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How to Ensure That Your Store is Ready for Summer Shoppers

The first day of summer is fast approaching. If your small business has a physical location, then your store could be flooded with summer shoppers before you know it.

Here are some tips to ensure that your store is ready for the throngs of summer shoppers.

• Remove All Old Signs, Offers And Slow Moving Products. Remove all old signs that indicate you still have slow moving, dust collecting products from the winter.

  Stock fresh new products in bright packaging – with prices to match.

• Mark Down The Prices Of Your Products. Mark the original prices of the product on price tags, then cross them off and write the revised discounted prices under the original prices.

  Your customers should feel that you have implemented the special prices as part of a summer sale. Keep fonts bold and large, so that shoppers can read them from afar.

• Make A Summer Theme. Your store display can be done up in a summer theme. You can also use neon lights and fake sand to make your display attractive.

  Some stores use live mannequins and this is something that you should consider. Proper lighting is necessary so that your key products and their prices are highlighted.

  Merge the summer theme with the products that you are trying to sell.

• Avoid Clutter. Do not clutter up your store display since the point of your theme will get buried under that clutter. Keep your theme simple and clear so that shoppers can understand it immediately.

Use the above methods to get your ready for the summer selling season.

Tips for Dealing with an Armed Robber in Your Retail Store

Many retail store owners have the unpleasant experience of being robbed by an armed person. It is definitely a scary experience; but instead of thinking that it can’t happen to you, it’s best to be prepared.

The following tips will help you if your retail store is held up, so that you can escape with the minimum loss to health and wealth.

• Don’t Pull An ‘Arnold’. Even if your body is sculpted like Arnold, you will still be at a disadvantage if the robber has a gun and you are stuck behind the cash counter.

  Don’t try to be a hero - remain calm and do as the robber says.

• Do Not Keep Too Much Cash In The Register. You should regularly shift the cash collected in your cash register to another hidden place inside your store (preferably a hidden safe) when there are no customers present. This will limit your losses in case of a robbery.

  However, keep some amount of money in your counter so that the robber does not get the idea that you emptied the counter earlier. You can also keep marked bills as bait for the robber.

  This will be very useful when the robber is caught with the cash.

• Observe Carefully. You should observe the attire and the mannerisms of the robber so that the information can be passed on to the police when the robber is gone.

  Observe the robber’s eyes, chin or teeth. Look for any nicks, cuts or tattoos on the robber’s face and fingers. If the robber is not wearing any gloves, then observe any spot that the robber touched, so that the police can lift the fingerprints.

  Install a high resolution CCTV (Closed Circuit Television) system in your store so that the antics of any would-be thieves are recorded.

• Do Not Touch The Crime Scene Until The Police Arrive. Once the robber is gone, call the police immediately and seal off the crime scene area.

  This will enable the police to get some clues of the robber’s identity.

  If you recognize the thief as a local, do not blurt it out during the robbery, but give that information to the police instead.

Use the above tips to stay out of trouble in case of an armed robbery in your retail store. Remember, your life is more important than your cash.

How the Right Product Positioning and Pricing Can Increase Your Sales

As a small business owner, it is very important for you to position and price your products in such a way that you achieve maximum sales and profit margins.

However, there are some factors that need to be considered so that product positioning and pricing can bring about an increase in your sales.

Researching Your Market

You should conduct research in your market and find out what prices have been set by your competitors for similar products. Find out the warranty and after-sales service features offered by your competitors as well.

Next, find out what superior and inferior products cost, as compared to your products. You can now determine the strength and weakness of your product’s prices, as compared to the other products on the marketing; and can find an empty slot that you can position your product in.

This method will reduce competition, since your product will be in a position where superior quality products are priced higher and inferior quality products are priced lower.

Select Your Product Position Either by Basic or Premium Pricing

Depending on the product, you can either just add your profit to the product cost and sell it off; if the product is rare, is an artifact or is technically complex, you can add a premium to your profit margin.

This will put that product in the premium segment due to the ‘halo effect’. For example, a Mercedes and a Suzuki Hatchback will both take you from point A to B; but in the case of Mercedes, the word ‘luxury’ adds a premium to that product - and it is therefore positioned at a different level.

You will need to add a little ‘more’ to your product if you want to position it at a higher level.

4 Tips to Closing a Sale Successfully

Depending on the type of business that you do, it is very important to hone in on the correct selling strategy to ensure that you close almost all of your deals, rather than missing out on some or most of them.

Here are some methods to assist you in closing sales successfully.

Don’t Rush the Deal

You should lead the prospective client slowly but steadily towards the closing. Don’t get too aggressive or rush through the process.

Take the required steps to ensure that the customer is comfortable when finally go for the close.

Timing Is Critical

Each and every deal is different. So it is very important to observe the prospective client to ascertain the position of the deal.

Once you are sure that the customer is comfortable and ready to close, then get that pen out and get the job done.

Different Routes for Different Folks

You might have to take different routes to sell the same product to different customers.

Depending on the person you’re dealing with, create a need, pamper the prospective client’s ego or explain how their life will become easier after buying your products or services.

Observe your prospective client before deciding on which sales pitch will work best on them and go for it.

Build Trust

You should not think of selling a product as a one-time affair, but rather as a lifelong commitment. Once your prospective clients put their trust in you, then closing future deals will become just a formality.

Use the above methods to ensure that you close each sale successfully. Your clients will walk away satisfied and hoping to do business again with you in the future.

Top Reasons Why Salespeople Fail

Many salespeople are ill-prepared when they step into the selling arena and try to convince people to buy their products.

Given below are some of the common reasons why salespeople fail – and how you can help your salespeople succeed.

Not Enough Product Knowledge

Many salespeople do not take the time required to study the technical aspects of their products. They are more concerned about how many they sell.

As a result, they cannot answer the technical questions of their potential customers. Many times, this is a result of poor training by their superiors.

Over Or Under-Confidence

Both are bad for salespeople. A salesperson should have confidence - or should at least look confident when approaching a prospective customer.

They should not act arrogant and should use language that customers can understand. Being attentive and understanding the customer’s needs before taking action will help them in increasing their sales numbers.

No Follow Up

Many times, a salesperson might be quite aggressive while trying to get an order; but once the sale is closed, they then neglect to follow up on the order and ensure that the product reaches the customer on time.

They should be aware of any problems, and should communicate with customers if there is a delay in shipping or any other problem.

Not Interested

Many salespeople try very hard to get into sales but once they do, they forget all about sales and seem to be distracted with other matters. This results in customers being frustrated by the salesperson’s lack of interest in selling or solving their problems.

Sales is an interesting, challenging and rewarding activity in any business - but salespeople should realize that effort is needed to be successful and stay ahead in the game.

4 Reasons to Automate Your Small Business

With competition increasing every day, you need to automate your small business if you want to stay ahead of your competition.

Here are 4 compelling reasons why you should automate certain functions in your small business.

1. It Is Now Affordable

The technology to automate your business has now become very affordable. The hardware and software required for you to automate is also simple to install and use.

Many companies also offer training sessions for you and your employees to learn the new technology in a very short time.

2. You Can Save Time and Money

When you automate your small business, you will be saving precious time in purchasing, stocking, tracking and selling your products.

You can also have all your accounting data linked to your inventory - thus helping you save time and money by keeping a sharp eye on your products and your accounts.

3. You Can Stop Pilferage and Loss

By installing a CCTV system on your business premises, you can stop your products and other equipment from being pilfered not only by some of your customers, but even by your own employees.

The fact that you have a CCTV system installed will deter most would-be thieves.

4. You Can Keep Track Of Your Inventory and Your Customers

By exploiting the full potential of inventory software, you can keep track of your fast and slow moving inventory, and place orders on a just-in-time basis. This can reduce your inventory levels and increase product rotation.

You can also keep track of your customers and your suppliers’ accounting status at any given time. This can help you in planning your finances so that your small business is in a healthy financial position at all times.

By following the above steps, you’ll have the information you need at your fingertips, cut your expenses and maximize your profits. Now is the right time to automate your business if you have not already done so.

How to Create a Good Compensation Package for Your Employees

In these competitive times, it is very important to hold on to your good employees.

In addition to making them feel comfortable at the workplace, it is also essential to provide a satisfactory compensation package so that they feel financially secure.

Here are some ways to achieve this.

Do Some Research

Find out what your employees might want in addition to their salary. Then figure out which factors you can incorporate into the compensation package and those that you cannot.

Doing your homework before offering a compensation package to your employees will save you time in modifying the package later on.

Know Industry Rates

Before you offer a compensation package to your employees, be sure to check out the industry rates for that position. That way, you will not find yourself on the wrong foot when you make an offer.

Your employees may also be checking out industry rates, and they will be happy if you offer them something more.

Offer Your Employees Incentives

If you can’t offer cash incentives to your employees, then try something else.

For example, you can offer them gift certificates to their favorite restaurant, a certain number of paid vacation days (above and beyond what they would normally receive), or even a retirement package if they perform according to your expectations.

Go the Extra Mile

In addition medical and leave benefits, you can also add other compensation, such as higher overtime pay or an attractive pension package if your employee sticks with you for certain number of years.

You can add any compensation according to your industry; but the end result should be that your employee is motivated to work hard and stay with your small business for years to come.

It is not very difficult to hold on to good employees - if you offer them the right compensation package, matched to their performance. This will ensure that both of you get what you had hoped for.

3 Warning Signs of an Online Business Scam

If you have just started your online business and are looking out for ways to increase your profits, then be aware that there are many people out there in the virtual world just waiting to scam you out of your money.

The difficult part is that you will probably not be able to identify your online mugger, let alone capture him or her.

Given below are 3 warning signs that could signal an online business scam.

1. Make Ridiculous Profits in a Single Day

There are no legitimate businesses out there that will enable you to make thousands or dollars in a single day - unless you are in the business of printing counterfeit money.

So stay away from any schemes that promise just that. You’ll probably end up wasting not only your time, but also your hard-earned money.

2. Sites That Have No Specific Details

There are many websites offering different avenues to make money. But most of them have only their email addresses on them.

Stay away from websites that don’t include their full brick-and-mortar address, contact number and genuine company history.

It is very easy for a business to close their online shop and vanish without a trace – with your cash in hand.

3. Testimonials That You Cannot Cross-Check

Many sites give testimonials of various people or companies praising their products and services, but with no details of those individuals.

If a business does not give out contact numbers and addresses of such people, then there is no way for you to cross-check those testimonials, and you should assume that they are fake.

Keep an eye out for the above 3 warning signs. They could indicate that an online business opportunity that promises you a lot is actually a scam.

How to Make Cold Calling Pay Off

Most salespeople hate cold calling. The results are usually quite dismal, compared to the time and effort made to convert telephone calls into firm inquiries and sales.

Here are some tips that will help you to increase your chances of success in the cold world of cold calling.

Have Your Punch Line Ready

Do not keep your punch line reserved for last, since you might not get that chance. Have your punch line ready to make an explosive start and to keep your listener interested in your call.

Even if the prospective customer doesn’t entertain you, chances are that he or she will remember the punch line in the future.

Research Your Target Market

If you have a list of numbers and addresses in hand, then first eliminate prospects who might not buy from you if they are geographically or financially out of your sales area.

If possible, get data from 2 sources and compare them – that way, you’ll have a viable list of prospects.

Set a Fixed Time

Do not call prospects early in the morning or late in the evenings, when people are most likely to be having dinner, sorting out the previous days’ matters or planning for the next day.

Use the early or late afternoon period, when prospects may be slightly more relaxed. Once you set up a routine, then it will become much easier to make that call.

Use Tact and Be Alert

When cold calling, try to understand what the person on the other end of the line is feeling and act accordingly. If the answer is a firm no, then move on. Don’t argue or try to force the other person to listen to your point of view.

Use tact to negotiate around objections without being aggressive or downright annoying. Above all, if you sense that your prospect is getting angry, simply leave your company name and number and call it a day.

Cold calling might seem a waste of time and energy - but if you do your research and your sales pitch is interesting, chances are you will be successful.

How to Save Time in Your Home-Based Business

If you are conducting your business from your home, then you have probably realized that there are many distractions that take up a lot of your time. Time which is better spent being more productive.

Given below are some helpful tips that will help you save some valuable time in your home based business.

• Keep Your Personal Life Separate. In your home, keep your personal life separate from your office life. You can teach your children, friends and family that you are not to be disturbed during your working hours unless there is an emergency.

  If you have errands to run, it would be a smart idea to combine your office and housework together to save time.

  For example, you could combine a trip to the bank with a trip to the supermarket if they are close by. Or, if you are dropping your children off at school, then drop by the office-supply store along with that trip.

• Use That Computer. Get organized with an electronic calendar. Your daily schedule can also be loaded on a hand-held organizer and synchronized with your computer.

  This will enable you to have all your data on your fingertips no matter where you are, which will save a lot of time.

• Set Up Time-Based Targets. Make a time-based plan for completing business tasks. Shorten the time if your plan is completed ahead of schedule.

  This will result in improved planning and will help you to cut down the time taken on future projects.

• Hire An Assistant. If your home-based business is doing well, then you can easily hire an assistant who can take care of all your routine tasks, such as handling calls and processing routine paperwork.

  You can then concentrate on more pressing matters. You can even hire a Virtual Assistant, who will work remotely and help you in updating and maintaining all your online work.

Lack of time is often a small business owner’s worst enemy. Use the tips above to turn it to your advantage.