It appears the average sales increase expectation for small business owners is not very high for this coming year.
TD Bank just released a report that states small business owners expect to increase sales on average by 1.7% over the next twelve months. To read the full report (it also includes The Canadian Federation Of Small Business' small business confidence barometer index) just click here. (the report is very short)
So if you expect to increase your sales by more then 1.7% consider yourself above average. 1.7% is not much though. Even if you are attaining this I would suggest you can probably do better. Inflation it self may turn out to be more then 1.7%.
If you are looking to increase sales I would suggest investing in sales and marketing activities. Today there are many low cost and effective tools you could do yourself or contract out and have an expert do them for you. These could be anything from direct mail to online advertising to social media to search engine optimization to email marketing to print advertising and the list could go on and on. The other option would be to outsource your entire sales and marketing department to a third party if your just not seeing the results you want. The main thing is if you are expecting a sales increases of 1.7% or less you are most likely not going to be able to cover your increases in costs and therefore have a reduction in profit. Most small businesses should easily be able to increase sales by 10-15% per year with a little bit of focus on marketing and sales.
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