Tips from the Top - April 2017
Successors for Success
When you begin to plan your exit from your business, you might consider separating the ownership decision from the delegation decision. Some business owners put the proverbial cart before the horse and try to sell before they have a potential successor in place…Read more
Out-of-the-Box Sales Idea
Our growing business requires continuous recruitment and management of sales people. Our top performer found his own sales suffering as mundane tasks associated with new hires eroded his time for making big deals.
To build the team, we attempted twice to bring in an outside sales manager. These hires are very expensive and often clash egos with our existing sales reps. Frequently they would attempt to change "too much, too soon" or go for quick wins without understanding the complexities of our technically-oriented mapping business, complex products and our existing sales processes…
Right and Wrong of Hiring
Hiring the right person at $25 per hour is better than hiring the wrong person at $20 per hour
Qualify Your Estimates
Create a list of qualification questions to use as you receive requests for an estimate. Use the questions to rule out requests that aren’t worth your time. This has saved me time on creating estimates that don’t make sense for my business or won’t result in a closed deal.
Be Authentic to be Successful
Your business should work for you. Showing up in a way that works for you may not win you every customer, but it will win you the customers you want.
Oh, and one more thing: You want to avoid reminding your customers of every other "bad" salesperson they’ve ever met.
Choose Your Battles
It is very expensive to fight principle.
Work in the Growth
Our company has been growing at double digits for many years now. Naturally there are challenges that come with growth, including space.
A couple of years ago, we added on another 4,500 square feet of space. While looking at financing options, we discovered it was possible to put all of the costs of the renovations of the new space under a lease agreement. It included the desks, computers, office construction, labor and even the cost of paint and carpet. This worked perfectly as it is our philosophy to use our cash reserves only for expenditures that will make us money (like inventory)!
Internal to External
By pulling the information from inside my head into our financials, we have a better understanding of where our business is from a cash-flow standpoint. My stress has reduced considerably!
My TAB Board has gone above and beyond in helping me accomplish this, seeing what a challenge it was for me. Yet now that it’s done, I’m so glad I did it.