Peter KnightThe Franchise Accountant. Franchise Networking. Business và tax advice for franchise businesses
Your sales figures tell you how many dollars worth of sales you’ve made but they can tell you so much more than that. This article looks at the đứng top 5 things your sales figures really tell you.
1. How good your marketing is
Your sales figures will tell you how good your kinh doanh is. The goal of marketing is to lớn generate awareness, interest and engagement with your business. This leads lớn sales. Your market needs to lớn know you exist and what you have for sale. The màn chơi of sales you generate is closely linked khổng lồ how effective your sale is. If you’re not happy with your sales, take a close look at your marketing.
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Your sales figures will also tell you how good your promotions are và whether or not they’re hitting the mark. There should be a direct link between sales và your promotions. If you don’t see a spike in sales as a result of a promotion or local area kinh doanh blitz, it hasn’t worked. Time to lớn reassess that approach.!
2. How good your sales team is
Your sales figures will tell you how good your team is at selling. One of the most important things your sales figures tell you is how good your team is at selling. People are involved in the sales process for nearly every business & are absolutely critical to lớn the sale..! This has such a major influence on your profitability that your sales team should have sales training on a regular basis. I’m astounded at how little attention sales development receives. Many business owners seem lớn think it’s ok khổng lồ let their sales and frontline people just figure it out as they go. This is not ok.! Sales are absolutely fundamental lớn the ongoing success of your business. Vì chưng not treat this lightly!
Your sales figures are a reflection of how well you’ve trained your sales team và how well your system prompts then to be even better at sales. If your sales are not at the cấp độ you want it khổng lồ be, then one of the most effective way to lớn increase them is to lớn improve their skills và undertake specific sales training.
3. What you’re selling
Your sales figures will tell you what you’re actually selling. Which products or services are selling và which one‘s are not. This is important information lớn know for a number of reasons. First, make sure you can continue to supply the vị trí cao nhất selling item. If it’s working, make sure you keep the momentum going! Next, if you can, find out the reason why it is your đứng đầu seller, & see if you can develop other products or services based on that successful formula.
It’s also important to have a close look at those items which are not selling so well. Take the time khổng lồ discover why they’re not. This analysis can give you great insights into the market & what your customers really want. Use this information to lớn re focus your attention on delivering what your customers want.
4. How business is changing
Your sales figures can also tell you how you’re going compared lớn another sales period. This is important khổng lồ know because you can see which way the business is trending. It also reflects the success or otherwise of any changes you’ve made in your business since the period you’re comparing to.
It’s best to lớn first compare your current sales figures with your target for the month. Checking how you went compared to your target gives you the opportunity to đánh giá your performance. It gives you the chance see if there was a particular reason sales were different to lớn what you expected & what you changes you might need khổng lồ implement.
It’s also useful lớn compare your current sales against the previous month. This gives you immediate feedback on the most recent performance of your business. If there are significant differences you can respond straight away. It also allows you to lớn consider the cashflow impact & consider any changes that might be necessary.
You might also want to check your current sales figures against the same month last year. This provides a longer term perspective và allows for month to lớn month variations. The most important thing khổng lồ look for is the direction the business is trending. A reviews of your sales performance against these different time periods will allow you to gain greater insights into your business.
5. What customers are doing
Your sales figures can also tell you about your customer buying patterns. Understanding how much they spent and how often they purchased it really important information. & it can give you an insight into the mind of your customer. The key number to kiểm tra is the average value of each transaction. This then becomes the baseline from which lớn improve.
Work with your team to develop strategies và actions lớn increase the values of your average sale. Even small increases at the transaction màn chơi can have a massive impact on your profitability. This will also give you an insight into how effective your team is at upselling and cross selling. These are critical skills for any business. This analysis may highlight room for improvement.
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Your sales figures are a reflection of how effective your marketing and sales strategies have been & well your business delivers its offering to lớn your customer. Sales are at the end of a whole process that got your customer to giảm giá with you. This highlights how important it is to look at each component of that process khổng lồ find ways khổng lồ improve. The over result is increased profitability for your business.