that details every employee's obligations and holds people accountable.
Implementing this plan will require a wide variety of skills. You'll need a staff that's willing to monitor data, revisit and revise strategies and have tough conversations when things don't go according to plan.
Finding a routine you can trust
The hope is that eventually, your staff settles into a comfortable routine and sales start to become automatic. Entrepreneur Magazine recommends having a reliable process for each sales call that's likely to appeal to your customers. This should be predicated upon clearly stating your purpose and telling clients exactly how your product can make their lives better.
Check up with customers and ensure their needs are being met.
Over time, you should keep following up and making sure customers stay happy. Are they still getting all the benefits from your product they were promised? Are all their needs being met?
And perhaps most importantly from your perspective: Are customers paying you what they owe in a timely fashion? After all, hitting your sales numbers is only worthwhile if you have the smooth cash flow to show for it.
Secure invoice finance if you need help
Your business is only as successful as the cash you're able to collect quickly. If you can't get your hands on the money quickly, your sales won't do much to drive the long-term improvement of your business. For this reason, it makes sense to have a backup plan, just in case your cash doesn't flow the way you hoped. Fortunately, invoice finance can be that plan.
When you make sales, there's no guarantee of customers paying up straight away. They could take days, weeks or even months. With invoice finance, however, you no longer have to worry about the timetable. You can get cash up front, delivered within hours, which you can then use to invest in your future. Why wait? Get the money your company needs right away.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].