Posted by – June 10, 2011
A common complaint among small business owners is that they don’t have enough clients to grow their company. To ensure satisfying results, make a plan to get new accounts. Some techniques you can try to attract new business include:
- Follow-up on leads that have expressed an interest in your business. Rather than starting from square one and trying to sell to anyone, go back to clients that seemed on-the-fence. It will be easier to get a sale from them than convincing a new lead to partner with your business.
- Determine the type of client you want. This will also make it easier to find leads. Narrowing down your potentials will save you time.
- Try to get bigger accounts as opposed to several smaller ones. You will need to find fewer clients but still make the money you want to.
- Be just as good to returning customers as you are to new ones. You may end up needing fewer clients this way.
- Develop a pitch. Tell prospective clients why partnering with your small business is almost risk-free. A thoughtful pitch is more likely to turn leads into clients.
For more tips on getting new clients, read this Canada Business article.
If you need assistance increasing profits for your small business, contact the Winflow Financial Group. Our trained consultants will help you realize your company’s potential.
Posted by – June 10, 2011
When starting a small business, it is important to complete an in-depth market analysis. This will show you who your customers are, who the competition is, what advertising you will need and what problems, if any, you can expect to run into. Identifying your market correctly involves the following:
- Determine who your customers are. What are their ages, interests and purchasing patterns? Once you have identified your target market you will have a good idea of the type of advertising required to sell your products.
- How does your product fit with this market? Is it a necessity or a specialty item? Different types of products require different types of advertising.
- Divide your customers into market segments. Customers that share similar qualities should be grouped together. From there you can determine your advertising needs in various market segments.
- Research your competition. How close are they to your business? What percentage of the market do they have? How can you appeal to customers in ways they aren’t?
- Determine the best pricing methods based on your market analysis. Consider factors like how much it will be to cover costs or how competitive your prices are.
If you need help completing your market analysis, contact the Winflow Financial Group at 1.800.956.6897.
Posted by – June 10, 2011
Selling your goods on consignment involves shipping them to a distributor who only pays for the merchandise he can sell. Though this isn’t ideal, it is a good alternative for business owners who are having trouble getting the funds to keep products in stock or have seasonal products that won’t make it to the shelves in time. It can also be used as a marketing tool. Some other reasons for selling on consignment include:
- New businesses with no sales may have a hard time finding dealers who are willing to take the risk of investing in your product. Selling on consignment means the dealer has no obligation to sell your product and won’t lose money if the entire order doesn’t sell.
- Small business owners that sell perishable merchandise may also have trouble finding a dealer willing to stock it. This is another way dealers feel safe and you still make a potential profit.
- If you haven’t found a buyer, this is a way to expose your merchandise to the market and develop your reputation.
To learn more about selling on consignment, visit this Canada Business page.
If you need help getting your merchandise stocked or turning a profit, contact the Winflow Financial Group. Our trained consultants will make a personalized plan aimed at growing your business.
With rapid advancements in technology, getting your business on the web is essential. You can use the Internet to gain the following advantages within your business:
- Business to business (B2B) commerce. B2B activities include purchasing materials online, cooperating with other businesses and leveraging your online presence.
- Internet marketing. You can do a lot of your marketing online these days by using strategies such as search engine optimization (SEO), publishing on third-party websites, running corporate blogs like this one or online advertising models.
- Human resources management. By posting job opportunities within your company online you’re likely to get higher response volumes which could mean more qualified employees.
- Online sales. Setting up a way to sell products from your site is ideal for any business big or small.
- Intranet. Much like the Internet, the intranet is a network that communicates information to users within the network. The difference is the intranet is used for communication within your company. Utilizing this technique can allow you to coordinate internal company operations and increase the speed that information is delivered within your business.
To learn more advantages that come with utilizing e-business, read this article. If you need assistance deciding how to best use the web to your advantage, contact the Winflow Financial Group. We can be reached at 1.800.956.6897.
Many small businesses have struggled through the global recession and may now be facing bankruptcy because of it. If your company is facing financial ruin there are a lot of alternatives available to Canadians considering filing for bankruptcy. Some steps you can take on your own to try and prevent bankruptcy include:
- Sell some assets. Considering selling something of high-end value like a second home, car or electronics. Be sure to sort out any expenses that are associated with repairing your assets before deciding to sell.
- Set a budget. Knowing where you stand financially and allotting money to essentials will help get your finances back on track.
- Call the creditors. Try and work out some sort of arrangement for a reduction in payments or interest.
- Consolidate debts. This type of loan combines your outstanding debts into one loan. Debt consolidation can also lead to lower interest rates.
To learn about the formal alternatives to declaring bankruptcy visit the Office of the Superintendent of Bankruptcy page. If you need assistance preventing or navigating through bankruptcy, the Winflow Financial Group can help. Call us today at 1.800.956.6897.
For more information on closing or selling your company, read the articles below.