1. You Have a Proven Business Model: If you’ve been in business for a while and have a proven business model, then you’re in a great position to explore franchising as an option. Franchising is a great way to replicate your successful business model and expand your reach.

2. You Have a Good Brand Reputation: If your brand is well-known and respected, then franchising is a great way to capitalise on that reputation. It will help you to expand quickly and gain a larger customer base.

3. You Have the Resources to Expand: Franchising requires a significant investment of both time and money, so make sure you have the resources to make it happen. You’ll need to invest in marketing, legal fees, and training for your franchisees, so make sure you’re prepared to make this commitment.

4. You Have a Dedicated Management Team: You’ll need a good management team to ensure the success of your franchisees. Make sure you have the right people in place who can provide the necessary support and guidance.

5. You’re Ready to Adapt: Franchising requires a certain level of flexibility. You’ll need to be willing to adapt to the specific needs of each individual location and be prepared to make changes when necessary.

6. You Have a Solid Business Plan: Make sure you have a solid business plan in place before you start franchising. This will help you to set realistic expectations and determine what you need to do to ensure success.

If you’re considering franchising your new business, these six signs are a great start. It’s important to take the time to understand the process and make sure you’re prepared for the commitment before taking the plunge. With a little research and planning, you can make sure you’re set up for success and reap the rewards of franchising your business.

The post When Should You Consider Franchising Your Business appeared first on Growth Generation Commercial Group.

1. Utilise digital marketing: In today’s digital age, having a strong online presence is crucial for any business looking to grow. Utilizing digital marketing strategies such as search engine optimization (SEO), social media marketing, and email marketing can help increase brand awareness and drive sales. It also maximises your business’s chances of being found at just the right time.
2. Diversify your revenue streams: Diversifying your revenue streams can help mitigate risk and ensure that your business is not overly reliant on a single source of income. Consider offering new products or services, or expanding into new markets to increase your revenue potential. Don’t forget to diversify your client base too, especially if you have a couple of large clients representing a major portion of your revenue.
3. Network and build partnerships: Building relationships with other businesses and industry leaders can help open up new opportunities for growth. Networking events, trade shows, and industry conferences can be great places to connect with potential partners and learn about new trends and technologies. Look at forming alliances with other businesses that complement yours and look for business groups that could generate new leads.
4. Invest in your employees: Your employees are one of your most valuable assets. Investing in employee training and development can help increase productivity and improve morale, which in turn can help drive business growth.
5. Embrace technology: Technology is constantly evolving, and businesses that fail to keep up risk being left behind. Embracing new technologies such as automation, artificial intelligence, and data analytics can help increase efficiency, streamline operations, and gain a competitive edge.

Implementing these strategies can help you grow your business in 2023. It is important to keep in mind that growing a business takes time, effort and patience. A combination of the above strategies can help you achieve sustainable growth in the long term. The key is to start now!

The post 5 Strategies to Grow your Business This Year appeared first on Growth Generation Commercial Group.

1. Create a Strategic Plan: Developing a strategic plan can help you determine the goals and objectives of your business, as well as the strategies necessary to reach them. This will help you stay focused on the most important tasks and prioritize your resources.
2. Focus on Quality: Quality products and services are key to customer satisfaction and loyalty, both of which are essential to increasing the value of your business. Make sure to invest in high-quality materials and processes that will ensure the best customer experience possible.
3. Innovate: Staying ahead of the competition is a great way to increase the value of your business. Keep up with trends and look for new ways to improve your products or services.
4. Expand Your Reach: Reach out to new markets or potential customers. Consider online ads, social media campaigns, or other strategies to get your name out there.
5. Invest in Your Employees: Investing in your employees will result in a better working environment and improved customer service. This will in turn lead to a better customer experience and greater customer loyalty, both of which will increase the value of your business.
6. Streamline Processes: Streamlining processes can help you save time and money, as well as improve efficiency and customer service.
7. Build Partnerships: Build partnerships with other businesses or organizations that can help you reach new markets or offer better products or services.
8. Increase Profitability: Focus on ways to increase your profits, such as reducing expenses and increasing sales.
9. Improve Your Brand: Your brand image is a key factor in the value of your business. Make sure to create a strong brand identity that reflects your values and appeals to your target customers.
10. Be Responsive: Make sure to respond to customer feedback and inquiries in a timely manner. This will help create a positive customer experience and increase loyalty.

These are the top 10 ways to increase the value of your business. By implementing these strategies, you can increase the value of your business and create a successful and profitable business.

The post 10 Ways to Increase the Value of Your Business appeared first on Growth Generation Commercial Group.

1. Gather all financial records – Having complete and accurate financial records of your business will help potential buyers understand the financial health of your company. Make sure you have all relevant documents, including profit and loss statements, balance sheets, and tax returns from the past three years.
2. Create a detailed business plan – Creating a detailed business plan is a great way to provide potential buyers with an understanding of your goals for the business. Include information such as your target market, competitive analysis, and any marketing plans you have in place.
3. Update your business website – Potential buyers will likely look at your website to learn more about your business. Make sure your website is up-to-date and includes all relevant information about your products and services.
4. Clean up your books – Make sure all of your books are up-to-date and accurate. This includes invoices, accounts receivable, accounts payable, and payroll.
5. Update legal documents – Make sure all of your legal documents, such as your business license, are up-to-date.
6. Obtain a professional valuation – A professional valuation will help potential buyers understand the value of your business. This will also help you determine a reasonable asking price.
7. Improve customer service – Potential buyers will likely want to know how you handle customer service inquiries. Make sure your customer service team is well trained and equipped to handle any issues that may arise.
8. Prepare a list of assets – Provide potential buyers with an accurate list of all assets the business owns. This list should include items such as equipment, inventory, and intellectual property.
9. Create an employee handbook – Having an employee handbook in place can help potential buyers understand how you manage your staff and how they can fit into the new ownership structure.
10. Get organized – Make sure all of your business documents are organized and easily accessible. This will make it easier for potential buyers to find the information they need.

By taking the time to prepare your business for sale and following these tips, you can ensure a smooth transition and successful sale.

The post 10 Things to Prepare Your Business for Sale appeared first on Growth Generation Commercial Group.

1. Research and Due Diligence: Before you buy a business, do your research. Make sure you understand the business, the competition, and the industry. Make sure to thoroughly research the financials, legal documents, and operations of the business.
2. Financing: Determine how you’ll finance the purchase. Consider whether you’ll need to take out a loan, secure investors, or use another financing option. Make sure you understand the terms of any financing you receive.
3. Location: Location is critical for some businesses, so make sure you’ve chosen a spot with the right customer demographic and easy access.
4. Reputation: Research the business’s reputation. Ask customers and employees about their experiences with the business. Determine whether the business has a good reputation in the community.
5. Potential for Growth: Consider the potential for growth in the business. Analyze the industry and the competition to determine whether the business has the potential to grow.
6. Business Value: Make sure the business is worth the price you’re paying. Consider the value of the assets, cash flow, and potential for growth.
7. Legal Considerations: Understand the legal considerations of buying a business. Make sure you understand the legal obligations and liabilities of the purchase.
8. Tax Implications: Be aware of the tax implications of the purchase. Be sure to understand the different tax implications for different types of businesses.
9. Staff: Consider the staff of the business. Make sure you have the right staff in place to ensure the success of the business.
10. Exit Strategy: Finally, create an exit strategy. Determine how you’ll exit the business if things don’t go as planned.

Buying a business is a major decision that should not be taken lightly. Make sure to consider all these factors before making your decision. Good luck!

The post 10 Things to Consider When Buying a Business appeared first on Growth Generation Commercial Group.

Your Finances

There can be no doubt that the first thing you need to do is assess the financial condition of your business. Depending on whether you are still operating and the condition of the business prior to the disaster, you will be able to assess whether you should actually re-open the business, how quickly you should re-open it, and whether the business will need to be changed in order to survive.

Ask yourself:

• Have you spoken with your accountant? Your accountant is the most important resource you have right now to help you through the process of determining whether your business has a future.
• Has your accountant been proactive in providing you information and guidance through this difficult time?
• Do you know your break even point moving forward? This is critical to set a bare minimum target to keep your business alive.
• Do you have a Cash flow forecast that identifies any periods of concern in the next 30 days and of course beyond that?
• Do you have any cash reserves available at this time?
• Are you eligible for any Government assistance and have you applied for it?
• Have you reviewed any current debt financing arrangements?
• Do you have access to other sources of funding?
• Have you reviewed / reset a budget for the next 6 and 12 months?
• Can you afford to fund a recovery plan (assuming you have one)?
• Have you reviewed your profit & loss and balance sheet up to the time of the disaster so that it can be used in your decision-making process about re-opening?
• Have you run some “what if” scenarios with your numbers? Sensitivity analysis is essential to determine the impact of the worst, likely, and best case scenarios.
• Have you spoken with your bank about how they might be able to assist you in re-opening your business?
• Have you spoken with your legal team to ensure you are adequately covered for any matters that may threaten your business as it starts to recover?

Your Motivation

It is very normal to have thoughts floating around in your mind about what to do and where to start after a disaster. It’s important to have the right thoughts and the right questions to think about.

Ask yourself:

• How passionate are you about your business? Without the passion and drive, the re-opening process will be a struggle.
• Are you / were you happy running your business?
• Was it profitable?
• Are you prepared for what might be required to re-open and recover your business?
• How will your working arrangements change with your staff? For example, the “working from home” revolution has well and truly happened. People have been forced to work from home for a while and many like it. Does this represent an opportunity or a challenge for your business?
• What lessons have you learned from running your business before the disaster?
• Are you prepared to make necessary changes to your business?
• Have you reset your goals both personal and financial?
• Have you considered any other options?
• Have you considered exiting the business?

Your Recovery Plans

Many businesses did not and do not have a Business Continuity Plan or any adequate Disaster recovery plans. One thing this pandemic has certainly done is expose the vulnerability of the entire global economy and every business operating within it. You need to plan for the likelihood of something like this happening again. This is where the business continuity planning process becomes critical. You need a plan for every critical function within your business. Consider:

• Funding Requirements
• New operating requirements
• Your People and the impact on them
• Location
• Market changes
• Equipment
• Inventory
• Marketing
• Pricing

With so much to consider, it is not as simple as opening the doors and hoping for the best. I learned many years ago when it comes to business success “hope is not a strategy”!

The post Should You Re-open Your Business? Assess Your Options appeared first on Growth Generation Commercial Group.

The utter devastation to the global economy, national economy, state economies, and local economies is unfathomable. Industries shut down overnight. People out of work overnight. Basic liberties taken for granted restricted overnight. The impact is profound and the ripple effects are going to be felt for a very long time.

It’s fair to say that much of what is happening is a first for most of us. Unfortunately, it is unlikely to be the last. In fact you can count on it happening again. We now have a new scenario that threatens our livelihoods and lives that we must add to our existing business continuity plans if we have them. If not, it’s a scenario we now need to treat with the utmost priority.

We need to take a good hard look at how to create a plan for any eventuality that may impact the critical functions of our businesses and indeed our lives. Business continuity planning is not just for large organisations. It is something every business owner needs to put at the forefront of their planning for now and the future, post Covid-19.

What is a Business Continuity Plan (BCP)?

A Business Continuity Plan (BCP) is exactly that! It’s a plan of action to keep the business going and to recover after an incident or disaster has impacted your business. It is a collection of Disaster Recovery Plans (DRPs) or response plans outlining the steps and information to be followed to get the business back on its feet as quickly as possible and to restore the critical activities to get the wheels turning again. It typically covers (but is not limited to) the following (in no particular order):

• An assessment on whether to reopen after a critical event
• The financials of the business and rebuilding them if necessary
• The critical functions and processes of the business
• The risks associated with those critical functions
• The mitigating / minimising actions to limit the impact of those risks
• The critical contact information for the business and team members
• Actions to take with customers
• Actions to take with suppliers
• Actions to take with your insurers
• Actions to restore telecommunications and IT
• Actions to take regarding stock and damaged items (if applicable)
• Infrastructure actions like electricity, gas, and water (where affected)
• Logistical considerations
• Security protocols
• Repairs and cleaning
• Procedures to resume office operations
• A list of Government and other contacts to provide additional assistance and advisory services
• Policies and procedures to effect in the event of a critical incident

You can see, it’s not a small plan and can take some time to put together, but if you need it in a hurry, the information within it can be business, and indeed, life saving!

What is a Disaster Recovery Plan (DRP)?

A well-known DRP is the IT plan. Your IT system is a critical function within your business and the risks to that system need to be addressed. A n IT DRP outlines all the critical steps to recover IT services and restore lost / damaged information and infrastructure so that the business IT functions get back online as quickly as possible. Your IT system is the heartbeat of your business and without it you will likely suffer catastrophic results if it’s offline for too long.

So, looking at your business now. I’m sure you can appreciate the benefit of having a BCP in place. I am offering free support to COVID-19 affected businesses to assess the damage done and determine the viability and possibility of getting back to business. There is a wealth of information available out there to help you in this space, some of which I have used over many years to protect my clients and their businesses. My approach is practical and I’ve done the hard yards to help you create a plan that protects your business and livelihood. I will be sharing more over the coming weeks.

If you need help or know someone who could use it, please contact me at www.igeneration.com.au and I will arrange an initial discussion to assess the best next steps. If you are interested in developing a BCP for your business don’t delay!  As a I said in my article almost a decade ago, “Nature can take a swipe at any time! And, it will again!”

Stay safe!

The post Business Continuity Planning and COVID-19 appeared first on Growth Generation Commercial Group.

So the example here is my daughter aiming to move up to the next level of tennis coaching next year. To get there she needs to be able to rally a ball a certain number of times. This is one criterion to get to the next level. By focusing on the smaller goal, she can concentrate on achieving the more immediate milestone, and thus move closer to her end goal.

In working with clients, I do the same thing. Understand the ultimate objective first, then work back from there to identify the milestones that mark the path. It’s like using a GPS system. Using it without setting the destination first is not terribly useful. And yet this is exactly how so many people run their businesses and go through life. Once you know the destination you can select the best route. The map that comes up has a short term view (i.e. showing the next intersection or landmark coming up). The destination is set, and you can focus on making the turns and twists to get you there.

In my view, whatever you decide to do in business and in life requires some idea of what the destination looks like. Then you can create the path and start the journey. So this is the start of our goal setting exercise for the year ahead. Let’s get serious and start mapping out what you want to achieve for the year ahead!

1. Grab an exercise book, journal, or a number of blank sheets of paper. This will be where you’ll capture all your thoughts, ideas, aspirations and dreams for your business and your life.
2. To start with, find a quiet place and relax. Begin to answer the following question by writing as much as you can. Don’t stop writing. It doesn’t matter how out there your responses become, the aim is to write. It’s time to tap back into your imagination. The question is “What will your lifestyle be like when you have achieved your ultimate goals?” In other words, If you knew you could achieve anything you put your mind to, what would your life be like? Describe it as though you’re already living the lifestyle, as though you’ve already achieved your ultimate goals. Write for 5 minutes – go!
3. Now answer to the following questions – “If you could have anything you want, do anything you want, be anything you want, and you didn’t have to think about how, what would you want?” This is the critical first step in building momentum towards your goals. The more you want something the more likely you are to do what’s required to get it. Where would you go? Where would you live? What sort of home would you have? What type of car would you drive? What hobbies would you pursue? What would you do for pleasure? What sort of career would you have? How much money would you have? Think about the following categories and make a list of all the things you want for your business and your life. Your list needs to be at least 30 items long and it may take more than one day to create the list. That’s okay. Just make sure you get as many things down as possible that mean something to you:
   1. Health / Physical
   2. Emotions & Meaning
   3. Relationships
   4. Time
   5. Contribution
   6. Learning & Growth
   7. Fun, Leisure & Lifestyle
   8. Finances
4. It’s time to classify your goals into three groups – High Priority (H), Medium Priority (M), and low priority (L). You should have at least 10 items in each category.
5. Now go through each category and assign a number from 1 to 10 against each item. If you have more on your list than 10, keep numbering them beyond 10. This is identifying the priority of goals within each category.
6. You should now be able to identify your H1 goal! This is the number one goal in your High Priority list. Write it down on a separate page! This is where your attention now needs to be focused. This is the number one goal you need to aim for to achieve the things you ultimately want!
7. Ask yourself the following questions in relation to your H1 goals and record the responses.

1. • What needs to change to achieve the goal?
   • What resources do you need to achieve the goal?
   • Who do you know that has achieved a similar goal before?
   • What skills do you need to develop or improve to achieve the goal?
   • What do you need to change in your business?

1. 1. 1. Products
      2. Customers
      3. Services
      4. Markets
      5. Technology
      6. People
      7. Management
      8. Structure

If you’ve followed the above steps, you’re well on the way to achieving your ultimate goals! All the items you have recorded are important. Your H1 goal is the most important and the biggest one that all the others will flow from.

Dream big! Dream beautiful! Let yourself go! Don’t be afraid to do the exercise! It’s liberating. It’s clarifying. And it get’s you absolutely focused on what’s most important! I remember this quote:

“Dreams are the seedlings of reality”

James Allen

from As a Man Thinketh

The post Review your Performance and Reset Your Goals – Part 2 of 2 appeared first on Growth Generation Commercial Group.

I’ve highlighted some areas below that I’ve found absolutely critical to review. Once you’ve done that, you’ll be in the perfect position to reset your goals for the year ahead.

Review your pricing

• Sales analysis – units sold or $ sales, the effect of any promotions you’ve run, effectiveness of the sales team. Are there any interesting trends? Is there anything different that might be impacting your sales this year vs previous years?
• Margin analysis – which products or services are most profitable? What could you do to improve the margin on your products and services? What has been the impact of any discounts you may have offered? What has been the impact of any price increases you may have put in place? Where are you making most of your money? How effective is your cross selling and upselling.
• Compare to competitors – How much do you really know about your competitors? How do your prices compare? How do your products and services compare? How close are your offerings to those of your competitors and what might you be able to do to differentiate yourself more?

Review your service

• Customer analysis – Who are you serving? Who are your most profitable customers? Who are your least profitable? Where is the potential in your customer base to ramp things up?
• Service Highlights – What were some of the ‘flashes of brilliance’ that you delivered to your customers? How can you use the good things you’ve done with customers to attract more of them?
• Service Lowlights – Where did you mess up this year? What complaints did you receive this year? What can you change or improve to make sure fewer complaints are received?
• Ask your customers for feedback – Now is a perfect time to survey your customers, seek feedback through focus groups, interviews, or phone calls. Go to your most important customers and start making contact to reinforce your commitment to them and to making changes that your customers are looking for in the future.

Review your Team

• Performance to date – Have you scheduled performance review meetings with all team members before the end of the year? Do you have formal documents to support the performance management process in your business? If not, now’s the time to implement the system and kick off the new year with tangible targets and clear benchmarks that you expect your team to focus on in the year ahead.
• Rewards – incentives and bonuses can be a great way of rewarding the contributions that your team members make to the business. They can also be really effective at increasing activity during slow times. For example, I just ran a workshop for a team and one thing the owner of the business said to them was that if they met a specific target between now and the week before the holidays, each employee would receive a cheque for $5000 to spend on whatever they want. Wow! There was an immediate buzz and each employee wrote down what they would spend the money on. This is now being displayed in the workplace as a reminder of what the team is committed to. The goal is realistic and the team engaged!
• Career Development Plan and Discussion – even if you have a performance review discussion with your team members each year, how clear are their career development plans? Career development is all about enhancing the performance of your team members and helping them achieve what they want from their careers. There’s a lot to be said for the saying “You have to look after people”. The more you look after your team, the more they’ll look after you. If you disagree, my question to you is this – “What’s your view of your team?” Is it that they exist to make you look good and make you money? Or, is it that the team is the most important resource in my business because they look after the customers, which in turn look after the business? Now’s the time to have career development discussions with your team members to set them and you up for success in the year ahead.

Review your financials

• Actual vs Budget – How are you tracking against your revenue and profit targets each month? Are you ahead? Are you behind? Are you on track? Depending on where you are in relation to your budget, this will determine where your decision-making needs to be to change things in the new year. I look at it this way. If I’m on track I need to work on taking it to the next level. If I’m behind, I need to assess what will give me the greatest opportunity to get back on track (and quickly!). If I’m way ahead of my plan, either I was too soft in my targets, or I need to stretch myself further to make it a little more challenging. Notice none of the options are to just keep plodding along.
• Cashflow – reviewing inventory levels or work underway is important at this time of the year because you might be able to move some of it before the end of the year and put some extra dollars in the bank account. Review your debtors. Who owes you money? How long have they owed you? Now is the time to tidy up your debtors and deposit those dollars into the account too! How much do you owe your creditors? Now might be a good time to engage with them to update them with your plans for the new year and maybe negotiate better terms.
• Key Expenses – direct costs associated with raw materials, components and other bits and pieces that make up your products are typically a large expense known as “cost of goods sold – COGS” – catch up with suppliers and discuss your plans for the new year and get them onboard. Look at your other expenses. What’s happening there? Any trends? Any anomalies? Any opportunities to reduce them? A focus on expenses is always important.

Review your objectives

• Business growth – How fast are you growing now? How much are you going to grow your business by next year? 5% or 10%? What about 20% or 50%? Which number you choose is entirely up to you. The worst thing you can do is not have one to aim for! My view is simple and very aligned to the saying “Aim for the moon! Even if you miss, you’ll be amongst the stars!”
• Financial targets – What’s the magic number that you’re aiming for? Set it and then work backwards to determine how you’re going to achieve it. I did this exercise recently and it made my planning so much more realistic and achievable!
• Personal aims – Why are you doing all this? What do you want to get out of it all? What would be a really cool reward for the year when you achieve your objectives? Don’t be afraid to dream. I conducted a goal setting session recently and the empowerment, fulfilment, and focus you get when you articulate your goals clearly is amazing!

You’re ready to reset your goals!

Now that you’ve reviewed where you’re at, it’s time to think about what needs to be done to get you to where you want to go.

Resetting your goals is not about changing them necessarily. It’s about checking in and making sure that you’re on track and if you’re not, making some decisions on what you need to do to get back on track. It’s also possible that you were completely unrealistic with your objectives at the beginning of the year, so at the half way point, it’s a good time to see how you’re going.

To me, this is a great time of the year to do this exercise. I work with businesses to conduct the type of review I’ve outlined above. In the next Momentum Tip I’m going to take you through a structured goal setting activity that will build on your performance review.

The post Review your Performance and Reset Your Goals – Part 1 of 2 appeared first on Growth Generation Commercial Group.

So in this week’s tip I want to share with you a number of things I have picked up along the way to help you turn some of those dollars sitting on the shelf into usable cash.

• Benchmark your current inventory metrics against those in your industry. Your accountant should be able to help you with some of this. If not, it doesn’t take much to find some industry data that will give you an idea of how well you’re turning your stock or ‘work underway’ over and into money.
• Review your current inventory systems, processes, and policies. Have you mapped out the steps in your inventory process with time measures in and out to determine whether improvements can be made? Is your inventory system adequate? Do you have one? I was a member of the Logistics Association of Australia some years ago and used it to help my clients make positive changes to their systems, which ultimately translated into improvements in their inventory movements.
• Understand the seasonality in your business. As simple as this sounds, far too few business owners truly appreciate the benefit they can derive by understanding their seasonality in detail. It allows you to improve so many things like forecasting, buying decisions, volumes, holding costs, and whether you need to ramp up your marketing activities to smooth out the peaks and troughs throughout the year.
• Don’t fall for quantity discounts. So often, a supplier will offer you a deal that sounds too good to be true. It probably is. Remember you have to hold the stock, not just pay for it. Sometimes carrying twice the volume for a discounted purchase price can end up costing you more. Beware!
• Develop better relationships with vendors and customers. Again this might sound like common sense. Well, the time to build the relationship is when things are going well. Have a look at how many vendors you deal with. Is there an opportunity to reduce the number to better leverage the ‘exclusivity’ angle? Also your customers will be a great indicator when things change in their buying patterns. Having a few that you can speak with frankly will help you make better decisions on how much inventory you hold at different times and what you hold.
• Is a buying group an option for you? Sometimes, a group of businesses in an industry can get together to purchase items from a supplier or multiple vendors at a better price by pooling their requirements to increase volume and therefore get a better deal. Is this an option for you in your industry? Have you tried before?
• Reducing lead time from order to delivery. Dell were fantastic at this with their ordering and delivery of personal computers and laptops around the world. They invested heavily in relationships and systems that would minimize stock holding and maximize “just in time’ manufacturing to reduce the lead time required to deliver a product to a customer. This in turned saved millions of dollars in holding costs and stock purchases. Where are the opportunities for you?
• Stock promotions. Sometimes you’ll have stock that is nearing obsolescence, or simply have stock that is moving slowly. It’s a good idea to consider some promotional activity to get the word out to your customers. Think about a ‘closed door’ sale for existing customers only, or a direct mail campaign outlining some specials or a product of the month. Why not offer a value bundle where you combine slow moving items with faster moving items? Use older stock as a loss leader to get your customers purchasing more. You could even offer a “Gift With Purchase” or GWP for short using slow moving items when more popular purchases are made. There are lots of things you can do to move your stock and turn it into cash.

Of course, there is a possibility that not all of the strategies I’ve discussed here may be useful to you. There are many factors that will determine what might be your best course of action. Let me know what you think.

The post Free up More Cash in Your Business – Strategies Targeting Inventory and Work In Progress appeared first on Growth Generation Commercial Group.