Inflation is hitting record highs; interest rates are continuing to rise!
It’s safe to say it’s never been a tougher time for Australian Businesses. Being successful during a good economy is tough enough, how could you possibly be successful in a bad economy?
Fortunately, there are things that your business can do to not only survive a bad economy but thrive.
EasyVend has put together 5 tips for selling Food & Beverage Products during a bad economy.
Let’s get into it!
1. Adapt Your Offering
Adaptation is the key to being successful in business, whether it be trading in a strong economy or a bad economy. To be successful trading during a Bad Economy, your business needs to adapt and offer products at prices that meet both customer and industry expectations.
To continue to sell products throughout a bad economy your business needs to adapt the way that you do business. Whenever something changes whether it be the economy, something your competitors are doing etc. it is important that your business is proactive and reacts to those changes by implementing different cost-effective solutions that will keep you both sustainable and competitive in the market.
Adapting your offering to closer align with current market and customer preferences is the only way that your business can thrive trading through a bad economy.
2. Listen to the Customer
As the saying goes, the customer is king. To be successful buying and selling food and beverage products during a poor economy you need to focus heavily on your customers. You need to do everything in your power to get them back time after time and spending at your business.
It is important that your business builds a relationship with your customers. Understand their position, hear their thoughts, and adapt your offering to meet both their expectations.
Listening to your customers will give you firsthand information on the current trading environment and will allow you to make calculated changes to your business that will leverage customer retention and increase customer spending.
3. Reduce Costs
There are no ways around it. To be successful in a bad economy, it is essential that your business minimises costs where possible. Your business needs to be able to build and maintain profitability in order to stay solvent.
Get together with your stakeholders and perform a cost analysis. See where you are spending money and how much money you are spending. Once you understand your position, try to find ways to reduce un-needed expenditure. Whether it be removing part of your product range, moving staff from full-time to part-time, whatever it is, try to find ways to reduce your total expenditure without impacting your service or product quality.
4. Implement New Processes
The last two years proved how it important it was to find faster, cheaper ways of doing business. In a poor economy this has only been highlighted even further. To continue to sell Food and Beverage products successfully, you need to implement new cheaper processes.
One of the best ways of minimising operational costs is by using automated technology. Implementing an industry specific Order Management Software like EasyVend, will allow your business to automate many daily tasks like ordering, invoicing, inventory control, customer payments and more.
The benefit of using an automated system is it will simplify your operations and will free you up to focus more on growing the business throughout these tough times.
5. Keep a Close Eye on Your Competition
This point is super important. To be successful in any type of industry you need to offer customers something they can’t get elsewhere.
It is important that your business keeps a close eye on what your competitors are doing so that you can adapt to offering to give customers something better. Adapting to your competition and having the most competitive offer in the market will lead to greater customer acquisition and retention even in a tough trading environment.
Just because the economy is bad, it doesn’t mean that your business needs to suffer. To be successful trading in a weak economy it is important that your business reacts to changes and implements different solutions that leverage customer acquisition and spending.
We hope you enjoyed reading this article. To read more articles like this, please visit the EasyVend latest news page here.
For Supply Chain Businesses, EasyVend supports and automates every part of your business, freeing you up to grow your sales simply, unlike other ERP systems.
EasyVend includes key everyday features like Inventory Management, Online Ordering, Invoicing, Receipting, Automatic Credit Card Payments, Xero Accounting Integration, Route Management, Business reporting and more.
Using the latest technologies, EasyVend removes common frustrations making business more streamlined today!