RATES Advertising Agency
  • Home
  • About Us
  • Services
  • Careers
  • Contact Us
  • Blog

How a Small Business Can Increase Sales

2/10/2010

 
2008 and 2009 definitely weren’t bullish years for many small businesses. To stay afloat and actually profit, companies really had to step up and try decisive and divisive tactics. For Terry Finley, president of West Point Thoroughbreds, there were several key decisions he took in 2009 to make this a good year. He didn’t sink and he didn’t just float through the year either: West Point actually increased sales by $1 million. Not too shabby for an industry (fractional ownership of thoroughbred racehorses) in major distress. Below are a few suggestions on how to turn the zeroes into heroes.

Take the risk and buy up the lower-priced competitor debt. Three years ago, the horse auction market, like many industries, was booming.  “There were people who would spend a lot of their funny money, and now are either spending less money, or, no longer around.” Where less “funny money” puts a damper on the industry, Finley decided it would help West Point.  The company purchased more high-quality horses this year than before at much lower prices, which in tern showed faith in industry.

“We bought the kind of horses this year that we never would have been able to touch price-wise,” says Finley who said some horses were marked down as much as 50%. “The market was white-hot then and now it’s softened enough where we could buy our competition.” As a result of the risk they took, West Point got better quality and proved to current and prospective clients that there was some real value in the market.

Explore outside the local and domestic market. When it comes to horse racing, for years the leading buyers destination was Dubai thanks to the wealthy investments by the Royal Family. With Dubai in flux, many investors have backed off.  Finley has been exploring Ireland now instead. “We were one of the first to buy and bring back horses from Ireland,” says Finley. “Now we have Irish investors interested in us.”

Leave the comforts of your own turf for your prospective client’s turf. It’s certainly easier to hide behind your desktop computer and phone when doing business, but meeting clients face-to-face shows just how important their business is. Showing your willingness to give some real time face time goes a long way. “Nothing beats sitting down with a client/prospect for lunch or in their office,” says Finley. “At least once a month I get on the train in Trenton to go to [Manhattan]. “We build rapport and help sell more horses when we visit clients or prospects in their own offices.”

Change up your purchasing style and practice. What worked for years might not be effective in the current economy.  For years Finley’s formula was to by 90 percent of his horses at 24 months old when they were already part of a race training schedule, and 10 percent of his costs were for the purchase of the younger yearlings. This year the company decided to focus more on horse training so found the less pricy yearlings to be worth the investment. He changed his order pattern to 50 percent 24 months and 50 percent yearlings. The change has proven successful.

Make “How does this enhance the customer experience?” your mantra. Most businesses are inundated with all kinds of initiatives and activities that “are well intentioned, but at the end of the day take our focus off clients and enhancing their experiences,” says Finley. “Always keep what you are actually selling at the center of what you do.”  Follow up that mantra with: “If I were a client, how would this impact me?” suggests Finley. This focus helped West Point Thoroughbreds remain attentive to its clients.

Tap into the next generation of clients. Horse racing has classically been a hobby enjoyed by those in the 50s and older. Finley is refocusing his efforts on bringing in the sons and daughters of his committed clients. What nailed it for Finley was a phone call he got from Dallas Cowboys player Duke Preston. “He called us and said his father loved the horses and that he wanted to find something he could do to spend more time with his father.” He sees that multi-generational investment as a lifestyle trend. “When you come into an investment with a partner, you don’t shoulder the responsibility alone, but when you win you really feel like you’ve won it all,” says Finley.

Nip company issues in the bud lickety-split. Address and give attention to problems immediately. Finley uses what he dubs the "puppy principal," explaining (albeit questionably): “If you have a puppy who wets the floor in your dining room, you don't correct him a week later in the living room, you do it right there in the dining room,” says Finley. “We began using the same principle with our team members. It's a constant battle but we try our best to hold each other accountable and address, right away, things that need attention.” West Point Thoroughbreds are sticklers for recording everything and use the CRM software Goldmine.  “If it’s not in Goldmine, it didn’t happen,” says Finley. “When a team member doesn’t input something into Goldmine, they know about it right away. We [also] make sure we give credit, right away, when credit is due.”

We would like to thank Shira Levine for this article.

Comments are closed.

    Archives

    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    April 2012
    March 2012
    February 2012
    January 2012
    September 2011
    August 2011
    June 2011
    April 2011
    October 2010
    September 2010
    April 2010
    February 2010
    January 2010
    October 2009
    September 2009

    RATES Agency

    We strive to provide quality service while maintaining productive growth for our clients.

    RSS Feed

  • Home
  • About Us
  • Services
  • Careers
  • Contact Us
  • Blog