Category: Sales

Don’t think of sales as a special, natural-born talent, and other misconceptions that are getting in your way.

People who are afraid to sell fail at it. That’s a fact. Fear makes you stumble through your pitch, freeze up when you hear objections, and miss opportunities to close the deal. So how do you sell if you are one of those people who cringe when it’s time to make a pitch? By changing the way you think about sales. Get over these five misconceptions to modify your mindset, and you, too, can be a successful seller.

Myth #1: “I am not good at being pushy–and salespeople need to be.”

Think about the best experience you, as a customer, have had. In that instance, did you find the salesman pushy? Doubtful. More than likely, you thought he was informed. He probably knew a lot about his product and was able to answer all your questions. When you are ready to sell, keep that personal experience in mind. Do your homework before you make a sales call. Know all the advantages and disadvantages of your product and your competitors’ products before you pick up the phone or arrive for the appointment.

 Myth #2: “I don’t know how to reach the person who buys my product.”

While the person answering the phone may not always be the person who makes the final buying decision, they can often provide you with great insight on the business itself. Don’t see them as an obstacle. Engage them with a few open-ended questions about the business that have to do with your product. Most people are happy to be considered important enough to inquire with, and willing to give you valuable perspective that can help you structure your approach with the end decision-maker.

 Myth #3: “I don’t want to bother the customer.”

You are bothering a potential customer only if you are calling someone for whom your product has no value. If you know the customer can benefit from your product, he should be happy to hear from you. Structure your call around how your product or service can be of use to your customer. Can the product save them time? Can it save them money? Can it change the way they live or work? If you can answer yes to at least one of these questions, you have not only the right, but also the duty to contact your customer with the good news–and sooner rather than later.

 Myth #4: “I am not fast on my feet.”

Stop worrying about what you are going to say and focus instead on what the customer will be able to tell you. Think about each call as a fact-finding mission. Your job is to ask questions and then listen carefully to the answers the customer provides. If you already know your product well, you will be able to easily explain how your product can address the needs the customer outlines for you. Sales is not about being fast, it’s about being thorough.

 Myth #5: “I can’t find the right words to close the deal.”

Don’t be shy about taking the final step and asking for the sale. Find out when the customer will be ready or able to purchase your product or ask how soon they imagine wanting to get the benefits of implementing your service. If you have adequately shown the customer how your product can be useful to them, the deal should be easy to close.

All of these myths are obstacles that otherwise competent salespeople create for themselves. Stop thinking about sales as a special talent that only “natural-born salesman” possess. There is no reason to fear making potential clients aware of the great product you offer. Selling is only the process by which you call on the right people and match them with the right product.

Now go out there and sell.

 

#bizcoachstevef

[vc_row][vc_column][vc_column_text]Whether you know it or not – you’re in sales. It doesn’t matter if you are selling a product to customers, ideas to your boss, a service, or speaking with a vendor. Here’s how to get the deal done.

You may not realize it, but the most critical junctures in your career involve selling. Whether you’re selling a product or service to a customer, an idea or a plan to your management or investors, or yourself to an employer, your ability to sell will play a huge role in your success.

Unfortunately, most people aren’t born with the sales gene. Not only that, selling has sort of a bad rep. I remember telling my parents many times that I do not want to be a salesperson, while at the same time I was the top salesperson at the company where I worked. My dad just laughed and told me that I am always selling, just like I did with him and my mother.

Looking back, I now know what he meant. Sales taught me about connecting with others, getting them on board with an idea, negotiating, and closing. I put all that to good use throughout my career as a senior executive and in management consulting.So, can you.

There are four fundamental concepts you need to understand to sell anything to anybody. Learn them, practice them, and above all, make them uniquely your own by determining how to best integrate them into your DNA, your own situation, and the goals you’d like to achieve.

1) Do your homework:

Know your customer, audience, whoever you’re selling to. Know what their role is, what responsibilities do they have, and what are their objectives to buy your product or service. Understand as much as you can about what’s in it for them. You should also know your competition and all the possible objections and hurdles you might face.

Just as importantly: know whatever it is you’re trying to sell. Know it cold. Whether it’s an idea, a product, a plan, whatever, know it inside and out. And, without a doubt, know it better than anyone else, especially those you’re selling to.

It sucks getting beaten up by a customer or your boss, because you didn’t prepare and did your homework. Find out what the customer really wants and satisfy that need or want.

2) Ask and listen:

So, you did your homework and now you’re ready to sell. You’re so prepared and passionate that you’re chomping at the bit to get it out. Don’t. Here’s why. Take a step back. You may come off poorly, even pushy because your presentation will be all about you. Remember, it’s all about THEM. Their needs and wants.

Ask how you can help them. Ask what their goals are. Ask what their concerns are. Then listen. Ask leading questions and listen some more. Keep listening until you have a pretty clear understanding of the whole picture. Then recap what you think you heard-this gets by-in.

Sometimes you may have to have a few meetings to get to the sale – that’s fine. Listen
to what their concerns are, what will satisfy their needs and wants. Don’t be pushy.
Have a natural conversation and listen to what really matters to them. Information is
power.

3) Make a genuine connection:

If you have the world’s greatest product or idea, that’s great, I’m sure you’ll kill out there. If not, then know this: Every business transaction involves a genuine connection between individuals. It’s not always a deep relationship, but it’s a relationship, nevertheless.

Sales are either made or not within the first 30 seconds. You need to connect with people, you have to explain things in a way that resonates with them. If you’ve done your homework, asked the right questions, and listened carefully, you should know what they’re looking for and how to overcome their concerns and meet their needs.

Purchasing anything is an emotional transaction and primal needs, supported with internal logic and information. Genuinely connect with the person and communicate using anecdotes and analogies that will cut through and resonate with them.

People like to hear about ideas, features, and performance. They need to hear about benefits and what’s in it for them even more. But when it’s all said and done and they’re on their own deciding, it’;s an emotional connection to stories and people they’ll remember. And that’s what will motivate them to go for it.

4) Know whose side you’re on:

This is a tough concept for people to grasp but it is key so listen up. You may be sitting across from someone, physically opposite them, but in reality, you’re on the same side. The sooner you get into that mindset, the sooner you’ll get deals done.

You see, many people view sales the wrong way. In a certain sense, you’;re actually working for the customer or whoever you’re selling to. That’s because your job is to understand and serve their needs. To help them achieve their goals. That’s your job. That means you work for them.

And you know what? Your customers need to know that. That you’re there to help them achieve their goals. That you’;re partners. That you’re willing to move mountains for them. And oftentimes, that’s what you have to do to get a deal done.

It doesn’t matter if you are on the sales force pounding pavement, smiling and dialing, or in accounting speaking with a vendor about in invoice, the custodian who gets asked a million questions from passer byes (check out Disney University)– you’re all in sales. You are selling yourself. Not for money, but your image, the company that you represent, the type of person you are. If the person you are communicating with connects with you, a sale can be made.

When people pick up on your genuine desire and ability to jump through any hoop to help make them successful, fulfill their needs and wants, that, more than anything, will help you get deals done. That’s how you become successful. By convincing others that you can and will make them successful–and then doing it.[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]Five common mistakes to avoid when preparing a business plan.

The general thought is that if you are going to start any type of a business you must have a written business plan before you do anything else. People spend hours, days, weeks, months, doing research, learning how to write a business plan, understanding financial statements, making changes to their prose, just to find the most eloquent way of stating “I will not make money in my first year.” Do you really need a business plan? It depends on what you want to do with that masterpiece you created with words and numbers.

Most businesses have their business plan on a shelf or in a drawer, where is does them no good. All that time and effort spend on creating that document is now collecting dust. A good business plan is your blueprint, your roadmap for your business and should be reviewed at least monthly and annually. But, do you really need a business plan in the first place?

If you are going to seek any type of funding (debt, equity, venture capital, angel, government assisted, or grants) then YES – you must have a written, solid business plan. This also goes for anyone that is jumping full steam into business and you will bring on investors, putting in your life savings, or have debt/equity to start your business up. Your plan needs to speak to those who will read it – the ones that will give you money. FYI If you are a new entrepreneur and have no track record of owning and operating a business in the industry you are looking to enter, and believe that a bank will lend you the money to start your business – you will be greatly disappointed. Banks avoid risk. Start-ups are risky. If you have some tech company that fulfills a specific need in the market, you
could probably get some VC funding. You never know who may give you money, so make sure your business plan is solid.

If you have a hobby and are thinking about slowly transitioning it into business. Then you can probably live without writing a business plan. Just focus on getting sales and proving your concept. If you are not looking to jump into your business with 100% of your effort, save your time and energy and do not write a business plan.

If you are serious about starting a business, and you are not seeking funding, or slowly turning a hobby into a business, then you must at least write out a plan for your business. Notice, this is different than a business plan. You need to write down a plan to start and market your business for YOU! Write down what you envision your business to be in 5 years. Write down a solid marketing plan for you to follow to get sales and grow your business. Write down milestones, such as when to hire people, when to get a brick and mortar building, etc.

Having written many different business plans and read many other. I am always triple checking the following 5 points in the business plan, and so should you.

1. Underestimating the importance of the first 90 seconds.
Readers of business plans are busy people, often poring through hundreds, or even thousands, of plans every year. Unless your plan has immediate, aesthetic attraction and contains an organization scheme, which calibrates the reader and compels the turning of pages, your plan may never be read, much less understood. Your executive summary should be clear, to the point, and provides the reader with a GREAT understanding of your business.

2. Permitting inaccuracies, inconsistencies or lack of objectivity.
You must pray to your lucky star that, if someone is actually reading your plan, he or she is focusing on its content. Errors or inaccuracies (however minor), inconsistencies (however immaterial) and perceptions of non- objectivity (however innocent), will always conspire to distract the reader and create a negative bias, from which your plan may not recover. By having inconsistencies in your plan, you will lose all credibility and your plan will end up in the circular file very fast.

3. Failing to demonstrate sustainable, competitive advantage.
The reader is keenly interested in whether a market for your product or service exists, and if so, whether you are capable of exploiting long-term advantages over the competitors currently occupying that market space. Do not succumb to the temptation to underestimate your competitors, overestimate your strengths or rely on a lower-than-market pricing strategy, in order to claim a sustainable, competitive advantage. Remember, the world is NOT your market, and no one is your competitor. You will have direct and indirect competitors, make sure you note them and the differences in your plan.

4. Underestimating the importance of the management team.
Many investors feel that a great management team can easily make a mediocre idea successful, but that a great idea rarely survives a mediocre management team. Help erase any potential doubts, by actively promoting your team and key advisors, articulating strategic objectives and an implementation plan, and providing a critical risk assessment and related plan for dealing with contingent events. If you don’t have a management team on board, then bring on an interim management team or surround yourself with the right players to make it look like you have
the winning team on board.

5. Failing to demonstrate revenue growth and profitability.
Whether it’s the new or old economy, it’s important to remember: top line growth is great… but, bottom line success is essential. Be aware that your plan will not survive the reader’s scrutiny, unless you demonstrate that it is based on credible financial assumptions that the quantitative sections reconcile with the qualitative sections, and that your financial projections are consistent with generally accepted accounting principles. Be conservative with your revenue numbers and extreme with your expenses. Support your financial data numbers with where you found that
information and what assumptions you are using.

There are a few different types of business plans and you need to find the right one for you and it must match your objectives. Here are the differences:

 Summary business plan: It is what it says. It’s a summary of your entire business plan in 7 to 10 pages. Very strong executive summary, highlight areas of the business plan, simple 1-page financial statement. This could be used to draw interest of investors into your business.

 Managerial business plan: The next step up. Provides a little more detail than the summary, provides a deeper picture of your business. Maybe 15 to 20 pages.

 Operational business plan: This is your blueprint of your business. It has everything in it for you to follow. These plans can be anywhere from 80 to 150+ pages in length. You will have detailed information on every part of your business, such as a marketing plan down to the day, costs, results expected, who executes what on the plan, and so forth. Very detailed. I have seen some new entrepreneurs read their operational plan monthly to keep them on track towards their goals. They are usually the fastest growing businesses.

If you are going to write a business plan, figure out which type of plan you need, target it toward the audience you want to read it, and avoid those 5 common mistakes that are found in many business plans.

To your success.

#bizcoachstevef[/vc_column_text][/vc_column][/vc_row]

[vc_row][vc_column][vc_column_text]Why business fail:

And how you can avoid being one of them

By Steve Feld:

I don’t think we should treat closing a business, with a failing business. Regardless what you have heard, or who you believe, that when you start a business, there is a good chance that you will fail. Your job as an entrepreneur, is to maximize your chances to succeed in business. While we hear many inconsistent numbers on what percentage of businesses fail, you can do a lot to prevent your own business from failing.

According to Bloomberg, 8 out of 10 entrepreneurs who start a business will fail within the first 18 months. That’s a whopping 80% crash and burn rate! But why?

What can we learn from the colossal amount of failure with small business that we can apply to our own business aspirations?

Clearly, there are countless number of reasons, why a business fails. A few reasons always remain at the top, and I will only highlight the top 5 reasons.

1) Cash flow: Hands down this is probably the number one reason why a new business (and many ongoing businesses) fail. Score mentors usually state that you should have a minimum of 2 to 3 times of operating capital in the bank, or have access to easy money before you start your business. This includes all your fixed and variable expense, YOUR salary, etc. If you believe your estimated sales will be $50,000 and expenses are $75,000 for your first year in business, then you should have at least $150,000 to $225,000 in the bank. What if your sales were less than estimated, and your expenses are more? Be
prepared.

2) Lack of demand: I hear many soon to be entrepreneurs that have an idea for a business, but it so unique, so specialized their entire market for the world is so small they could never make a business out of that idea. Business owners need to do a lot of due-diligence and market research to make sure their product or service has a demand that will drive sales.

3) Staffing: This is the killer of many businesses no matter where they are in their life cycle. Your staff can either take your business to the next level or they can sink you way faster than the Titanic hitting an ice berg. If you want to build a successful business, hire great people, develop them, support them, listen to them, do not micromanage them to death.

4) No unique selling propositions: What makes you different? Unique? Why should anyone buy from you versus the next business? Just go to any networking group and I bet you will find at least 20% of the attendees are SEO/Web developers/Internet self-proclaimed gurus. What sets each of them apart from each other? Knowing what sets you apart from others in your industry is key. Having something unique, special, targeted will allow you to find your unique selling proposition.

5) Poor management: Going into business for yourself, you will need to learn and practice being a great manager/leader. Many new business owners make bad business decisions, hire the wrong people, take their eye of their business goals, go outside the realm of their business and it confuses people. Stay focused on what your goal of your business and what you want to build. Ask other business owners in your industry for advice and help if needed. Know your numbers.

Here are just a few statistics to realize how many U.S. businesses SURVIVE.

According to the Bureau of Labor Statics, the business survival rate looks like;
 About 80% (four-fifths) of businesses with employees will survive their first year in business.
 About 66%(two-thirds) of businesses with employees will survive their second year in business.
 About 50% (one-half) of businesses with employees will survive their fifth year in business.
 About 30% (one-third) of businesses will survive their 10 th year in business.

What you really need to know is that;
 About 20% of small businesses fail in their first year.
 About 50% of small businesses fail by their fifth year.
These rates are consistent over time. Suggesting that year-over-year economic factors, surprisingly, doesn’t have much of an impact, on how many U.S. small businesses survive

The takeaway here is, that you can pretty much bet on an 80%, 66%, 50%, and 30% survival rate across 1, 2, 5, and 10 years in business—no matter the year.

It’s important to note that this reflects all businesses in the private sector. While the overall survival rates for small businesses surprisingly doesn’t vary much, the facts look a little different when you look at business failure industry by industry.

Before you start a business consider the reasons businesses fail. Begin by preparing to start a long-term successful business. Keep these simple items in mind when starting your business:
1) Have access to capital
2) Market research
3) Staffing
4) Find out why you are unique
5) Get help

#bizcoachstevef[/vc_column_text][/vc_column][/vc_row]