If you’re not generating the level of sales you’re capable of in your business, the real cost of inadequate sales is a lot more than you think.
And it’s not just the cost of the sales you’re missing out on.
When you operate a business that consistently generates inadequate sales, revenue, and income, you’re effectively starving your business of the oxygen it needs to survive. Inadequate sales chokes a business, stifles its growth and can threaten its survival.
So today, let’s take a look at some of the real costs of inadequate sales in your business.
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Generating significant sales in your business, or at the very least “adequate” sales is critical for many reasons.
First and foremost is the financial stability necessary for survival.
When you generate significant sales, it gives you the stability necessary to cover all your operational expenses, pay your vendors, pay your people, invest in growth, and make sure the business remains sustainable in the long term.
Your sales growth directly impacts your overall business growth, which allows for reinvestment, product development, expansion into new markets, and hiring additional talent.
It also gives you an edge that many competitors find hard to overcome.
In previous podcasts, we discussed the concept of moving from Stealth Mode to Intimidation Mode, and this depends on your ability to attract, qualify and convert more clients than your competitors.
Inadequate sales makes it nearly impossible to build infrastructure or even attract investors who could help you make it happen.
When you’re generating adequate sales and stable revenue, you can build effective processes, improve productivity, and negotiate better terms with everyone from your suppliers and vendors, to your lenders and potential partners.
It contributes to a stable work environment by giving you the ability to hire, motivate and retain the right people.
And whether you’re a small business or even a solo entrepreneur with no desire to add a lot of people or build infrastructure, having adequate sales, along with the processes necessary to be able to generate them consistently, will ultimate determine how much your business is worth.
…because no one wants to buy a business that’s unable to generate adequate sales and revenue. And most solo entrepreneurs don’t really want to run that kind of business themselves.
So regardless of your growth plans, adequate sales are key.
With all that said, some small business owners figure that even if they’re not generating adequate sales right now, it’s no big deal. They’ll figure it out eventually, or get around to it at some point.
As a result, they can plod along for weeks, months or even years bringing in just enough revenue to make themselves either mildly comfortable or not quite uncomfortable enough to do what it takes to generate the sales they need to run a fun, exciting, sustainable business.
And shouldn’t that be the goal? If it’s not fun, lucrative, or ideally both, then what’s the point? If you just want to earn a steady paycheck, you can do that with a regular job.
So if you’re still with me, let’s take a look at just Three of the Real costs of inadequate sales:
Real cost #1. Lost revenue. This is the obvious one. If you’re not generating adequate sales, then you are losing out on revenue every business day. Some people don’t think of money that they didn’t make as being lost.
But isn’t it, though?
If there are sales you could have made today, but you didn’t make them. Didn’t you lose out on that revenue? Especially if they ended up buying it from someone else?
Sure, you may sell something else tomorrow, but that doesn’t make the sales you lost today any less real.
Now if you think that mindset is too negative. If you believe in an abundance mindset and you feel like there’s plenty of business to go around for everyone. Then we’re on the same page. I totally agree.
There is plenty of business to go around for those who are willing… to do what it takes… to bring it in. So if that’s you, congratulations. Keep up the great work.
But if you’re not generating adequate sales, then it’s likely some changes are necessary.
Real cost #2. Lost opportunity. Every sale you fail to make today, means there’s one less reorder, one less referral, one less happy customer, positive review, success story or testimonial in the pipeline.
Inadequate sales are a pipeline killer. This results in opportunity and future sales that are either lost completely or delayed indefinitely.
Life is full of opportunity. But it requires being present. You have to get in front of it. So when you’re generating inadequate sales, you are missing out on all the related opportunities you could have had.
Real cost #3. Lost credibility. When you don’t care enough to do everything you can do every day to help as many potential clients as possible, it kills your credibility.
What would you think of a doctor who could have helped someone today but who just didn’t.
How about a lawyer who could have gotten a much better result for a client, but who failed to let them know that, so they went to an inferior lawyer and got a bad result?
If you’re good at what you do, you owe it to your prospective clients to let them know THAT you can help, HOW you can help and WHY it’s in their best interest to choose you.
Then, if they still choose to not work with you, it’s on them, not you.
Listen, if you know that you could and should be selling more of your products and services than you’re currently selling…
If you’re impacted by the Real Costs of inadequate sales, including the lost revenue, the lost opportunity and the lost credibility, then go to TopSecrets.com/call and let’s discuss how we can help.
We’ll work together to help you multiply your revenue. In fact, when you join our Total Market Domination program, our initial goal is to triple your investment within the first 90 days, or we’ll keep working with you until you do.
You’ll get the tools, tips, strategies and answers you need to grow your sales and profits fast. So go to TopSecrets.com/call and let’s discuss how we can help.
Ready to Overcome Inadequate Sales?
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- Just Getting Started? If you (or someone on your team) is just getting started in promotional products sales, learn how we can help.
- Need Clients Now? If you’re already grounded in the essentials of promotional product sales and just need to get clients now, click here.
- Want EQP/Preferential Pricing? Are you an established industry veteran doing a significant volume of sales? If so, click here to get End Quantity Pricing from many of the top supplier lines in the promo industry.
- Time to Hire Salespeople? If you want to hire others to grow your promo sales, click here.
- Ready to Dominate Your Market? If you’re serious about creating top-of-mind-awareness with the very best prospects in your market, schedule a one-on-one Strategy Session here.