In order to manage your business effectively you need to be sure that it has enough cash to keep trading and that it is running profitably. To ensure this happens, I recommend you review your financial status at the start of each and every business week. You will have financial records, probably in one of the most popular accounting software packages such as Sage, QuickBooks or Xero. Either your own staff or your accountants will use these to prepare VAT returns and the other legal requirements such as the annual accounts required by Companies House. These accounting systems can also produce many of the essential figures you need to review on a weekly basis. Additionally, you need to forecast which clients are likely to pay their invoices this week. This is often not the same as those who should pay this week. Accurately forecasting your weekly cashflow is a skill every business needs to master. Not all of the figures in the list below will apply to all businesses. You … [Read more...]
Is your Sales Report doing the job it’s meant to?
Sales, sales and yet more sales……….PLEASE A simple innocuous request a month ago to a client of ours got me thinking! I had simply asked that at our next monthly meeting if they could give me a “Sales report” for the previous month. I did not think any more about it. When we came to that point in the meeting the following month, the report was produced!! Lo & behold I was presented with a list of all the beers that they had sold the previous month, a long list of different beers, in cask, keg, can etc. To them, sales simply meant the beer that they sold. To me it meant the outlet –Pub, Bar, retail etc. I believe this is a crucial tipping point for a brewery or any other business, when sales becomes about the outlets buying product or service and not simply about the amount you have sold! Knowing who bought and, equally importantly, why they bought can provide insights you can replicate elsewhere. For your Sales to fly, they have to be driven by metrics and … [Read more...]
Setting up business in the UK for non EU citizens – Essentials Check List
The summer is a time when visitors come from all over the world to watch our famous sports events including Wimbledon, test cricket at The Oval and the UK Grand Prix at Silverstone. To the side of these visits, many are also researching the UK as a destination for their new business. The UK is now one of the easiest countries in the world to do business in but there are a number of essentials you must have in place before you can start trading if you are a non EU citizen. Visa You will need a Tier 1 Entrepreneur Visa, or a Tier 1 Investor Visa. For the Entrepreneur Visa you will need to invest a minimum of £200,000 in your new business and employ yourself and at least two members of staff. For the Entrepreneur Visa you need to be prepared to invest at least £2m in the business. Business Idea You need to start with an idea of what product or service you want to sell. The first step is to think who might buy your product and why. You need a USP (Unique Selling … [Read more...]
Don’t Wait For Brexit Clarity – Get Exporting
Almost every business will be impacted by Brexit – positively or negatively. We can only make educated assumptions about what Brexit will look like and indeed when any transition arrangements may end. With a potential 2-year transition agreement, Brexit would happen in March 2021. Fortune favours the bold and businesses that can benefit from exporting should review their business strategy to achieve their maximum potential. If you don’t your competitors probably will. The good news is that there is a huge range of support available for businesses who want to start exporting or want to expand their exporting. When helping businesses review their strategy, I often ask if they export. The first answer is often no, followed by a, well we have sold this to here and that to there. They have become accidental exporters. If your business has recognised expertise or a niche specialisation then you will often be found globally via your web site even if … [Read more...]
5 Ways to Get Past the GateKeeper
New recruits making sales via ‘cold’ sales calls often struggle to take their generic sales training and put it into practice. If they are not trained professionally on how to make the pitch, they will lose calls and burn leads. Worse, they often make their company look bad if they managed to say where they are calling from before the callee hung up and won’t get a second chance for a while. Sometimes the caller may receive abuse, further reducing their will to make more calls, with their confidence dropping at an exponential rate. Here are 5 simple tips to helping your team get past the gatekeepers so they have a chance to convert to sales: Monitor the team, especially new recruits. Within days they may acquire bad habits that are hard to break, if left unchecked. You need to determine if they have an issue about making cold-calls, by listening and monitoring their behaviour whilst on the call: Train – Script – Monitor – Fine Tune – Interview – Retrain – … [Read more...]
Cross Selling – Enabling Sales, Profit and Customer Loyalty
Cross Selling is the practice of selling additional products or services to existing or new customers. It can be used in conjunction with its close relative Up Selling that encourages the purchase of higher value products or services than originally considered. The benefits of Cross Selling are well proven in larger companies and UK SMEs can also use this strategy with excellent results. Cross Selling is an effective method to increase: Sales Profit margins Customer loyalty If your company designs, manufacturers or sells products, services or solutions to B2B or B2C customers via direct, indirect or digital channels it can benefit from cross selling to drive growth and profit. Cross Selling Nine Point Check List 1. Establish your objectives: Sales, profit margin, customer loyalty etc. 2. Understand what your customers buy from you and what they don’t buy from you and why (sales analysis + Customer Relationship Management information). Do typical customers buy … [Read more...]
The Sales person has no clothes….
Your next Sales person is quite an investment and a risk for your company.Nowadays there is a breed of Sales executive latin name "Executivus Technicus Commoditus". This species are found on trains, motorway service stations, or frequenting mass appeal TV shows.They can be seen playing with their latest electronic gadget, whilst conversing with another of their species on their smartphone.But, take these bits of modern technology away, how would they function? Would they find themselves from A to B? Would they know who to sell to? Would they be able to convince prospects of the merits of their product offering? Maybe, maybe not.The worry today is that sales people are too dependent on gadgets, and are spending less time on SELLING SKILLS.How many understand how to determine a clients needs? How many understand how to create a USP? How many just sell on price?Whilst the old days of hand writing reports, researching potential clients through libraries, or calling the office in from a … [Read more...]
Will Entrepreneurs rescue the world?
There comes a time when Business Leaders need to take control. Many are doing just that, but just as many (if not more) are being highly cautious. Whether it is the leader of the IMF, the Leaders of Governments (Obama, Cameron, Merkel, etc) the messages all spell GLOOM, DOOM and DISASTER. But Business Owners can take matters into their own hands. How many are "waiting to see how matters are developing" before they make a decision? Too many. For the shrewd, now is the time for opportunity. After all, if YOUR competitor is 'procrastinating', then they are at their most vulnerable. Risk...? Every business has an element of risk. But why not take a risk at the expense of your competitors. Bite the bullet - invest in growth whilst our 'so called leaders' talk the World economy down. Reinvent not only your products, but the way you do business. Growth is there for those who are bold! … [Read more...]
Sales Performance Enhanced by Persistence
Selling is difficult enough in the current climate. There is a great deal of competition and when the economy is in decline getting orders becomes more difficult with more people chasing fewer opportunities. Many leading experts will tell you all the ways in which you can improve your selling activity but most of them miss one crucial peice of advice. Research reveals that 50% of sales people give up after one “NO” from a client. A further 25% give up after two “NOs”; still more (15%) give up after 3 “NOs”. Therefore nearly all sales people give up on a client just before they place an order! Because the facts show that 60% of all customers say no 3 times before saying yes. For sales people to be successful they need to be persistent. When a client says no they more often than not mean “not yet.” If you need help in improving your sales performance contact Bob Francis or call 07941426807. … [Read more...]
See our latest presentation
Customers and cash. How to get more of both! In difficult times most SMEs need to get more of one and conserve the other. In fact many would like to get more of both. Our latest presentation gives ideas and tips on how to do both. Feel free to comment on the presentation and we look forward to receiving your feedback. … [Read more...]
Appointment making tips
How do I get to meet key decision makers? A question that I am frequently asked. First, like all Sales people and marketeers, it is key to identify your target audience, and have a message ('the hook') that is likely to spark their interest. Once you have both of these clear in your strategy then you can act. An exercise that has proved successful is to attend an exhibition. Research an exhibition that has some relevance to your business area of expertise. Check all the companies that are within your 'geographical' target, exhibition web sites make this quite easy to achieve before travelling. Take note of exactly where they are on the floor plan. Prepare a few words that demonstrate your knowledge of the subject, without it being a 'sell'. It is vitally important to make sure that you are NOT selling here. In fact 'selling' to exhibitors is highly unethical, after all they have usually paid 'big bucks' to enable THEM to sell! Only approach when all is quiet on the stand, its … [Read more...]
Inspirational Growth
Recession, good news about the economy, bad news, talk of double dip, exports down, quantitative easing, exports up, redundancies........... And so it goes on! Each day the newspapers bring a new twist to the current economic ‘state of play’. So lets blame the politicians, and those bankers are culpable too. Sepp Blatter, he's not helped, neither has E Coli, whoever he is. But are we not missing something? Surely confidence comes from business, at least that’s how it should be, not from the flamboyant Mr Mervyn King (sorry wrong adjective). So, how do we gain confidence? We look for new sales - simple. Either existing clients who can buy products they do not normally get from us (they have always bought screws from us, but never washers!), or we find NEW customers. New customers indeed? Perish the thought! In a time when a salesman is measured by his ability to operate a CRM system, not his ability to influence and ‘bring home the bacon’ we can easily lose sight of the real issue. … [Read more...]
>France – a few things you did not know!
>Name a country with a productive, highly skilled work force. Germany, you say? Sweden? Singapore?You can do better: France."People in France are very well-qualified," says Clara Gaymard, vice-president of government strategy and sales for General Electric International and President and CEO of GE France, in Paris. This U.S. company has had a presence in France for over 40 years, where it employs 10,000 people.According to the International Labour Organization (ILO), France is ranked just after the U.S. and Norway for hourly labor productivity, calculated by dividing gross domestic product by the number of hours worked. This calculation works to France's disadvantage though, as Norway's GDP is inflated by oil revenue, which isn't entirely the fruit of a person's labor.Germany and Sweden, which are both well below France for hourly productivity, along with Singapore, which is lower still, don't even bear comparison, while productivity in Europe's "cheap" destination, Romania, is a … [Read more...]
>France – a few things you did not know!
>Name a country with a productive, highly skilled work force. Germany, you say? Sweden? Singapore?You can do better: France."People in France are very well-qualified," says Clara Gaymard, vice-president of government strategy and sales for General Electric International and President and CEO of GE France, in Paris. This U.S. company has had a presence in France for over 40 years, where it employs 10,000 people.According to the International Labour Organization (ILO), France is ranked just after the U.S. and Norway for hourly labor productivity, calculated by dividing gross domestic product by the number of hours worked. This calculation works to France's disadvantage though, as Norway's GDP is inflated by oil revenue, which isn't entirely the fruit of a person's labor.Germany and Sweden, which are both well below France for hourly productivity, along with Singapore, which is lower still, don't even bear comparison, while productivity in Europe's "cheap" destination, Romania, is a … [Read more...]
"The Apprentice" Delivers Good Business Lessons
The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company. It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points. Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task. Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up … [Read more...]
“The Apprentice” Delivers Good Business Lessons
The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company. It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points. Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task. Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up … [Read more...]
"The Apprentice" Delivers Good Business Lessons
The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company. It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points. Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task. Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up … [Read more...]
>How to manage Distributors
>My previous article, "Distributors, Good Bad and Indifferent", talked about distributors and the various options and routes to market. This article is aimed at those companies who have decided the Distributor route is right for their strategy. For ease of understanding, I will describe the 'supplying company' as the 'Supplier' during this article. I have previously explained how important up front research, due diligence and general strategy is when selecting a partner to be your Distributor. Indeed the word 'partner' is deliberately chosen, as the relationship must be considered one of joint responsibility. The day a Supplier describes a Distributor as a 'Customer' is a sad one, as the motives for selling to them will be misguided.A Supplier will never have control over its Distributor, and it should not try to do so. However with thoughtful and planned management, the Supplier can influence significantly the thinking and strategy of the Distributor.A shared vision is important, … [Read more...]
>How to manage Distributors
>My previous article, "Distributors, Good Bad and Indifferent", talked about distributors and the various options and routes to market. This article is aimed at those companies who have decided the Distributor route is right for their strategy. For ease of understanding, I will describe the 'supplying company' as the 'Supplier' during this article. I have previously explained how important up front research, due diligence and general strategy is when selecting a partner to be your Distributor. Indeed the word 'partner' is deliberately chosen, as the relationship must be considered one of joint responsibility. The day a Supplier describes a Distributor as a 'Customer' is a sad one, as the motives for selling to them will be misguided.A Supplier will never have control over its Distributor, and it should not try to do so. However with thoughtful and planned management, the Supplier can influence significantly the thinking and strategy of the Distributor.A shared vision is important, … [Read more...]
>Distributors, Good, Bad and Indifferent.
>Many Companies operate through distributors and stockists. There can be many reasons why a Company chooses this route to market.Some Suppliers do not have the ability to serve the wide and varied market place, and it makes sense for third parties (Distributors) to offer their products. In others it is used as a strategy to secure business in overseas markets, or places/market sectors that are remote from the Supplier. The down side is that a significant profit margin is given away, to allow the Distributor to operate profitably.So, how do Distributors come about?Many have been past friends, or friends of friends! Others have come as a result of an Exhibition meeting, answering an advert, or some simple research. A few have been placed by seeking Commercial Attaché services provided by the Government.What is a Distributor? Ideally, it is a company operating in a sector that is key to the Suppliers target market (or one of the key markets). They will have a vested interest in selling … [Read more...]
