The next best thing to making a sale is getting paid! What can you do in your business to not only sell more, but also get paid more quickly?
Your gross profit margin and debtor days can be improved by working on pricing and how your business gets paid.
Here are a few ideas for increasing your sales and getting customers to pay you more quickly:
If your business normally invoices for payment and these are slow to come through, consider asking for payment up front. You could present this to the customer as a way for resources to be focused on the care and servicing of good customers and not on chasing bad debts and late payers.
Offer discounts for early payment or additional benefits instead. For example, depending on what type of business you have, you could offer priority booking, free upgrades, lower minimum order quantities, extra technical support, etcetera.
Have you defined your Unique Selling Point and promoted it to your customers? If your product is similar to many others then perhaps your USP is brilliant customer service or your after sales support. If they you do something unique, are you making the most of the benefits it offers (not just the features)? All these can make a difference to the prices you can charge.
Have you considered a price rise? How about a measly 1% increase in prices? It could just be on certain products or for certain customers, but it will have an effect on your profitability.