was successfully added to your cart.

Cart

Tag

SWOT Archives - Tadpole Training

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

Annoying sales issues

7 Things that we all hate about selling

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

5 star tadpole training7 things that we all hate about selling

1. Cancelled meetings

Especially when they ‘forget’ to tell you and you’ve physically travelled to the venue before you find out. Also annoying when you have done tons of preparation and they no longer want to see you.

2. Being stereotyped as a pushy charlatan

This image persists, yet nearly every salesperson I know is a thoroughly decent (normal) human being. In fact, the people who are best at sales are usually highly focused on helping clients. They are some of the kindest and most empathetic people out there, but everyone else thinks salespeople are a cross between Attila the Hun and Gordon Gekko.

3. Being nice to people who you don’t like, but who have the power to approve the sale

You get to deal with all sorts in sales and so by the law of averages, you are going to come across a few you don’t like. However, if their money is good and they are a good fit, you must still deal with them and try and make it look like a pleasure.

4. Shaking on it then they change their mind

You do the work, you agree terms, everyone is happy so you shake hands (or get verbal agreement, or whatever your standard is for the thing you do). Then, you get that call (and often they just leave a message) saying they no longer want to go ahead or they have changed their mind. Can you get back to them to talk about it? Of course not. The draw bridge has gone up. Leading me on to ….

5. Not returning calls

When they are interested or want your help or advice, clients will talk to you. In fact, they may call you at all sorts of strange times. However, when they have other things on their mind, or when you just need a bit of feedback to move the sale forward, what happens? Yup – suddenly it’s impossible to get through. Messages go unanswered, colleagues can’t say when your contact will be available and you hit a brick wall. You know what’s coming next don’t you?

6. Answer machines

I prefer speaking to actual people. I suppose we all do – but now everyone has an answer machine, somewhere between 50% and 85% of calls go straight to voicemail. Do you ring once, twice, 5 times, 10 times? And at what point do you turn into a Stalker? And then there are the messages left on your own phone that you miss, then 3 days later you just decide to check, only to discover that something urgent needed to be dealt with yesterday.

7. Asking for a discount

I blame car boot sales for this. It’s acceptable to ask for a discount when someone is selling their leftover and unwanted things from their home, but actually it’s not OK to ask for a discount when you are discussing a high quality, well crafted, bespoke product or service that is probably priced fairly for the market place. Yet still prospects do this. Even if, as the person selling, you have done everything right; showed the value of what you offer and demonstrated how many of the prospects needs and objectives you solve, you can pretty much guarantee that, before you get the sale, you will be asked if you can drop the price.

So, if you’ve been in sales for more than 5 minutes, I’m sure you recognise a lot of these. Fortunately, nothing comes even close to that feeling you get when you smash that target!

Happy selling!

Janet Efere is an award-winning sales trainer based in Enfield, North London