Etini
Valued Contributor
Turnover in business refers to the rate at which goods or services are sold out. For instance, if it takes Company A two days to sell off 100 units of its products, and it takes Company B five days to sell off the same 100 units of the same product, we can say that Company A has a higher turnover than Company B.
Having a higher turnover can be a product of so many factors ranging from marketing strategy, pricing, customer service, and other related factors. One thing is certain though, any company or business organization that keeps a product longer than necessary is not making business progress. Every business has to have a high turnover to make progress and grow. A person that sells 19 liters of honey every day can't be compared to a person that sells 40 liters of honey a week. What can businesses do to increase turnover? They can increase turnover by reducing the price to a reasonable level. It is better to make a $3 profit and spread it over 1000 units., rather than make a $20 profit over 100 units. Customer service should be improved to drive more patronage to the business.
Having a higher turnover can be a product of so many factors ranging from marketing strategy, pricing, customer service, and other related factors. One thing is certain though, any company or business organization that keeps a product longer than necessary is not making business progress. Every business has to have a high turnover to make progress and grow. A person that sells 19 liters of honey every day can't be compared to a person that sells 40 liters of honey a week. What can businesses do to increase turnover? They can increase turnover by reducing the price to a reasonable level. It is better to make a $3 profit and spread it over 1000 units., rather than make a $20 profit over 100 units. Customer service should be improved to drive more patronage to the business.