- On June 12, 2018
- 0 Comments
If you’re looking to scale your business — and scale quickly — you need to develop a viable growth strategy. One that helps you maximize efficiencies, fix areas of improvement and maintain a reliable source of cash to invest in growth areas that are most important to you.
So where to begin? To help set your business on a path of long-term growth, here are five ways to grow your business fast:
1. Assess Your Business & Set Goals
Growing your business fast is a great goal, but it won’t be possible to pull off unless you have a clear goal in mind. In other words, what does growing actually mean to you and by how much do you want to actually scale?
To figure out what your growth goal is, take a look at the state of your business, particularly your current sales history, sales velocity, pricing strategy, inventory management, etc. Laying everything out in a holistic way will help you identify areas of improvement that, if rectified, could positively impact your growth. Then, you’ll know where and how to focus your growth strategy.
2. Optimize Product & Pricing
What you’re selling and how much you sell (and buy) it for can make or break your business’ ability to grow. After all, you should only focus on products that are actually in demand and will bring in both a healthy revenue and a healthy margin.
Here’s how to get there:
- Invest in products that already have a strong selling history and make sure your keywords match what customers are actually using in their search.
- Negotiate with your suppliers to get the lowest possible product price. Areas to focus your negotiation could be unit price, shipping costs, etc.
- Set a selling price that will win you the Buy Box and give you a high margin without deterring customers. To take the guesswork out of pricing, consult a repricer tool that will automatically determine the best price and set it for you.
Now that you’ve found the best product and price, you need to make sure you maintain proper inventory levels to avoid a stockout as well as an inventory surplus — which brings us to #3.
3. Maximize Inventory Management
One of the easiest ways to impede your growth is not to manage your inventory. In other words, if you’re not strategic about how much you purchase at a given time, you could run out of inventory and be stuck with the consequences of an Amazon stockout or, on the flip side, have all your cash tied up in product that’s just sitting on your shelves collecting dust.
To determine how much inventory to have on hand at a given time, you’ll need to assess your sales history — in particular your sales velocity. This will give you a sense of how much product you are selling and at what rate. Not only that, it will show you what times of year are busier than others so you know how to adjust your orders and when.
4. One-up the Competition
Any retailer will agree that the key to success is offering a great customer experience. After all, that’s what keeps buyers coming back and (hopefully) telling their friends and family to do the same. To make sure you offer a better overall shopping experience than your competitors — and win the Buy Box in the process — consider these tips:
- Optimize your keywords and Amazon SEO
- Offer a shopping experience that customers have come to expect from Amazon — i.e. one with Prime benefits and competitive pricing
- Focus on customer service as a tool to minimize negative reviews and maximize positive ones
- Consider an Amazon Sponsored Products campaign to actually get your offerings in front of the right customers
5. Improve Cash Flow
As a business owner, you’re probably familiar with the saying “You need to spend money to make money.” Not only that, you’re likely well aware of the need for cash to grow. But having a consistent and reliable source of cash is difficult to come by as an Amazon seller, what with their two-week payment delay.
To get over this cash flow hurdle, consider Payability, a financing company designed specifically for sellers like you. They pay you your Amazon income one business day after making a sale, allowing you to invest in growth in real time, turn more inventory more quickly, take advantage of any flash sales your suppliers are running, even cover unexpected expenses. It’s not a loan or a cash advance — it’s instant access to your own income.
See how this Amazon seller tripled her business with Payability then visit Payability.com to learn how you can have similar success. Want to learn more? You can find real Payability Reviews on Trustpilot and Web Retailer.
Victoria Sullivan is a Marketing Manager at Payability. She has over eight years of social media, copywriting and marketing experience. Prior to joining the Payability team, Victoria developed social media content and strategies for top technology brands such as Skype and Samsung. She holds a degree in Advertising from Syracuse University’s S.I. Newhouse School of Public Communications. She can often be found in a yoga class or working on her fashion blog.