When you start a new business, it always takes a while before things get going. Your first few sales will start to trickle in and you can reinvest that money in improved marketing campaigns to get the ball rolling. Hopefully, if everything goes well, you should see a steady increase in sales. But what happens if that increase isn’t steady and your sales skyrocket overnight? Obviously, this is a good situation to be in but it’s also a dangerous one if you are not prepared for this rapid growth. If you can’t meet customer demand and ensure that the level of service is still up to scratch, you will not be able to keep that momentum up and your business may end up in a lot of trouble. However, if you follow these simple tips, you can prepare your business for a rapid increase in sales and capitalize on that success.
Determine The Cause Of The Growth
If your sales have doubled overnight, you must have done something right and you need to work out what it is so you can repeat it in the future. It might be that you launched a marketing campaign that connected well and your sales skyrocketed. Perhaps you had a few social media posts that went viral. Whatever it is, you need to determine the cause of the growth so you can adapt your strategy moving forward.
Prepare Your Inventory Management Process
If you suddenly get a huge amount of orders in but you don’t have the stock to fulfil them all, that’s not a good situation to be in. You will have to let customers down and make them wait for products, which means that they probably won’t use you again in the future. In order to stop this from happening, you need to have a backup plan in place. Make sure that you find a local business storage unit that you can use as overflow if you suddenly need to order more stock. You also need to speak with your suppliers and make sure that they can accommodate any big orders. It’s important that you do this right away, even if sales are slow, so you can be prepared for a big increase if and when it does happen.
Consider Your Staff Needs
When you see a big increase in sales, it’s tempting to panic and starts hiring a lot of new employees to help with the workload. But what happens if sales slow down again? You will be left with a lot of employees that you don’t need and can’t really afford to pay. Although hiring some new employees may be sensible, you don’t know how long this increase in sales will last. It may be better to consider using temporary staff to manage the initial workload and if sales figures remain consistent, then think about hiring permanent team members. Using temporary staff is a great way to give people a trial and if they are good, you can make them permanent if you need to.
As long as you keep these 3 things in mind, your business will be ready to deal with an overnight increase in sales.
Want to learn more?
We’re here to help you to take action just like we’ve helped thousands of other entrepreneurs, business owners and creative professionals all around the globe.
Now is the time to let your passion SHINE.
Now is the time to Make Tomorrow Today!
To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries