There is always room for growth in the wholesale business, but the competition is fierce. However, there are many actionable steps a young business can take to gain a strong a foothold in the industry and handling sustained business growth. There a lot of moving parts in a wholesale business, and it can be overwhelming when you’re trying to bring in more customers. However, these tips and tools will help you drive and manage continued business growth.
Outsource
A young business often shoulders too much work that could easily be outsourced. A wholesale business should focus on day-to-day operations like managing inventory, handling orders and shipping, troubleshooting, etc. These are the wholesale operations that you are an expert at. However, other aspects of running a modern business can be outsourced to other experts to free up time. For example, a digital advertising company is much more effective and efficient than trying to create an in-house team. They can build a sleek, modern website, handle graphic design, and run SEO campaigns to funnel more traffic to your site. Without outsourcing, you’ll have to continually hire new teams of employees to handle business growth.
Prioritize Sales
A young business needs to focus heavily on sales to start building a stable customer base and a foundation for business growth. Again, this is where outside contractors become extremely valuable. Your in-house sales team can only reach so many customers at a time.
Along with making as many phone calls and setting up as many meetings as possible, a huge part of your attention should also be focused on training effective sales reps. There are plenty of resources for learning and perfecting sales techniques to jump-start business growth.
Referral Program
A referral program lets your existing customers do your work for you. Giving existing customers who trust and respect your business special deals, discounts and rewards encourages them to bring business to you. This means you have to spend less money on advertising and sales and frees up time to focus on other aspects of your business operations. Referral programs are easy to implement and will quickly spur business growth.
Smart Hiring
Employees that are smart, talented and eager to learn are perhaps the most important necessity for keeping with business growth. Even if you are a young business, it’s well worth it to spend the extra money to hire the best contractors and freelancers and attract high-quality talent. If you want solid business growth, you need employees who want to grow your business, not just have a place to work.
There are plenty of ways you can actively attract and lock-down smart and driven applicants.
Social media is a powerful tool for a several reasons. Young generations of workers are drawn to companies that keep up with the evolving modern business landscape. Additionally, you can use social media to screen potential candidates. It may seem uncomfortable, but you can learn a lot about a candidate’s character from their account.
Another way to attract the right applicant is to put a lot of thought and care into writing the job description. It seems like a small thing to worry about, but the job description is the first thing an applicant sees and is an opportunity to not only excite them about the job but also to use language to show them the personality of your business. A light-hearted description will stand out against the innumerable boring, sterile sounding descriptions from other businesses.
Continuous Education and Skill Building
Continuous training and education will help you and your employees grow and evolve with your business. It is well worth the investment. New problems arise as your business grows, and it’s important to be able to adapt and improve to keep boosting business growth. Luckily, there are tons of resources available. You can hire mentors and training specialists to build specific skills for the different branches of your business. There are sales experts to help your reps close deals, and leadership experts to help managers become expert communicators. Additionally, there are digital courses that are readily available and cover a wide range of topics that can be completed at your leisure. More talented and skilled employees can be proactive in adapting your business operations to continue driving business growth.
There is no ceiling for wholesale business growth, and you can start achieving that growth immediately by implementing these manageable tips and tools.
At Mobisoft, we are dedicated to helping your business never stop growing. Contact us today if you’d like to take your business to the next level with our digital ordering systems that erase the need for paper.
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