Are you an B2B Wholesale business owner in India? If yes, then we know that you must be facing a number of issues linked with your business processes and growth.
Here in this post we are going to share a few tips with the help of which you can enhance your B2B Wholesale business in India.
So make sure to follow this post till the end to know everything about the tips.
Tips to Enhance Your B2B Wholesale Business in India:
1. Picking up the right people:
While it may seem like an obvious tip, too many businesses often fail to put enough effort into the hiring process. Hiring decisions are some of the most important decisions you’ll ever make for your business. Make sure that you’re properly benchmarking each new position and evaluating each candidate against that benchmark, rather than each other.
2. Put your business on automation:
According to a recent survey, order writing inefficiencies were cited as the number one order writing challenge among wholesale distributors. Too many wholesale distributors are still taking orders down on antiquated clipboards and paper order forms. Some have taken a half-step towards using technology with PDF order forms and Excel spreadsheets, but these methods are equally (if not more) cumbersome than paper.
3. Control is everything:
You can’t run a profitable B2B wholesale distribution business if you don’t have a good handle on inventory management. Some companies have a system of maintaining minimum stock levels in their warehouses, replenishing with new stock once levels reach the minimum. Others keep safety stock on certain products to protect against sudden spikes in demand, while others utilize a “Just in Time” inventory strategy, delivering items just in time for manufacturing/shipment.
4. Figure out the completely information:
Do your sales reps have all the information they need going into sales appointments? Forward-thinking wholesalers, manufacturers, and distributors are understanding that in order to make sales in this day and age, sales reps need to add value to their sales conversations, not just go through the motions of writing down a reorder.
5. Customer services >> Everything else:
Wholesale distributors today are operating in an incredibly competitive marketplace. Many try to differentiate their brands on price in the hope that lower prices (and margins) will lead to a higher volume of sales. This approach, however, is not an effective strategy for long-term growth.
6. Control the cash to control your business:
Cash flow is the lifeblood of any wholesale distribution business. One of the biggest mistakes a wholesale distributor can make is to give an overextension of credit to their customers. Avoid folding to demands for extended payment terms, and be diligent about collecting receivables. Accept credit cards, invoice/get paid online, and outsource collection if necessary.
7. Invest in the right place:
This one is hugely important. According to a recent report released by IT consulting giant Accenture, 86% of leading B2B companies surveyed are already offering their customers the option of ordering online. Only 14% are not.
8. Manage your sales:
Territory management is all about making sure that your sales reps are putting the right amount of time into the right accounts. Many wholesale distributors neglect to effectively segment customers, track sales performance, and improve sales prospecting strategies. Successful brands create detailed customer segmentation strategies and detailed plans that are ultimately aligned with the company’s overall objectives.
9. Complete your orders as early as possible:
In a survey conducted this year, it was discovered that 68% of respondents can get orders from the field to the back office in less than 24 hours. 30% could do it in less than one hour. When it came to shipping, 47% of respondents reported that orders were actually shipped within 24 hours, setting a clear benchmark for the rest of the industry to follow.
10. Develop relations:
At the end of the day, what’s going to make you successful as a wholesale distributor is your ability to form strong, lasting relationships with your customers. By prioritizing customer service, adding value during sales conversations, and making faster order fulfillment a priority, you’ll be well on your way to building a long list of repeat customers.