Opening a business is always driven by passion and a goal in mind to achieve. We all have dreams, and turning them into reality is always our priority. But, in the early days of business, it gets difficult to balance our revenue and expenses. So, to compensate for that, we tend towards instant gratification of charging more profit margin.
How Instant Gratification is Not Helpful!
You would think why making more profits is not helpful? It is not, because a customer who buys from your store with a higher price than your competitors are offering, will not step into your store again.
Fixed Profit Margin
Finding a suitable percentage for your sales profits is the best technique to increase the volume of sales. For example, you have an inventory of more than hundreds of products, and you always have to calculate each product cost, and then quote the price to customers, which makes everything complex and time-consuming. Instead, an intuitive POS system will allow you to add a fixed profit percentage on all of your inventory over the cost of the products without getting you to do the calculator.
Existing Customer is a Goldmine
At CellSmart POS, we always say, “A Potential Customer is Gold, But an Existing Customer is a Goldmine”. Because in our over a decade long experience, we attained more customers through our existing ones. Now, all you have to do is treat your customers with loyalty points, special discounts, and good service. They may buy from you a $10 accessory for the first time, but after a month, you might be selling them an $800 mobile phone.
Envision your business for the next ten years, and you will get the direction. Always keep your long-term benefits insight. Fix your eyes on the volume of sales, and you will be making more revenue than before.