Sunday, October 21st, 2007

Entrepreneurs - How Do You Ride The Turnover Cycle?

Entrepreneurs - How Do You Ride The Turnover Cycle?
By Lee Lister

You have a great month and make more than you thought possible, but the next month your sales are much lower and by the third month they are almost non existent. What happened and how on earth do you survive this situation?

First of all congratulations on your big sales figures. Do you know why this happened? Did you have a good marketing campaign going on at the time or maybe a lot of referrals. If you don t know make sure you put a tracking system in place so that you do know why in the future?

* Were the sales for the item?

* Did you make a lot of back end sales?

* Where did you advertise?

* Which was your best advert?

So how come your sales then dipped? Did you stop doing what you were originally doing because you were so busy fulfilling the big orders? Best to get your processes sorted out so that does not happen in the future - even if it means getting in more short term staff.

The key to keeping up a good sales record is to:

* Find out why it happened.

* Review what the results of your marketing or advertising campaigns are.

* Update these campaigns.

* Make sure that you can manage this success.

* Do it all again.

If the sales were for items that are frequently purchased such as printer ink, donuts, office supplies etc then set up procedures to contact your buyers again at the appropriate time. You don t want to lose those hard won customers!

If you have genuinely been caught out by this sales surge and don t have enough items to immediately fulfill these orders, then be honest with your customers. Drop them an email or postcard and tell them why, let them know when they can have their purchase and offer a discount on their next purchase. Keep these promises!

Remember that as an entrepreneur that your income will not be regular or guaranteed. Work out what funds you need to run your business and your life. If you receive profits above this amount then put that money away until you have a good cushion for the bad times. Aim for 12 month s cushion if you can, but at least 3 months. If you have one good week - it does not mean that you automatically are going to get another one next month! When you have your large comfortable cushion, you can invest more in your business! Good luck.

Lee Lister writes as The Biz Guru, for a number of web sites including her http://www.com where she sells her informational products. With over 20 year s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses.

If you would like more help and assistance in setting up your new business then visit http://www.startmynewbusiness.com for advice and assistance.

This article may be freely distributed if this resource box stays attached.
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Entrepreneurs - How Do You Ride The Turnover Cycle?

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