Want to take your wholesale business to the next level? While the goal for most companies is to grow and prosper, there is a lot to think about in order to achieve it. Levelling up your business is difficult no matter what industry you’re in as it includes planning and execution in the face of a fast-moving and competitive market. Before moving ahead with your business’s journey, ensure you have the strategies in place to ensure a smooth transition from your small-scale operation into a larger one. Here we’ve identified some unique strategies you can start using today to move your wholesale business to the next level.
Strategy #1: Offer Special Deals
For new customers, you can offer a one-time discount or free shipping. Daily or weekly deals that offer savings in addition to the wholesale discount is also a good strategy even for your existing customers. Special offers will encourage more customers to purchase in larger volume orders to save more money – think a ‘volume discount’. Once they like your business enough, you’ll create an increasingly loyal customer base, which means they’ll come back to you again and again, even without discounts.
Strategy #2: Implement a Seamless Purchasing Process
Create a smoother transaction by building a robust e-commerce platform and take advantage of automating order management and product distribution process. You can make use of advanced software that can integrate everything from a purchase order to the last-mile delivery system. This way, the process is more apparent to your customers, and it’s easier to monitor your processes. Automated tasks reduce manual labour (and errors) while allowing you to focus more on serving your clients.
Strategy #3: Provide Gold-standard Customer Service
Ensure that your business contact number, website, and social media accounts are all accessible so that customers can contact you quickly and directly. Make sure that your sales or customer service staff are trained to be prompt, professional, yet personable whenever they interact with your customers. Treating your customers this way and prioritising their needs will certainly help you gain loyal wholesale customers.
Strategy #4: Improve your Marketing Strategy
To make your business growth noticeable to your audience, make sure to create compelling and eye-catching campaigns. You should work on your business’ ads, social posts, and email marketing as these can cost-effectively increase the demand for your products. Many B2B enterprises underestimate the strength of marketing. While you may need to leverage different platforms to direct-to-consumer campaigns, the results can be even more substantial. Work on improving your customer relationships and encourage reviews, testimonials and organic word-of-mouth endorsement within your industry.
Strategy #5: Secure Suitable Access to Cash Flow
Wholesale businesses are often limited by cash flow. When you receive an increasingly large order, you have to fund the supply before you receive payment from your customer. Debtor finance is an increasingly popular solution that allows your business to access up to 90% of your verified outstanding invoice value upfront. When your customer pays, and your provider receives the funds, they will remit the remaining 10%, minus a small fee to compensate for the early funding.
“Debtor finance allows you to access larger customers, knowing you can access funds as soon as the purchase is finalised.”
Your business can use this cash instantly to pay your bills, hire new staff, secure new suppliers or invest in growth opportunities. This way, your customer’s can retain their flexible payment terms, while your business is able to access funds straight away – it is a win-win for everyone. Your business can now have the confidence to go for larger customers and sales, knowing you can access funds as soon as the purchase is finalised.
Consider the strategies above to take your wholesale business to the next level. TIM Finance can help you expand your wholesale business with the right debtor finance facility. Don’t let a lack of cash flow hold your business back. Use your unpaid invoices to unlock tomorrow’s cash today with TIM Finance.