Starting a business these days seems quite easy due to the plethora of information out there from other, already established businesses. They all say what it is they did that worked and didn’t work for them, and none of these bits of wisdom are hidden or offered for a fee: it is all free. New wholesalers who want to be successful have a lot to learn from those who are veterans in the wholesale business; besides, as it is said, you never stop learning.
Every successful wholesale business has its own list of things they did to become successful. Streamlining their ordering and delivery process, dreaming big, knowing how to get customers…the list is endless and diverse. Here are a few lessons culled from different successful wholesale businesses that you can use to grow your own wholesale enterprise.
Change is inevitable. After crunching numbers, evaluating your business model, objectively analysing your business strategy and seeing that things just aren’t adding up, that your business would do better if you changed things up. Being afraid of change is what kills most wholesale operations. One method cannot continue to profit your business and bring in great returns forever. Be objective about what you are doing, and make adjustments when and where necessary, so that you may reap the benefits this change brings you: growth and more business opportunities.
Don’t be afraid to experiment, to try out new things and see how they fit and how they may boost the growth of your wholesale business in the long run. Google is always used as an example for this. Google has something it calls ‘20% time’, something where they allow their employees to take 20% of their time to work on something that interests them, yet related to the company. This 20% time has led to the creation of Google News, Gmail, and a host of products and services that benefit the company, its staff, and its customers. Encouraging people in a workplace to do something that they are passionate about is always said to make people work better, as is the case with Google. Never be afraid to experiment with ideas, they could yield great returns for your business in the end.
Positivity is infectious. It doesn’t matter what you are selling, but as long as you are positive about it, others will see and tap into it. Being enthusiastic about what you do shows, and customers tend to gravitate towards that optimistic vibe. Negativity is always lurking in the background, but it pays to see that good in everything and to show appreciation for it. Don’t fake the happiness though, because ‘faking it till you make it’ may not work out for long. Truly believe in what you do and its ability to bring a smile on your customers’ faces. By improving the moods of the people around you, you are building a brand that says ‘we are happy, and we want you to be happy too’. Always look at the silver lining. Positivity pays. Literally.
Create a Brand that Solves Problems
If you have noticed that other wholesale businesses have problems with timely deliveries, make your own wholesale business one that delivers orders right on time. Look at what businesses are doing that are wrong, unethical, or of no real help to the customers in any way, and make your brand the one that will tackle those issues and solve them. The customers are the most important factor of a wholesale business, and they have needs that have to be satisfied. Anticipate those needs and offer solutions to them even before the customer has identified their problem, thus leaving you and the customer satisfied. Make your wholesale brand the one that solves problems, and not exacerbates them.
Let People Do Their Job
As a wholesale business grows, more staff will need to be hired. When the business is no longer a one-man show, and you as a wholesale business owner need to come to terms with that and fast. Once you have hired people to do various tasks in your business, leave them to it. The reason you hired them in the first place was that they could do the work perfectly. So why are you still micromanaging them? This attitude can actually affect the productivity of the staff, as they are made to feel incompetent or inadequately skilled in handling their tasks. Allow your staff to do the work you have hired them for, and, with the trust and faith you have shown in them, they will work even harder to make your wholesale business a success.
Keep Track of Changing Trends
An important lesson one can learn from successful wholesale businesses is to keep track of the changing trends. Take note of the changes in the economy, customer’s taste, how well certain products are doing in the market, and a host of other trends. As said earlier, change is inevitable, and it doesn’t happen only within the company. Always take note of what is happening outside your business that can affect your decisions, no matter how small it may be. Most wholesale businesses have had to close up during economic recessions, but some businesses still manage to thrive during those hard times. Is it because the customers simply can’t do without them? No, simply because they paid close attention and adjust their business plans accordingly.
Giving your customers a great wholesale customer experience, knowing how to target and acquire new customers, and knowing how to improve customer loyalty are all lessons that are learnt from successful wholesale businesses who have been there and done that.
With the tips given above, new wholesale businesses can see how they can apply them to their businesses so as to increase their sales, expand their business, get new customers, and keep the profits coming!