Are you turning money away?
Lots of businesspeople look at their books and think there's not enough money coming through the accounts. But at the same time, they might have lots of customers through the door or client bookings.
The key is to get maximum money from every client you deal with.
I'm not talking about putting up your prices — although sometimes that's something worth considering. Are you selling every client or customer everything that they might want?
Upselling has a bad name. You might think of McDonald's staff asking if you want a large drink and fries with your order.
But done well, upselling is a win-win — you get more value from your customer in terms of dollars spent with your business, and the customer gets a better experience because they have more of their needs catered for.
Ensure your staff are helping customers to understand what they need. Ensure you clearly communicate the cost of the extras.
When people come into your business, they probably have an idea of what they want, and ask for that. They might not even realise what else is available, so simply asking something like "is there anything else you need" won't yield results.
Think instead about what you can offer in a tailored way to each customer. If you're in a hospitality business, can you point out complementary products? The right wine for a meal, today's special dessert or an off-the-menu entrée?
Hairdressers are often good at selling a treatment with a cut and colour — if you explain why it's the right thing for that customer's hair type, they're more likely to jump at it. Car dealers can upsell by offering a tow bar to someone who mentions they use their ute to go fishing.
Run through some scenarios with your staff and make sure that they are completely comfortable with everything you offer so that they can easily reach for the knowledge to make an informed recommendation. Sometimes this might mean cutting down the list of things on your menu to make it more accessible for everyone.
Jeremy Tauri is an associate at Plus Chartered Accountants.
Phone: (09) 438 3322
Fax: 438 8455
134 Bank Street, Whangarei
If we had to sum up Brent and the team at Plus CA it would be - humorous, efficient, professional with a real focus on making your money work to its best ability for you...we will continue to deal with them even though we are moving overseas as we know they have our best interests at heart.
Jeremy thank you for your patience, assistance and general chit chat over the years. I would have absolutely no issue in recommending your services to everyone and anyone – in fact, I do.
We recently employed Jeremy Tauri of Plus Chartered Accountants and have been thrilled with the improved service we have received. Jeremy is really approachable and always available to answer queries. At his instigation we have set up quarterly meetings so that we are regularly reviewing our business and avoiding any ‘end of year surprises’.