BusinessLink Newsletter 30 January 2014
Sales make all the difference
This is the stress week. Yes, the time of the month when business owners worry about paying salaries, rentals and other regular fixed expenses. With the economy on a free fall, many company owners are deciding to close shop as they cannot stand the stress month in and month out.
While many are shutting down, others are re-opening in new style. OK Zimbabwe recently opened a new technology retail outlet named iTech. It is located at Eastlea Shopping Centre along Samora Machel Avenue (the old Bon Marche supermarket).
The new shop is part of OK’s product diversification strategy to grow revenue. Besides selling hi-tech products, iTech will also have booths from other tech companies that will have technological experts from their respective companies to assist clients with their respective solutions to problems like software upgrades.
The ever ingenious executive team at OK noticed the fall in retail revenues as competition increases and decided to diversify in order to increase revenue in a shrinking market.
Most problems in business can be solved by increasing revenues, which directly impacts on profits. Your strategy this year, whether you want to survive or grow, should incorporate a way to increase your sales amidst the existing and increasing intense competition.
There are basically three ways you can increase sales:
a) Sell more of your existing products or services to existing customers
b) Get new customers for your existing products and services
c) Diversify by developing new product or service offerings
Every strategy needs good planning to map out the tactics and actions to be taken. This is not to forget how to deal with the competition and other factors that could affect your decisions and actions.
If you haven’t done so yet, take time to do or redo your marketing strategy for 2014 in order to survive and grow in this scary economy.
To help you map a strategy that works, you can make use of my book “High Impact Low Cost Marketing Strategies for SMEs”, which is available in print for $8 and $5 on CD (PDF).
Note: We are planning for the first breakfast meeting for 2014 in mid February, details will be available soon in this newsletter.
Phillip Chichoni is a business development consultant, trainer and author. His books include Business Planning Simplified and High Impact Low Cost Marketing Strategies for SMEs. You can contact him by email, email@example.com or visit http://smebusinesslink.com.
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