For any wholesale business, the key to making more money is by ensuring that retailers visit your store and show an interest to buy your goods. In most cases, however, this is something easier said than it is done. In some way or the other, every business is quite different, yet to make it a successful one, the key is the same, regardless of the types of products you plan to sell. The key here is to have proper cash flow planning, use the right wholesale orders or inventory management tools, and plan well to build long-term customers. Every B2B wholesale distribution business needs to focus on these key factors.
Just note that it is important you evaluate your business on a regular basis, which should ensure that you are on the right track to succeed. This is an integral aspect of the entire inventory management process of a business. Do you have your inventory management planned out properly? Do you have the right products that keep customers coming back to place bulk, wholesale orders?
In this article, you will learn more about the pro ways you need to use management techniques and tool to see those orders coming into your e-commerce business at any time.
Focus Well on Cash Flow Planning
No denying, money is the main concept or element that goes into cash flow. For some people, the tricky part is that when the cash remains tied up in your e-commerce inventory. It can eventually become more complicated to forecast what may sell, what to purchase and ensure that covering monthly overheads is easier. In any business, this delicate act requires proper balancing, one that can push a business into a downward spiral with a bad decision, like over ordering of a dead stock product. The tips to proper cash flow management include:
- Make sure that you follow up on all outstanding payments, follow up well on the timeline, follow up calls, and emails.
- Keep a check on your financial position on a daily basis. You need to be aware of what needs payment, and when. Check the cash that comes into the business, and when it comes. What you need to allocate for reordering or replacement of the stock.
- When collecting payments, you need to be diligent. This means to keep track of all outstanding payments and follow up with friendly calls or emails.
You Need a Wholesale Order Management Tool
To keep those orders flowing swiftly, you need to consider using a good wholesale order management tool. Tools such as Order Circle are a reliable choice because they help several brands to manage and increase their wholesale volume. The right tool should allow you to manage and accept your wholesale orders online. It gives customers the best e-commerce experience that they expect from wholesalers online. Add products quickly, invite customers to place orders and customize price lists.
Such tools help to streamline order processing, inventory management, and order management. It allows small businesses to keep a track on all bulk orders that come from different merchants. As a startup business, you can give all customers the best e-commerce experience and let them have exactly what they want from an online wholesaler. You will be able to add products, customize the inventory, and check what goes low, place orders, keep track of the products and more.
Some tips for you:
- Double up on tracking all the items in and out
- Ensure the stock levels are accurate at all times
- Update and track the stock levels on all invoices, when they go through packing and the final process for pick ups
- You should not rely on the accounting system to keep a track of all the stock by the invoices. Using use the accounting software to track the stock levels is not appropriate.
Speed Up Order Fulfilment to Build Long-Term Customers
Next year, you need to follow the same tricks to impress all your customers. If the order process takes a longer time, it will fail the reputation of your company, even before the final delivery. You need to ensure that all the process remains fully automated and it should be easier to use.
As your company grows, your customer volume will also increase and eventually, you may end up losing track or keeping a personal touch. When a customer feels appreciated, they will stick to your business. Once they feel their value is no longer worthy, they will move to others who cater to their wholesale needs.
Keeping these tips in mind, you can rest assured that your business will grow. You just need to ensure that you use the right strategies to let your wholesale orders increase and consult the right experts for the best tools to help your business flourish.