Your customer's decision to purchase your product or service is the start of the cash conversion period. Allowing your customers to make their purchase decisions, and communicate their decisions to you as quickly as possible, is an important step for shortening the cash conversion period event. Here are two basic tips:
Let your customers know what you're selling. One way to accelerate your customer's decision to purchase your product or service is to make sure they know exactly what you're selling, and at what price. Your customer's purchasing decisions will take longer if they're not exactly sure what you're selling, or what it will cost them. Price lists, catalogs, displays, and proposals or quotations, are just a few ways you can let your customers know what you're selling.
Make it easy for your customers to place an order. Making the task of ordering your goods or services quick and convenient is another way to accelerate your customer's purchase decision. Under the best circumstances, relying on the postal service for receiving orders can add anywhere from two to seven days to your cash conversion period. Providing ways for your customers to bypass the postal service with their orders makes it convenient for them, and it reduces your cash conversion period at the same time. Accepting orders over the phone, via FAX, or at a secure website are just a few ways you can make your customer's ordering task quicker and easier.