Businesses are historically not good at mastering their own exit strategy or navigating the sale process. They simply are not prepared mentally themselves or physically with the business requirements. Many stay trapped and have to walk away, close the doors of their business. It doesnt have to be this way!
Internationally there are a massive amount of business owners that will be looking to retire over the coming years.
In Canada, within the next 15 years, over half the small business owners will retire. In the US 12 million Baby boomers who own businesses will look to retire. In Australia, over 35% of small business owners are over 50. Collectively they control trillions of dollars.
If you are looking to Exit your Business then avoid these Failures:
Mistake 1# Failure to maintain confidentiality
Mistake 2# Failure to continue to run your business
Mistake 3# Failure to use proper negotiating techniques
Mistake 4# Failure to secure qualified buyers
Mistake 5# Failure to progress the deal
Mistake 6# Failure to place the proper value on your business
Mistake 7# Failure to properly structure the deal
Mistake 8# Failure to prepare due diligence
Mistake 9# Failure to market the sale
Mistake 10# Failure to get the right advisory team
Mistake 11# Failure to properly package your business
Mistake 12# Failure to control the Deal
Take notice of these mistakes and you will be well on the way to navigating through your Business Exit hurdles. Have these mistakes handled and make your Sale stick, attract the right buyers,and enjoy the next phase of life
Want more? Go to https://lnkd.in/gUffKBk
It isnt funny how conflicts in relationships and discussions…just occur. Wouldn’t it be great if like a magician you could make the conflict, the tension, and emotions go away from these situations?
Well it can stop. Here are 5 Stepsto make the arguments dissappear and create goodwill instead:
1. Be empathetic – listen to the other side first WITHOUT taking on the emotion associated with the problem
2. Listen without manipulating – truly hear their side of the story, without trying to interpret or interject
3. Stay focused on what you can control – avoid anything else
4. Restate what you think you’ve heard – and do not move on until all parties agree with you that understand the situation
5. Be truthful, but fair – give your advice or decision, but do NOT hurt anyone’s feelings in the process
* If you are an owner – use this for handling customer complaints.
* If you are in Change Management – use it to create a Code of Conduct to handle change and how people should behave when engaging with each. A communication blueprint
* As a parent use it for empathy with your children
Go to https://lnkd.in/gUffKBk
Success can be elusive for many but magnetic to others. What is success?…well that depends on the individual – relationships, money, business, health, family…
In monetary terms, estimations are 1% of the world’s population control 48% of the world’s wealth. Success is not so much elusive but fundamentally about mindset. Mindset controls your success.
Here is how to embrace some of those successful patterns
Here are 10 traits of success:
1. Know your WHY- this is the petrol in the tank. Know why you are doing something. The pain of failing and the elation of success. When you are tired of pain you will move to change
2. Expansive thinking – Think big to achieve big things
3. Focus – With Focus comes clarity. Focus all resources on the one thing to concentrate your efforts. Diversification dilutes focus
4. Remove Limiting Beliefs – they stop achievement and momentum and breed fear instead. Liberate yourself … Think of success and get out of your comfort zone
5. Internal Locus of Control – Take action and responsibility for the things you can control and how you respond. External events out of your control…accept, adapt and reinvent
6. Set Goals – “If you don’t know where you’re going, it doesn’t matter where you’re headed”….Set goals from your start point, set milestones of your journey, and what success will look like. Start with the end in mind.
7. Overcome Fear – “There but before me go I”, you are your limitation. Decide, Commit and Act this builds confidence and momentum. Discomfort is often proportional to your growth
8. Self-Belief – Develop the raw determination and grit to succeed. You were born with the necessary equipment. Start to focus, develop and acquire the relationships, skills, and experience that you need
9. Create success Habits – rinse and repeat. The 20% of what you do has the most impact
10. Alignment – align with like-minded progressive people and eliminate those who threaten your success (You know them!). Build your mastermind group
Go to www.AdvancedBC.com.au/guidedtour
Drip campaigns don’t replace skilled sales teams however they are a compliment. Especially since few sales team effectively follow up and most purchasers respond after multiple contacts…Bring in the Drip Campaigns a series of emails or direct messages (digital, voice, or print) that are delivered to the prospect in a systemized sequence that is automated and used to educate the new prospects. They can also handle high volumes of leads that sales teams cannot effectively handle.
Only 4% of purchasers buy now, the rest 96% take time and multiple touchpoints before they are ready. The drip campaign is a nurturing method that keeps you top of mind until the prospect is ready to buy…if you are top of mind you become a major contender for their business. I like 90% of businesses, you don’t have this process in place then you are not in the race…forgotten.
Here are the top 5 things to avoid:
1. Don’t send (Drip)To Fast – Too many emails send in rapid succession annoy the prospect. Regulate the frequency.
2. Don’t Be Too Promotional – provide an opt-out and remember to provide value by way of education interspersed with well-timed offers.
3. Don’t Duplicate prospects – beware of duplication of your prospects or you can unravel your good work.
4. Don’t forget to Monitor Lead Activity – measure your leads and hot leads should be able to buy immediately or have a salesperson follow them up. Score your leads if they can be measured, they can be managed.
5. Don’t Forget Life after the Drip – always provide offers spasmodically through the campaign, and alternate pathways if a prospect discontinues, or changes their behavior in engaging. Using newsletters or product updates, the industry can assist for long term nurturing.
Drip campaigns allow you to showcase, build trust, authority, and educate the prospect about your offers. You are providing value without an immediate expectation of a return…’The givers gain’
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. Did you know 99% of businesses are not clear on their market-dominating position? This is 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?
Here are some specific things to do:
- Get skilled – Learn to sell and present. Get educated now and ongoing (increases sales by 50%)
- Have a specific ‘magic number’ of calls and follow-ups to be made in a month, broken down to weekly and daily amounts
- 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
- Do you have multiple sales offers – Premium offer, Up-sell, Cross-sell, Down-sell, and bundles. Don’t get cornered with an objection and one offer.
- Be consistent – cold calls take on average 8 attempts
- Are the calls prioritized for the job – cold calls and prospecting Thursdays then Wednesdays, the best times are between 4 pm and 5 pm)
- Time management – break the call sessions into 45 minute blocks then check emails, etc
- Do some research before your call – out of respect and to gain insight for better conversations
- Listen to the client – You will stand out
- Follow Up – 80% of sales require 5 follow-up calls. 44% of sales reps give up after one follow-up.
- Challenge the client (higher conversion rates) on their thought or belief process. Challenging sells, farming doesn’t
- Tell more stories – Only 5% retain facts, stories are king
- Respond quickly to requests, leads, and inquiries – 30-50% of sales go to the vendor that responds first
- Never discount. It is a lazy culture, drastically impacts your gross profit. Instead, have alternate offers and bundles.
- Take the customer on a journey always with the next step. If you cant help gives them an alternative.
- Closing the deal – only 2 % of buyers purchase immediately the rest will need education and nurturing till they are ready.
- Pause when asking key questions or for the sale – silence elicits a response
By implementing these sales tips your team is on the way to being world-class sales people and contributing immensely to the company’s revenue capability.