Possible Growth Strategies for Mr. Wilson and his Business, Tuscan Treasures
Part A: Provide Mr. Wilson with three possible growth strategies.
One growth strategies that Mr. Wilson should consider for growing his business, Tuscan Treasures is to implement a sales incentive program. In most cases, Employees will work harder if there is a target (incentive) provided for them to strive for. Many successful and progressive businesses are embracing performance-based compensation and incentive programs. Why? Because most of the time, they meet a need and offer tangible benefits.
Upselling is another good way to promote growth in a business. Upselling refers to a sales strategy wherein a salesperson recommends related products or services to the customer just to promote the sales. For example, a movie theatre cashier asks a customer who just ordered a medium popcorn and drink if they would care to purchase a movie combo instead which contains the same items as well as a candy for only a dollar more. Salespersons should know the products they sell inside and out so when customers come to buy the product or service they can tell them how great their choice is and suggests complimentary items.
The third growth strategy I would suggest to Mr. Wilson is that he keeps in contact with his existing market. A common error that companies make is looking for new business instead of concentrating on the business they already have. If Mr. Wilson considers his existing customers, there is an extremely possible source of additional income there. Analyzing past sales will help in offering incentives to the existing customers and will also help him to stock the store in such a way that the inventory moves faster and of course we all know that satisfied customers praise is the best advertisement for new ones. According to Microsoft Business for Small and Midsize Companies, “If you can track your highest-paying customers over the past six months, as well as their product preferences, you can keep sending special offers that will fuel sales. Such tracking
One growth strategies that Mr. Wilson should consider for growing his business, Tuscan Treasures is to implement a sales incentive program. In most cases, Employees will work harder if there is a target (incentive) provided for them to strive for. Many successful and progressive businesses are embracing performance-based compensation and incentive programs. Why? Because most of the time, they meet a need and offer tangible benefits.
Upselling is another good way to promote growth in a business. Upselling refers to a sales strategy wherein a salesperson recommends related products or services to the customer just to promote the sales. For example, a movie theatre cashier asks a customer who just ordered a medium popcorn and drink if they would care to purchase a movie combo instead which contains the same items as well as a candy for only a dollar more. Salespersons should know the products they sell inside and out so when customers come to buy the product or service they can tell them how great their choice is and suggests complimentary items.
The third growth strategy I would suggest to Mr. Wilson is that he keeps in contact with his existing market. A common error that companies make is looking for new business instead of concentrating on the business they already have. If Mr. Wilson considers his existing customers, there is an extremely possible source of additional income there. Analyzing past sales will help in offering incentives to the existing customers and will also help him to stock the store in such a way that the inventory moves faster and of course we all know that satisfied customers praise is the best advertisement for new ones. According to Microsoft Business for Small and Midsize Companies, “If you can track your highest-paying customers over the past six months, as well as their product preferences, you can keep sending special offers that will fuel sales. Such tracking
References: Krotz, J. L. (n.d.). 12 Smart and Humane Ways to Downsize Your Business. Microsoft Corporation. Retrieved July 12, 2013, from http://www.microsoft.com/business/en-us/resources/business-startups/budgeting-and-expenses/business-downsizing.aspx?fbid=Da24G2Xpcmt Sadler, P. (2003). Strategic Management (2nd Ed. ed.). London: Kogan Page. Ward, S. (n.d.). Downsize Your Business For More Success. Small Business Canada – How to Start a Business – Run a Business. Retrieved July 15, 2013, from http://sbinfocanada.about.com/cs/management/a/howtodownsize.htm