Ideas to Increase Business and Reduce Expenses

In the time of downfall you can find a huge number of layoffs with more than 1,00,000 employees this semester and all the companies are looking out ways to increase their sales and reduce their costs to make sure they can sustain this downfall, here are few tips which can help you reduce your business expenses along with a growth.

• Smart Promotions

  
  The reason why i use smart promotions is that, there are many ways of getting clients which are cost free or low costed and high converting, but you need to research on these and try to find them out. Example : If you are a hotel owner you can try out sponsoring Train Tickets & Flight Tickets, in short by offering co branded ticket papers and offering them to the booking companies for free of cost, in this case they would allow you 30-50% of the space for advertising. Now whenever someone books a ticket its obvious he would need a hotel booking , for which they would atleast contact you for a quote. Another example for a online client would be like going to colleges and offering students with information on how to start a website, whats the use of the same and how to make money from them, and in return promoting your web hosting or web developing company by selling the products to the students. For every niche there are many smart ideas which really work out and are at the lowest costs.

• Offering Discounts on Totals

  
  If you are selling products/services either online or offline and are fed up with the lowering sales you should try out offering discounts on all your products. Its obvious that a small discount wont make you lose or close down your business because you are just parting with some of your profits share. Iam not recommending you to offer discounts on specific products but you should go with a total discount option which means that you should offer your customers a discount on the total bill, which can be calculated like this :
  Bill Amount About Rs 10000 – 5% CashBack Discount
  Bill Amount About Rs 25000 – 10% CashBack Discount
  If you feel that you are going to make less profits with this idea then you are wrong because its a known point that whenever customers find discounts on a total amount they try to buy lot more things than they really need and also end up buying even the stock which you would have considered as dead stock. This means that overall you are in a better scene with these total cashback discounts and you can also consider offering the customers with a voucher instead of cash to again save up some money from the offered discount.

• Offering Ultimate After Sales Services :

  
  In today’s world 90% of the business which are in the top are only because of the seriously good after sales services they offer, if the companies have a bad/no after sales service they are not going to expect more returning clients and no word-of-mouth publicity. The point here is that if you are selling some products like lets say gifts, cakes etc then you should contact the buyer after the delivery about the quality, time of delivery, feedback and also take some suggestions. If the customer complaints about some problem they came through you should try to quickly get it solved by sending your staff or helping them out via phone/email support. You can also apologize instantly and offer the customer with some discount for the next purchase which would not be available for any other customers. Dont worry you are again not losing up profits but you are building a better customers base who would always recommend your store to everyone in their network and also would keep returning to you for buying more stuff in short it helps you in increasing the clients base and help you in growing your business.

• Reward Referrals :

  
  There are customers who would love to tell their neighbours and friends about their latest purchases and show off, and in return these people would also get interest in buying this stuff. From now on tell your customers that whenever they refer someone to your store, they would recieve a extra % discount on their next shopping bill. This way you are going to get a customer who is for sure going to make a purchase at your store since he is referred and also the referring customer would also return back to avail his discount. Its always better to go for more sales, more turnover and less profit margins that getting higher profit margin for lower amount of sales.