Whether you’re a small wholesale business just getting ready to trade or you’re a seasoned wholesale buyer, taking time out to review your business and how you can improve things will help you to increase profits and popularity in the long term.
Here are a few things to review if you’re running a wholesale business;
Marketing
Every business has a marketing budget in place and it pays to review these from time to time. Whether it is online advertising or print advertising you need to constantly assess your return on investment to find out what is best for you. Google and other companies are always changing the way their ads work so ensure you are advertising in the correct places.
Planning
Planning your business doesn’t just happen at the start. Constantly looking at your business plan and making relevant changes to it is healthy. Ensure you set yourself realistic goals.
Budget
Budget is crucial when sourcing wholesale products and marketing. Using uncompetitive prices from a wholesale supplier could lead to you unexpectedly running your budget into the ground. Ensure you review changing warehouse and delivery costs too.
Product Research
Doing your product research is essential and this is true no matter how old your business is. Trends change and consumer and retailer buying habits change so you need to keep on top of this. Spotting a popular product before it has become too popular will also help you with negotiating wholesale prices. These trends are crucial too for selling stock on – the last thing you want is to spend on products that you can’t sell on.
Networking
Networking within the industry, using wholesale directories and speaking to wholesale suppliers will help you to get the best prices.
