Measures of sales growth that a business consulting service is likely to recommend include:
– Developing a new product or service, most likely through detailed research.
– Expand the application area with new areas and thus new customers.
– Improve customer service by building brand loyalty and ensuring regular sales.
– Make sure your price is enough to cover all expenses, including any imminent salary increases, forecasts for fixed cost increases, expansions, etc. You can contact business consultancy experts at https://www.egnsingapore.com/ for the growth of your business.
– Consider seasonal discounts – think about seasonal sales for higher seasonal income.
– Create a new dealer scheme to get more space for your products.
Some of the cost-cutting steps a business consultant will likely recommend include:
– Reduce the volume of inventory in the store, especially when the price of raw materials does not fluctuate.
– Reduce entry costs by renegotiating rates with suppliers.
– Consider upgrading equipment, especially if new equipment improves quality, reduces losses, and reduces power consumption.
– Consider new alternative raw materials that may be better and cheaper.
– Reduction in overhead costs, eg. Useless security. Choose a combination of security and surveillance cameras.
– If possible, reduce the cost of transportation or rent a larger truck to reduce unit costs.
– Identify unfavorable or not very profitable products and services and mark them as canceled.
Also, to maximize the profitability and efficiency of your business with a management consulting firm, they can recommend starting with a strategy that produces faster results and then moving forward slowly.