In a word: technology. You don’t have to be a scientist to know that the internet and everything about it is making the world a much better place to live. The ability for the average person to have access on a daily basis and to use any devices they desire is huge. But the fact that technology can bring in a vast increase in efficiency also puts a number on what salespeople need to do to make sure they get the most from their inventory, especially at the beginning of the business cycle.
Think about the first year of your business. The number one challenge is making sure you have enough inventory to satisfy the needs of your end customers. Without good inventory, you can’t get enough customers on a daily basis.
Think about your next two years…or even the three years ahead. All in all, you now have a tremendous inventory problem. You need more inventory, and you need it fast.
Here are three tactics your salespeople need to use to ensure that their inventory is fully funded:
1. Give it to us!
A lot of times your customers don’t have a way to get at your inventory quickly. You need some extra cash in the bank. For starters, the sales team should get in touch with the customer and ask for some money, before or after they sign on the dotted line, so we can start to fill the void and get the new stock into circulation.
For a typical store that has 1,000 different products, an average of $150,000 in revenue a month, and 2,000 repeat customers, you’re looking at something around $500,000 in annual sales, including revenue from repeat customers. A little of this cash can go a tremendous way towards your ability to keep up with competition, or even make up some of the money lost over time as customers move on.
2. Make a list.
The most important aspect of managing inventory is ensuring your staff gets accurate updates of the inventory count as you move forward. The better you know the inventory count, the easier it can be for you to accurately price the stocks on the shelf.
3. Use inventory tables.
Inventory salespeople should be constantly keeping a copy of their inventory tables to give their staff more accurate information about market conditions. This information is a huge help for your staff’s decision making, helping them make better decisions on what products really need to be offered to the most customers.
How to avoid a salesperson’s
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