Supply and Demand: How to Keep Up as a Small Business
Dealing with supply and demand as a small business can be tricky. When some months are busy and some are quiet, it’s difficult to know exactly how much stock you will need so that you’re not running out of things – but you’re not left with lots of excess that you can’t get rid of either. When your workload varies month to month it can be tricky keeping things stable, but here are a few ways you can go about it.
Find reliable suppliers to distribute your products or services as a small business
To keep up with any kind of demand, you need reliable suppliers. As a small business, chances are you won’t be manufacturing products yourself and so you’ll be relying on a company to do so.
Whether you buy from a wholesaler or have products manufactured, or you are an affiliate marketer you need to know that when your orders come in, you’re able to fulfill them. Creating a good working relationship with your suppliers and being sure you’ve found one who can provide you with what you need, when you need it is important.
Outsource other areas you may be weak in with your small business
As well as your manufacturing, there are lots of other areas you can outsource which can help you to overcome fluctuations in demand. The problem with taking on an employee yourself, is that you’re then responsible for that employee.
You have to pay them for the hours set out in their contract, and if your work fluctuates this can mean there are quieter times that you’re having to pay them to not do much. Outsourcing allows to much better control, you can assign the work to a third party company as it comes in without being tied into an ongoing contract.
Whether it’s sales consulting, fulfillment, content creation or something else entirely, you’re better off outsourcing some areas especially when the workload varies. One key point to this though is that you don’t want to outsource something you aren’t familiar with.
Learn the process of something before you outsource or automate it. Too many times people jump into automation or outsources before they have an effective process in place, so they end up spending money on wrong people for the job.
Use software to scale and automate processes for your small business
Good selling software will tell you exactly what you have sold, and give you reminders on when to order more. It will contain built in analytics so you can see which items are doing well and which you need to drop from your store. This software makes things quick and easy, avoids human error and prevents the need for tedious manual stock takes.
Find regular clients
As a business, your takings can be different from month to month. Sometimes you’ll earn well, other times your takings will be more disappointing. Things like the time of year, your marketing and other factors will all play a part in this.
However, one way you can give yourself some stability and ensure you’re always bringing in a certain amount each month is by securing regular clients. Go to trade shows and business expos and chat to other companies who are looking for services and products like yours.
If you offer them a good deal for regular work then regardless of whatever other custom you get during the month you can be sure that you have at least some income. Treat them well, you don’t want to give them a reason to stop working with you and choose your competitor instead.
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