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Covid-19 / 3 posts found

A photograph of trolleys at a supermarket

Increasing stock turn in a slow-moving economy

by mike tombs
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If you sell stock or inventory, it’s essential you understand stock turn and how to increase it. Obsolete, or ‘dead’ stock will harm your cashflow and your ability to increase profit, particularly in a slower-moving economy. The longer stock takes to sell, the longer you have your cash tied up in the stock before it can be sold for a profit. The older the stock, the less likely it is that you’ll be able to sell it for its original retail price. Use the below formulas to calculate your stock turn: Stock turn = cost of sales / average stock [...]
A picture showing a small dog popping its head out of a box.

Reinventing your product and service offering post-Covid

by mike tombs
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During times of crisis, we’re forced to reinvent the way we work and what we work on to remain sustainable. From technology adoption to product innovation and blowing up stale processes, a crisis forces us to start with a fresh page and plan for a better, more resilient business. Four ways to reinvent your business post-Covid: 1. Innovate. Defined as ‘the introduction of new things, ideas or ways of doing something’. What new behaviours or needs exist in your target market and how can you create a new product or service to meet these needs?2. Re-engineer. How can you change and improve [...]
A poster with the words "Be kind. Let's look out for one another".

Selling with empathy

by mike tombs
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Recovering from a major economic downturn requires increased business activity and sales. Naturally, as a result of Covid-19, many people are fearful of spending or simply don’t have the cash to buy. So, how do we trade out of an economic downturn while being mindful of our customers’ struggles? How do we avoid coming across as opportunistic or pushy in our sales process? And how do we address these questions while making sure that our own business remains profitable? The answer lies in how well we are able to dial up our empathy. Empathy vs sympathyTo understand how to sell [...]