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Monthly Archives

November 2016

biggest threats to your business

Do you know the single biggest threat to your business right now?

By | entrepreneurs, marketing, sales tips, Training | No Comments

Do you know the biggest threat to your business right now?

 

Well, if you don’t you should. I speak as someone who has experienced what happens when an 18 year old established business gets wiped out pretty much overnight, due to a change in Government policy. And for anyone in Britain, 3 simple words: “British Home Stores”. Do I have your attention now?

Whilst every business is different, I would urge you to use some simple management tools – a favourite of mine is the good old SWOT Analysis – in order to give yourself an objective overview of what is going on in your business right now. Depending on the size and sophistication of your outfit, you may want to use other management tools or industry experts, but whatever you do, choose something and get yourself prepared.

So here, in no particular order, are some of the biggest threats that could be facing you and your precious business:

 

Long Term Sickness or Injury – in many small businesses, one person is the key to everything. If this person couldn’t work because they were ill or injured (or even dies), then how would the business replace them – would there be funds available, or would the revenues dry up completely because everything revolves around that person? If you haven’t, then you should consider taking out Key Person Insurance, which will provide you with financial security should the worst happen.

Not managing your Sales Pipeline – many small business owners are not sales experts (they are experts in their core business after all) and once the sales start to come in, it can bring a false sense of security that things will always go on this way. However, it is a fact of life that customers leave (they find someone else, they relocate, they close, they don’t need you any more). So how would you cope if your biggest or most profitable customers suddenly left? You need to have a constant pipeline of potential new customers to replace the inevitable losses that always occur.

Lack of Planning – “If you fail to plan, you plan to fail” goes the saying. But if the last time you had a proper strategic business plan was when you started, then the chances are that your business is just drifting along. So do you regularly schedule time in for planning? Do you have a 6 month, 12 month or 5 year plan? Do you have an exit strategy? When is the last time you did some strategic planning? If you want to know more about how, read about how to do a SWOT Analysis here Without a plan, how can you possibly put in place the steps you need to take to achieve your goals? Too many small business owners get bogged down in the daily detail without taking the time to look at the big picture and then, when something significant happens, they are not prepared.

Not spending enough resource on sales and marketing – by resource I mean both time and money. In today’s world you can’t just stick up a poster advertising your business and watch the money roll in. You need to experiment and work out which types of promotion work for you and which are most cost effective. Many people think marketing is about promoting your business, but that is just part of it – you need to make sure your product and prices are competitive and that you offer something that people actually want. How do you make it and get it to the customer? Do you have testimonials, processes and procedures to make the buying process smooth? And do you have someone with enough sales skills to turn potential customers into actual paying clients? If this all seems too intimidating, then get expert help and hire someone who can do it for you.

Cash flow crisis – bad debts can often become a major issue for small businesses. Lack of capital to reinvest in your business can destroy it over the longer term, but if it has no liquidity at all, your business can be shut down instantly. So do you have terms and conditions that clearly state your payment terms? Are you good at chasing outstanding payments? Do you insist on deposits or payment up front and do you make credit checks on new customers? It might seem like a lot of hassle, but it is nothing like as painful as buying stock up front, fulfilling an order and then never getting the money.

There are, without doubt, many more threats to business than those I have discussed here. I would welcome your thoughts on what you believe are the biggest challenges small businesses face in the UK at the moment.

Janet is based in Enfield, north London and trains small businesses and entrepreneurs how to sell more. She has recently reached the final of the Institute of Sales and Marketing Management’s national awards (BESMA 2016) in the category of Sales Trainer of the Year and, in November 2015 won ‘Start up Business of the Year’ at the Enterprise Enfield Business Awards.

If you enjoyed this article and you would like to receive a free download: Janet’s 8 Proven Sales Tips, please click on this link now.

Click Here for 8 Proven Sales Tips

Are you SWOT-ing enough?

By | entrepreneurs, marketing, sales tips, Training, Uncategorized | No Comments

That’s not bad grammar by the way – the eagle-eyed amongst you will realise I am referring to that wonderful tool The SWOT Analysis.

Although I predominantly deal with sales issues, when I am working one to one with a client, I like to take it back to basics so, along with reviewing their vision, mission and values, I do a SWOT with them. There is a good reason for this – many small business owners get so bogged down in the day to day they end up working “in” the business instead of “on” the business. In other words, they are failing to plan and implement strategically. That’s really important to address, because if I am putting together a bespoke sales training solution for someone, it’s a complete waste of everybody’s time if I end up doing something which is at best “not quite right” or at worst completely wrong for their corporate direction or which doesn’t match their values.

So I thought it would be a useful exercise to revisit SWOT and, for those of you who haven’t come across it before, explain why it is such a fabulous business tool.

The objective of a SWOT Analysis is to help you develop a strong business strategy. It makes sure that you have considered all of your business’s strengths and weaknesses and also the opportunities and threats from the wider world.

So Strengths and Weaknesses are internal and Opportunities and Threats are external to the business.

What you need to do is critically appraise where your business is and fill out a chart which should look something like this:

SWOT Analysis - tadpole training

You don’t need to be particularly detailed, in fact it’s best to approach this as a sort of brain storm – put down things as you think of them and tidy them up later. If you have a team, it can also be a good idea to get them involved too – not only will they contribute things you might not have thought of, but if you do later decide to implement something and they have had input, you are likely to get much more buy-in because they have a feeling of ownership.

Once you have completed all of these sections, you will have a very clear snapshot of exactly where your business is right now and then you can go through it again and prioritise according to the highest and lowest priority in each section.

When you have finished, you can use the information to develop long and short term strategies to drive your business forward. You should aim to capitalise on the strengths and opportunities and either minimise or avoid the weaknesses and threats.

Finally, none of this is any good unless you actually implement what you have created, so make sure you include any actions in your overall strategic plan. It is also a good idea to regularly revisit your SWOT as things will change. I tend to do it every quarter, but do what works for you.

If you have any questions about how you can use SWOT Analysis to help develop your strategic sales and marketing plan, then please drop me a line.

Happy selling!

Janet is based in Enfield, north London and trains small businesses and entrepreneurs how to sell more. She has recently reached the final of the Institute of Sales and Marketing Management’s national awards (BESMA 2016) in the category of Sales Trainer of the Year and, in November 2015 won ‘Start up Business of the Year’ at the Enterprise Enfield Business Awards.

If you enjoyed this article and you would like to receive a free download: Janet’s 8 Proven Sales Tips, please click on this link now.

Click Here for 8 Proven Sales Tips

 

love getting objections

Why I love Sales Objections and you should too!

By | entrepreneurs, sales tips, Training, Uncategorized | No Comments

Why I love Sales Objections and you should too.

As a sales trainer, one of the things that I get asked about probably more than any other (with the possible exception of how to close better) is overcoming objections.

There is something about an objection that can strike genuine fear into the hearts of salespeople – particularly if they are less experienced – but it really shouldn’t be like that.

 

Now, I do accept that part of the mindset of being in sales is that thrill you get from moving a prospect on towards becoming an actual paying customer (yes, you’ve guessed it, when I was in direct sales, I was a ‘hunter’!), but what if sales isn’t your natural world and you find elements of it a real struggle? If that is you, then here are some practical things you should consider, which will hopefully change your perspective a little bit – or maybe even a lot.

 

  1. You can prepare for objections in advance. It is likely that most customers will broadly be worried about similar things, so do your homework, make a list of possible objections and work out what you can say to overcome them.

  2. Make sure you have lots of reviews, testimonials and case studies from happy customers. If a potential customer objects to something specific, it can be very powerful to say “Well my customer AAA had a similar concern, so we did BBB and the results were CCC.”

  3. Don’t rush to answer objections with tons of facts. It can be a lot more powerful to ask probing questions instead, such as “why is that important to you?” or “tell me a bit more about your concerns”. By encouraging potential customers to explain in more depth, you may find that the objection they stated was actually secondary to something else, which is fantastic, because now you can address the genuine objection.

  4. It might sound strange, but when a customer gives an objection, it can often mean that they are very close to buying. An objection means that they are considering using your product or service and are just checking that everything fits properly. If they have a genuine concern, then it makes sense to air it and make sure that it is not a deal-breaker.

  5. Some customers can just throw in an objection to put you off – so getting an objection can sometimes have absolutely no bearing on whether or not they are going to buy from you. Just as in life, customers come in a whole range of personalities!

  6. Once you have dealt with an objection, it is useful to ask a follow up question (known as a confirmation question), such as “has that answered your concerns?” or “is there anything else you would like to know?” By doing this, you find out whether you have dealt with their objection to their satisfaction and it allows you to move onto the next stage of the sale. After all, if you don’t deal with their objection properly, then there probably won’t be a next stage of the sale!

I hope these simple strategies will help you worry less about getting objections. Instead, acknowledge that objections are simply part of the sales process and can be a great way of cementing that sale.

 

Happy selling!

 

Janet is based in Enfield, north London and trains small businesses and entrepreneurs how to sell more. She has recently reached the final of the Institute of Sales and Marketing Management’s national awards (BESMA 2016) in the category of Sales Trainer of the Year and, in November 2015 won ‘Start up Business of the Year’ at the Enterprise Enfield Business Awards.

 

 

If you enjoyed this article and you would like to receive a free download: Janet’s 8 Proven Sales Tips, please click on this link now.

Click Here for 8 Proven Sales Tips