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5 Killer Mistakes with Customers

Posted by garydamp

There are 5 big mistakes you can do that will kill a deal with a big fish. They are:

1. Not meeting the client’s expectations
2. Mishandling a client crisis
3. Taking on more than you can handle
4. Putting all your eggs in one basket
5. No resources to provide stock or refunds

Any one or combination of these can not only kill the partnership, but have the ability to take down your company as well.

If you need help with any of this, try my GUIDED TOUR to get all the help you could ever need. www.advancedbc.com.au/guidedtour
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#customerservice#businessgrowth # customerretention


Get Ready, Get Set, and Go!

Posted by garydamp

Get ready to sell your small business

Business owners are always time-challenged, have staff issues and, cash flow is a perpetual juggle. The old saying “if it is to be ..it’s up to me” has never been truer than for the business owner preparing to sell

Distraction is real, selling takes effort and additional focus to prepare the business for the selling process. This effort is above your normal operational work or day-to-day aspects where the tendency is to focus on the urgent things rather than the important issues that build long term value. Focus is a choice and discipline.

Understanding the Value of your business is critical. Most owners typically have an overinflated view of their business value until the market tells them otherwise. The majority of owners have the bulk of their wealth tied up in their business. Yet only 20% of those listed will sell and many will just close their doors. A lot of wealth is left on the table or lost.

Most owners procrastinate in developing an exit plan. This is natural as it can seem unpleasant, however, the stark reality occurs when there is death, sickness, divorce, or life-changing events when matters are forced. The outcomes can be devastating to an owner and tragic to the beneficiaries. This doesn’t have to be the case.

Alternatively, the sale or a business exit should just be a process of actually building the business. By having the result in mind it is easy from inception to continually grow the business correctly. Ask the daily question, “Will this decision enhance the value for an investor in the business?”

By consciously acting like a company that does everything to empower the shareholders it will naturally shape to being a valuable and saleable business.

Whether a total exit, management buyout, partial sell-down, or retained interest an owner will maximise their business value by making conscious decisions daily. Having an investor-ready business allows ‘opportunity to meet preparedness’ if an offer or situation presents itself. Exits take time, so start acting now for future benefit.

Get your business in shape at www.advancedbc.com.au/system


14 THINGS TO CONSIDER ABOUT SELLING YOUR AND THE TRANSFERABILITY OF YOUR BUSINESS

Posted by garydamp

It is estimated that only 20% of businesses listed for sale will sell. Of those that are sold many of the new owners will fail to transfer successfully into new ownership. As a seller getting the ‘transferability’ of your business sorted can reward you handsomely for de-risking the purchaser.

Avoid selling stress consider 14 things

The sale value of your business is ultimately bound to how transferable the elements of your business are to someone else. Being transferrable increases your business attractiveness as well as the sale value by providing a higher business value multiple against your EBITDA (Earnings Before Interest Depreciation & Amortization) benchmark.

Here are 7 transfer considerations and 7 Mistakes commonly made

7 transfer considerations:

  1. Is the Business too dependent on you
  2. Can the People transfer (human capital)
  3. Can the Customer relationships transfer (customer capital)
  4. Can the Process and Technology transfer easily
  5. Can someone else learn the process
  6. Can Business continuity and growth transfer
  7. Will the Social Capital transfer – brand, culture, trust, and values

7 Transferability killers are:

  1. Poor or unsubstantiated financials
  2. No clear Market Dominating Position
  3. Owner & keyman dependence
  4. Poor documentation
  5. Lack of transferable systems and process (not repeatable) – No rhythm
  6. Risk – Product Liability, Lawsuits & contingent issues
  7. Customer risk – excessive customer reliance (1 customer responsible for 80% of revenue)

The best remedy is always to start with an end game in mind. Build value throughout the business cycle. Building from scratch with a focus on value, rhythm, and process will help. Behaving in the interest of the shareholders versus just the owner is a must. By following the vision, using discipline, and process the transferability of your business will be enhanced as with the saleability of your business

To learn how to create a great business and enhance transferability go to www.AdvancedBC.com.au/myguidedtour


THE TOP 17 SALES SECRETS

Posted by garydamp

Sales are referred to as a numbers game.

Business is really about maths and knowing your numbers. Sales also reflect this and also the culture and leadership of a company.

Focusing on the right things can make a big difference in increasing your conversion rates, the number of transactions, the Average Sale Value, and margins. 92% of customer interactions happen over the phone.

 

Empowering the sales team

Sales teams need good training, good presentation skills, and the right offers to present to prospective customers. Did you know 99% of businesses are not clear on their market-dominating position? This unique difference is part of the culture and ethos the sales team will reflect on your clients. Do you know the Break-Even of your Sales Offers? Or the dramatic impact of any discounting on your gross profit?

                                 Sales success!

Here are some specific things to do:

  1. Get skilled – Learn to sell and present. Get educated now and ongoing (increases sales by 50%)
  2. Have a specific ‘magic number’ of calls and follow-ups to be made in a month, broken down to weekly and daily amounts
  3. Track your activity – if it can be measured it can be managed. Accurate information in your CRM for follow up actions, campaigns, and deal progression
  4. Do you have multiple sales offers – a premium offer, Up-sell, Cross-sell, Down-sell, and bundles. Don’t get cornered with an objection and one offer.
  5. Be consistent – cold calls take on average 8 attempts
  6. Are the calls prioritized for the job – cold calls and prospecting Thursdays then Wednesdays, the best times are between 4 pm and 5 pm)
  7. Time management – break the call sessions into 45 minute blocks then check emails, etc
  8. Do some research before your call – out of respect and to gain insight for better conversations
  9. Listen to the client – You will stand out
  10. Follow Up – 80% of sales require 5 follow-up calls. 44% of sales reps give up after one follow-up.
  11. Challenge the client (higher conversion rates) on their thought or belief process. Challenging sells, farming doesn’t
  12. Tell more stories – Only 5% retain facts, stories are king
  13. Respond quickly to requests, leads, and inquiries – 30-50% of sales go to the vendor that responds first
  14. Never discount. It is a lazy culture, drastically impacts your gross profit. Instead, have alternate offers and bundles.
  15. Take the customer on a journey always with the next step. If you cant help then give them an alternative.
  16. Closing the deal – only 2 % of buyers purchase immediately the rest will need education and nurturing till they are ready.
  17. Pause when asking key questions or for the sale – silence elicits a response
  18. Drip Campaigns – all client contacts into a systematic routine to stay in touch and ‘top of mind’ with the customer

 

By implementing these sales tips you are on the way to being a world-class salesperson and becoming a valuable contributor to a company’s revenue capability. Your worth has also just increased

 

Go to www.AdvancedBC.com/wrong for more insight or take a look around my e-learning system for a world-class education at www.AdvancedBC.com.au/myguidedtour

 

 

 


MANY SALES STATISTICS ARE WRONG!

Posted by garydamp

The Brevet Group published 21 Mind-Blowing Statistics that challenged the ‘unknown’ and much-quoted National Sales Executive Association figures (pictured)

Brevet Group challenged the National Sales Executive Association invalidated figures….

Have a look at the insights this data provides…..IT’S SALES GOLD!

  1. 92% of all customer interactions happen over the phone.
  2. It takes an average of 8 cold call attempts to reach a prospect
  3. The best time to cold call is between 4:00 and 5:00 PM
  4. 30-50% of sales go to the vendor that responds first
  5. 80% of sales require 5 follow-up calls after the meeting.
  6. 44% of sales reps give up after 1 follow-up.
  7. Thursday is the best day to prospect. Wednesday is the second-best day
  8. Nearly 13% of all the jobs in the U.S. (1 in 8) are full-time sales positions.
  9. Over one trillion dollars (that’s nine zeros) are spent annually on sales forces.
  10. In a typical firm with 100-500 employees, an average of 7 people are involved in most buying decisions
  11. 78% of salespeople using social media outsell their peers.
  12. Email is almost 40 times better at acquiring new customers than Facebook and Twitter. 
  13. Salespeople who actively seek out and exploit referrals earn 4 to 5 times more than those who don’t
  14. 91% of customers say they’d give referrals. Only 11% of salespeople ask for referrals.
  15. Only 13% of customers believe a sales person can understand their needs.
  16. 55% of the people making their living in sales don’t have the right skills to be successful
  17. Continuous training gives 50% higher net sales per employee.
  18. The average company spends $10K – $15K hiring an individual and only $2K a year in sales training.
  19. It takes 10 months or more for a new sales rep to be fully productive
  20. Retaining current customers is 6 to 7 times less costly than acquiring new ones.
  21. The average company loses between 10% and 30% of its customers each year.
  22. After a presentation, 63% of attendees remember stories. Only 5% remember statistics

The data tells a story. Get busy and exploit the gaps in the trends

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