HInts and Tips

This last month with the ‘credit crunch’ and the ‘slow down’ being main topics of news media it is very possible that our focus on the future has taken a slide south. Unsurprisingly there is then a ripple of more negatives when the topics of more conversations become ‘slow down’ and ‘possible recession’. So, here’s an idea…every time you hear someone begin to talk about a slow down or you hear yourself mention credit crunch ripples as possible reasons why you aren’t buzzing with new sales around your offices…try immediately switching the conversation to the opportunity that each slow down presents.

It is in fact true that many millionaires are made in the slower periods of so called recession. They say “one man’s meat is another man’s poison” and it’s also true that when one industry slides others can boom. So try asking “what can we benefit from as others slow down?” Ask questions that stimulate a fresh perspective of thought instead of allowing dwelling on negatives. It is so simple and many might ridicule – but the truth is that it is the simple things that we all can do but most don’t that makes the difference between winners and also-rans. Success is often about looking for opportunity not just waiting for it to come marching up to you and ask your involvement. So if you have a questioning attitude then looking is more natural.

Indeed think about it…if there is a shortage of something someone makes lots of money supplying that which is deemed to be in short supply...supply and demand scenario. Take this principle then and expand it by asking “What might people be ‘short’ of that we can give to them to benefit us?” If there is a slow down that means people need to make all of their resources count…so instead of allowing them to say no to your offer because they are holding back, twist the offer of yours into a MUST have because your offer will prove to be invaluable when there is a slow down and money needs to be conserved. Your offer in fact conserves money doesn’t it? Your offer actually helps them doesn’t it? Indeed far be it that you allow them to walk away surely when things get tough that is all the more reason to justify investing in your product or service?

Obviously every product or service serves a slightly different market and each will view themselves ‘differently’ – but I promise that if you take a step back and think slightly differently for a moment then asking a question that empowers your positive thought will create an air of optimism and probably an angle that could prove productive.

Have a fabulous day, awesome week and ask “Where can we twist this economy view to our advantage? Here’s to the next million!

Go Large - Sales Tips

Would You Like To Go Large?

“Extra fries or a side order with that sir?” an everyday question and one that we mostly allow to pass us by without even giving a thought to the significance of the words. Well, pause for a moment and think about how we might adapt these words or at least the principle to our business. We live in a world where ‘add-on sales’ are often quoted and glibly understood words but I wonder how often practised by most of us.

Imagine how many millions of folks go into a fast food outlet having told themselves prior to ordering that they only wanted a burger…and then end up both eating and spending more than they planned. It’s an amazing percentage! And truthfully this is extremely likely with most of us if only we are asked! Nearly all of your clients will actually buy more if only slightly encouraged.

So here’s a simple idea for this next couple of months...try looking at all of the opportunities in your daily business life where you can increase order values and add sales with simple sentences like the above. Do not be like too many business operatives that when a customer asks for an item they merely serve it and tell the purchaser how much money it is. Ensure that they are asked if they want at least two or three other items with it. Just make sure that everybody is asked every time purchases are made. Ensure that they are asked if they want at least three other items, and DON’T ask simply “would you like anything else with that?” because the way our mind works it isn’t anywhere near as effective.

Direct them to choose between specific items. .. there is a high probability they will choose one of them especially if the items suggested are in theme with the one purchased For example in a gents clothing store when a purchase of a shirt is made ask about a tie and show a couple that match, ask about cufflinks and ask about trousers, belts and socks!

If this principle is applied you will 100% see more sales. Try it, and have an awesome couple of months!

Cashflow Challenge

So, running a business in 2008..is it a bit tough at times? Does it challenge the grey cells and stretch your pressure valves?

Constantly I hear business owners grumble about similar things…not enough time, staffing issues, legislation and red tape issues, cash flow issues and lead generation marketing issues to name but a few. It is a tough old world out there but is there anything we can do to make it better?

I’d like to touch on one of these struggle points very briefly …lets look at the cash flow issue for a moment.

Cash Flow isn’t a magic black art. It isn’t the realm of the rich and fortunate - even they sometimes have similar challenges, it’s more the way the challenges are perceived and dealt with. Essentially mastering cash flow is a personal challenge in much the same way as time management is. Indeed my approach to adding business improvements is to re-engineer the thinking and help the business owner or manager with the way they think and act. You see, cash flow challenges come about as a result of two main actions: firstly spending money that you haven’t yet got and secondly losing sight of the prioritisation of the sales process to generate the cash in the first place.

Now, I can hear you arguing that some times there is a need to spend that is forced upon you such as an IT meltdown that cannot wait because you need IT to function – this I appreciate, however by and large the majority of businesses struggle with cash flow almost all of the time and when this is the case it is always because of a lack of one or both of the two reasons I cited.

We live in a world where there are always new services, new gadgets and new demands that pressure us into the spending of money. We’ll meet with a branded goods supplier and they will convince us and show us that spending on mugs and pens and the like will transform our business. Then we’ll speak with a service provider who tries to sell us PR services or advertising that they say will solve al of our lead flow problems. Later still we’ll meet a provider of print who will convince us that a new brochure shores up our image and then we speak to a web site builder who convinces us that the Internet can become our be all and end all if only we invested another chunk of cash with them….and so it goes on. We are never short of reasons and the providers are never short of justifications…but bluntly the old adage of “if you haven’t got the money you cannot have it” needs listening to. STOP spending!! It doesn’t really hurt! It wont kill you! The world wont stop spinning!
I fully empathise with you that it isn’t ideal and Yes there are reasons that justify often the spending in advance but very, very often we get carried away on a rosy glow that leads us to buy when it isn’t yet necessarily urgent.

Coupled with this though is a very, very real need to place a lot more emphasis on selling. Time and time again I examine businesses and when pulled apart they devote very little time to actually selling and very little devoted resource. Be honest, how much of your time is devoted to actual live selling and the generation of sales results? If its not down to you because you have a team hired than ask how much of a priority that department is given? Does the sales team lead all other activity? Or is it a poor relative to your admin process? Usually cash flow is better helped by improving monies in…far better in my opinion to raise revenue by 50% than cut costs by 10%. Obviously cutting costs where possible is always a good idea but what I ask you is “what is better to focus attention and time upon, raising results by upwards of 50% or even more or possibly cutting costs by max 15%? Are you focussing attention on minor changes or major possibilities?

So my suggestion to improve cash flow is to adjust priorities and focus. Really examine how much preference in time, money and peoples attention you give towards selling. Look for ways to add, improve and refine. Study it! Learn ways of enhancement instead of simply believing you do it the best way it can be done…there’s always a better way. Invest possibly I some critical tools such as CRM software and that really is an investment that when used properly gives a huge investment return.

Cash flow challenge is not a given. You do not have to suffer and you can do something about it to improve. Ask always How Can I Do it Better? And together we’ll have the year we want!!

How to make the most of exhibitions

Exhibitions seem to be pretty much the rage again these days. The recent years have seen a shift in attitude towards exhibitions from those a few years ago when they were frankly seen as a jolly up for the boys and rightly de-prioritised when things got a bit tight cash flow wise…however in the last couple of years there has been somewhat a resurgence of exhibiting and especially on a localised basis.

As the shift in employment demographic continues towards a ‘self employed/small employer’ structure, then the make up of a working community is localised into fragmented business rather more than the more regional or national structure in this country 10 or so years ago…thus to have localised exhibitions makes perfect sense for many smaller businesses.

Exhibiting therefore should be a part of our arsenal when developing a business in this new century. Mindful of the ‘jolly-up’ mentality that tainted previously along with the shortage of huge budgets to allow this, there needs a different approach to ‘make it pay’. So, what can we do?

Firstly, plan comprehensively. This includes so many things not merely putting the exhibition date in the calendar. Such inclusions as what exactly are you aiming to achieve from the show (and ‘more business’ isn’t specific enough), who is going to man the stand (and this should allow for the right personality or people person not merely just the ‘manager’) and what exactly are you going to say that might be specific to the visitor to the show (not simply ‘do as you normally do’ when you have a very different environment especially time wise). Planning should include time for following up afterwards and time for rehearsing prior to the event…so often overlooked and the ‘wing it’ mentality leads to poorer performance on the day. ‘Proper Planning’ as they say, ‘Prevents Piss Poor Performance’.

Secondly, refine the art of exhibiting itself. This is rarely properly done…and I, as you, have been to hundreds of events in the last two or three years and well over 70% of the exhibitors are just so poor at attracting me and interesting me it is hardly surprising that they report badly on the show. My belief is that you get out what you put in and blaming the show for a poor performance is wrong. Exhibitions with only a very poor visitor rate can still produce good returns when dealt with properly…but are you good enough to stand out?

You MUST have an attraction system. You need to attract me as the visitor to the stand and invite me to talk to you. Simply standing there hoping with a polite and awkward smile that I shall be polite enough to enquire and thus lead you into a pitch…this just doesn’t cut it today. You have to be proactive not reactive. You have to be interesting not expect me to be interested. Exhibiting gives you the chance to show yourself, off so shrinking politely back doesn’t work…and if you aren’t that type of person who boldly approaches everyone that walks past then you should plan to have with you a person who can. You absolutely need an attraction system - so think about competitions, special guests or look-a-likes and artists such as magicians. Powerful attraction methods even if on the surface appear to be considerable cost, can make all the difference between a superb bounty of leads and the odd one or two.

In addition, think about where you stand…because you are there to open your stand to visitors not guard against them! Too often you’ll see a chap on the stand stood almost like a Bouncer on the perimeter with his arms folded! Without consciously thinking about it they are in fact saying keep off with their body language! AND heaven knows the number of times I have seen staff on a stand talking on the mobile phone, eating a sandwich or just so busy talking between themselves that visitors have wandered aimlessly past… So stupid! The one that walked past might have been the ideal client…but they don’t know it yet and you didn’t invite them to se it. So, behaviour on the stand is so paramount and yet so often poorly delivered.

You can make more of exhibitions – there’s no such words as can’t remember, but put a little more effort in before hand and more attention to detail on the day.

Above all else, remember that you are NOT at the exhibition to sell. Your job at the show is data capture…lead gathering only. No matter how tempting or interested the prospect appears to be you do not get flowing into a sales pitch on the stand. A Golden Rule is that you do NOT spend 20 minutes chatting with an interested party…you spend 5 minutes and arrange a follow-up call to make the sale…and then get back to capturing all of the ones that otherwise would have walked past whilst you chatted for another 15 minutes to that interested party. Except in very, very rare circumstances where a visitor has gone out ‘shopping’ the person you are talking to is only interested and you’ll need time to do justice to a sale potential. If you think that by spending 15 or 20 minutes you are warming it up or preparing it for a easier sale then my suggestion is exactly the opposite…you are giving them just enough ammunition to avoid your follow-up call because they will more often than not reply that they ‘have enough knowledge for the time being, and will call you when nearer the moment’. A little knowledge, as they say, is a dangerous thing…it destroys the potential and negates the follow up. Please capture data for following up on and direct all of your staff to do the same when on the stand.

Lastly, the critical part of exhibition success is following up on the enquiries after the event. Amazingly almost 70% of exhibitors when asked admit that they don’t really do this adequately. At best it’s a phone call a week later and a letter sent en masse…but if these ‘miss’ and no return is forthcoming then nothing is done! It’s crazy to spend that much money…or any money at all, if you don’t focus on return on investment. You need to schedule follow up time prior to the event not hope to slot it in afterwards depending on how many there is! You must have pre-written letters and hopefully diary time allowed for face to face visits to convert into sales. Whichever way you do this you should have a target expectation and structure the week or two after the event to make this happen. Not doing so is exhibiting on a poor unprofessional basis merely hoping that some people will be so turned on by your offer that they will wander over to you of their own accord when exhibiting, ask for a visit afterwards and then politely reach for their cheque book when you want them too…and of course pass referrals to you of their sister the Tooth Fairy and their brother the Easter Bunny!! It ain’t gonna happen!!

In summary though if planned executed and followed up correctly exhibitions are a MUST DO as part of your strategy for developing your business this year. Whatever the perceived level of investment and your fear when looking at the cost…it is always possible to return the investment with a profit if you are geared towards doing so.

So, go on…make an exhibition of yourself!