Brexit is the hot topic on everyone’s mind and the uncertainty of the outcome is causing panic among business owners because of the unknown risks that could affect their company. Decision makers are asking themselves whether to stockpile products, hold off on investments or reduce spend to maximise sales.
But no matter the outcome of the deal, business-savvy decision makers are investing in their company to ensure they better themselves in preparation for any outcome of Brexit. Don’t put your business at risk by burying your head in the sand.
Think long term for your company and look to improve efficiencies and productivity for the future success of the company regardless of Brexit. To help you think long term to improve profits, we’ve put together our Top 10 Tips to ensure you future-proof your company to Battle Brexit no matter the outcome.
OGL’s Top Tips to Battle Brexit
1. Improve workforce efficiencies
Ensure all staff members can work effectively to maximise productivity and allow proactive departments – like marketing – to grow the business.
2. Release funds tied up in dead stock
Put a software system in place that can give you visibility of your best and worst sellers for optimum performance. You don’t want or need precious money tied up in stock that won’t sell.
3. Buy smarter from your suppliers
You need a system that can identify where you can better negotiate with your suppliers to keep cost price under control. Your system should also allow you to easily batch upload new supplier or product pricing so you can be sure your cost figures and profit reports are accurate.
4. Track sales staff performance
Your business software should allow you to monitor your sales staff performance in order to achieve, and better yet exceed targets. It’s not possible to improve on your sales efforts if you don’t know how you’re currently performing. Accurate data is crucial to setting and exceeding targets for future growth.
5. Improve your customer service
Your CRM software should enable you to provide personalised, quality customer service to improve relationships and customer retention rates. Your ERP system should provide you with the capabilities to record all customer communications, view order history, special pricing and account agreements so that you can see the full journey of your customers and provide personalised interactions and relationships.
6. Know your best sellers
You need a software solution that provides reports that help you to determine best sellers and products with the highest profit margin to maximise sales orders.
7. Personalise your marketing
You should know everything about your customers including what they’re buying and no longer buying from you so you can personalise campaigns for maximum marketing efforts.
8. Be better than your competition
You need to profile your competitors to find what products or services you can provide that your competitors don’t. Find out what you sell well, focus on that niche and outperform your competitors.
9. Start selling online
An eCommerce store will increase your audience and allow you to sell your products and market your brand to a wider audience. eCommerce integration with your ERP system makes fulfilling online orders just as easy as any other order in your business, so start increasing your sales orders and sell online.
10. Be business savvy
Your competitors and business-savvy decision makers will be ensuring they’re preparing their business for future success regardless of Brexit. Be proactive and invest in an ERP system that will improve efficiencies and boost profits.
Bonus Tip: Buy Better & Sell Smarter
Invest in a complete business software solution that will allow you to take control of your business and drive it forward to ensure you succeed in the future regardless of the Brexit outcome. prof.ITplus is built for stockists, distributors and wholesalers to help them buy better and sell smarter for maximum efficiency.