How to Increase Turnover

Business development is all about growing turnover and more importantly profit. But what exactly is turnover? Turnover is money coming into a business, which is not the same as profit. However increasing turnover certainly should increase profit as well.

Two ways to generate additional turnover:

• Win new customers
• Find ways for existing customers to spend more

How do you do that? Through better marketing. Marketing is what attracts customers to spend – it’s about having products and services the market wants and informing them about how those products and services will benefit them. It includes a whole range of activities such as  producing a website, Google Adwords, email marketing, social media, blogging and more traditional media such as advertising, direct mail, newsletters, PR etc.

Four Steps to Improve Turnover

Here are four steps you could take to help increase your sales

• Existing customers. Definitely the easiest and quickest way to grow your business. Upsell and cross sell your products to your existing customers. Identify which products they don’t buy from you and then tell them about them. You should also keep them informed of all new products and innovations
• Referrals. Actively ask your existing customers to refer you to their contacts who would benefit from your services. Make referral marketing an active part of your marketing armoury as opposed to a matter of chance.
• Promotion. Adding a promotional offer into your sales pitch will dramatically increase your conversion rate.
• Leads. Leads are the life blood of most businesses. Rev up your marketing machine to generate plenty of leads and then ensure that your conversion strategies are in good working order.

However, for dramatic business growth, focusing on the seven levers to business success will deliver spectacular results.

Business development advice can help every small business to increase turnover and also to grow profit. Find out more about business development advisors.