Tips To Clinch More Deals

Tips To Clinch More Deals

Following a set playbook might make it even harder to get sales, find new clients or hit targets. With the changing environment businesses need to be dynamic to keep up with the demands of the target audience.

Given below are some tips on how you can effectively sell your product or service repeatedly.

Social Media Is Important

Using social media platforms only for your personal life is naive especially in an era where people turn to the internet to find information regarding a person or a business. Your social accounts must contain information regarding your personal life and your business. Strike a balance between the both these aspects.

Remember to stay away from politics as you are dealing with a large and varied audience. Stay away from any form of negativity and post helpful articles and videos. Always stay consistent and this will bring in more people.

Case Studies And Feedback

Providing proof or evidence has become highly important in today’s world. People often claim to be experts and pretend to be the best. Clients often need evidence and customers today perform a fact checking before they even approach a company.

This is where collecting feedback becomes important. Ask your customers to provide you with an honest review of their experience with your company.  Collect their photos and post their feedback and reviews on your website, blog and social media. Such a case study will help you stand out in your field.

Pricing

People believe that higher prices mean better clients and higher profits. The problem is unless you are providing a high end service and you are a high end brand you cannot charge a really high price.

You need to charge the right price considering your product, your brand, your presentation and the overall value of your work provides. When you are just starting out it is ridiculous to set a really high price. But overtime you can build up your brand and through research you can raise your prices.

Charging the right price at the right time is key in sales. You should align your price with your level of business.

Presentation

Always be at your best and build a solid positive reputation regarding your company. Positive reviews and a brand name will bring in more clients.

Consider the way you are projecting yourself to the outside world. Study what you post on social media. Be aware of social problems and get involved in causes that are dear to you. Be a socially responsible organization that is known for its employee welfare, customer service and overall reputation.

Consistency

Consistency is the key to success. Keep your social media up-to-date and also constancy meet clients and set up meetings. Follow ups is also important. Even though it’s a slow progress, keep moving down the sales pipeline.

With persistent efforts you will see the desired results. Keep doing your best and improve your business process and operations along the way to become the best in your market.

Handling The Dreaded Task Of Layoff

Handling The Dreaded Task Of Layoff

Technology improvements, financial downturns, and business model shifts – these are all common challenges that may prompt you to consider laying off employees.No one wants to go through layoffs. But, it happens, and in a lot of cases, it is necessary for the survival of a business.

Here are 5 tips to consider when laying off an employee.

1. Let Employees Know Where They Stand

An employee should not be surprised that he or she is being fired. Rather than simply commanding folks to pack their things and leave, respectful employers explain the reasons behind the layoffs. Whether the employee is not performing up to the standard or does not fit within their team, you need to be clear about the problems.

Provide precise details about issues such as customer complaints, improper behavior during meetings, missed deadlines or failure to meet sales targets. Meet the employee and give them examples of problems regarding performance or behavior.

2. Go One-On-One

Notify the employees of the decision in private before the word is out. They should be told respectfully, behind closed doors. Allow them to take the news and figure out what they are going to do with it before they have to face their co-workers.

3. Allow For Goodbyes

Standard layoff policy seems to require terminated workers to leave the building immediately, but that is often not necessary. In most cases, it is recommended that folks be permitted a chance to say goodbye to coworkers. And there is absolutely no need, under normal circumstances, to have someone escorted to the door by a security guard or supervisor.

Keep in mind that terminated workers are recent employees, not ordinary citizens. When possible, it is even better to let workers transfer their responsibilities in an orderly way, perhaps training others who will take over their former jobs.

4. Ease The Transition

Ease workers’ transition to other employment. For example provide resources to help laid-off workers find jobs, register for unemployment benefits or return to school.

By providing outplacement services, you are helping folks in your community and generating goodwill with the people being let go and those remaining. 

5. Remember The Remaining Workers

With fewer employees, it is more crucial than ever to maintain productivity and keep your company running. That is why you cannot neglect the workers who are left behind–often with high levels of concern about their job security and new tasks they may be asked to undertake.

Mention clearly about job duties and expectations, especially if workers will be asked to take on tasks earlier handled by others. Furthermore, talk about each employee’s performance and what led to decisions about who to keep and who to let go. These discussions help people understand what they can do to keep their jobs. And if there is a chance there will be future layoffs, it is fair to let employees know you will continually evaluate the situation. 

Tips To Boost Your Sales Revenue

Tips To Boost Your Sales Revenue

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Increasing sales revenue is a key process of developing a company successfully, but doing so is not so easy. To make matters more complicated, increasing sales does not always lead to an increment in revenue. This makes even the best advertising techniques fall short of serving towards the business objectives for profit and growth.

But if effective marketing is not enough, what is a business supposed to do to increase their sales revenue and promote healthy growth?

Here are some tips to increase your sales revenue,

1. Map Out Your Current Processes

Most businesses have an informal sales process, where everyone sort of knows what is supposed to happen and who does what.

The first thing you will want to do is plan out these informal processes to get a formal understanding of all the steps to making a sale.

 2. Define Your Key Performance Indicators

Writing down your processes will allow you to track prospects as they advance from one step to the next. This will allow you to estimate how many leads successfully move through your pipeline. You will also know how long it takes to finish a sale on average from start to finish.

 3. Follow-Up And Measure Performance

Conducting sales meetings are a good way to ensure a regular analysis of sales data. The purpose of the meeting should be to decide what possibilities are in the pipeline and how leads are moving through the process.

Your key performance indicators can also be used to estimate individual performance. Employees usually appreciate the transparency of understanding how they are judged. It can also be a great way to encourage friendly competition within your team.

 4. Use Technology To Simplify Monitoring

Your next step should be to centralize all your client and contact information. This database can be in a simple form of a spreadsheet, but as your business grows, you will probably want to spend on customer relationship management software.

 5. Start Forecasting Your Sales

You can think of your processes as a funnel or pipeline. By measuring your progress rate at every step, you will be able to determine the inputs you need to accomplish your sales goals.

 6. Develop Your Competitive Advantage

The customers need a reason for buying your products or services, in terms of the benefits, results or outcomes which they would not get from purchasing from your competitor.

 7. Increase Your Sales

After you have planned your processes and set a prediction, it becomes simple enough to increase your sales.

Two ways to do this are to,

  • Increasing Your Average Order Size (sell more products)

Consider granting discounts for larger orders, free shipping for orders over a certain threshold, or upselling and cross-selling items.

  • Improving Your Conversion Rate (sell more frequently)

you can also tweak your sales script, create offers that are more appealing and provide additional training to your sales staff.

Recession Can Be A Boon

Recession Can Be A Boon

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Entrepreneurs are mostly afraid to spend money or invest in their business during economic downtime or recession. It should be understood that even recession can be an ideal time to invest in your business and expand it.

Such a time can offer ample opportunities for innovative and creative businessmen. Most people choose to be inactive in such dire times and hope that things get better. But a successful businessman will prepare his business for growth when the economy turns around. 

Given below are some ways by which you can remain active during a recession

Study Your Finances 

Carefully study your financial statements and balance sheet. Try to see if your business is on survival mode and if you have any additional capital that can be used for expansion or other operational activities.                                Study your credit statements and agreements and see if there is room for negotiation and repayment flexibility. Check your credit terms with your suppliers and see that everything is effective.

Improve Operational Efficiency 

This is one of the best times to improve the overall operational efficiency of the company. Start by eliminating unnecessary processes and expenses. Be sure that your processes are effective and deliver the expected results. Avoid overproduction and using under-trained employees. Ensure that your product quality is not compromised.        Almost all businesses will be affected by a recession. This offers great opportunities for you to acquire products and supplies at a lower price from sellers. You can also invest in equipment and technology that will help is optimizing your production. 

Invest in external business consultancies and experts who will help you in spotting and identifying areas in which you can be more efficient. Such professionals can also help in identifying the strengths and weaknesses of your company and how you can enhance and overcome them respectively. 

Expand To New Markets

During an economic downturn, competition diminishes. It becomes an ideal time for exploring new markets. Assess your market and explore your options. You can consider a potential partnership with other companies to enter into new markets. 

Another way to expand your market is to launch a new product or improving existing products. Keep up with your customers’ needs and provide them with the needed products and services. Make sure that you do better than your competition. 

Encourage Teamwork 

Include your employees during discussions and encourage your team to generate new ideas that will help boost your company. Employees might provide a different outlook or insight into the market changes and needs. 

Always keep a positive outlook even during tough times. It is difficult to invest during unsure times but with proper research, your investment will prove to be fruitful down the line.

The Virtue Of Being Honest In The Workplace

The Virtue Of Being Honest In The Workplace

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Honesty is a fundamental aspect of a business because it establishes the tone for the sort of work culture that you want to build, provides consistency in workplace behavior, and creates loyalty and trust in customers and prospects.

Managing a business that takes pride in being moral and socially responsible is a challenge, and many businesses end up cutting a few corners in the name of profit. But, it is nearly impossible for a business to develop trust if honesty is not a guiding policy in how the company handles every phase of its work process. 

In the business world, there is sometimes a mindset that small lies are acceptable if they are well-intentioned or push you toward a goal. It is a mentality where ‘the ends justify the means’, and it is a common mentality that people have. However, lying in the workplace can generate a lot of negative effects.

Here are some ways that dishonesty can do to hurt you and your company:

It erodes the trust your employees have in you. 

For a leader to be efficient, employees must trust that the leaders are fit to lead. When you hide the truth or tell a lie, you show to your employees that the truth doesn’t matter to you. That increases the likelihood that they’ll lie to you and one another.

It can affect your ability to get clients and investors.

 Some people are good at sensing dishonesty. If you run into a business associate who is good at spotting dishonesty, they might take your lack of honesty as a sign that they should not do business with you.

Dishonesty triggers a stress response in the body.

 This stress response stops us from staying in the present. When stress hormones are released, they stimulate our “fight or flight” response. Necessary resources are taken away from functions that are considered to be non-essential. That includes the neocortex of the brain, which controls all high-level, logical thinking. Hence, we can say, dishonesty makes you less intelligent at that moment, and thus unable to make good decisions. And that can hurt you in almost every area of your business.

On the brighter side,

Here are some ways that honesty can help you and your company:

It Establishes Your Work Culture

Honesty is one of the most effective ways to establish a work culture that will propel your company to long-term success. Work culture is all about the values and beliefs that motivate everything your company does, from how it delivers its products to the way it treats customers. As a manager, the importance you place on honesty can create the kind of work culture in which your employees feel empowered.

It Creates Consistent Workplace Behavior

When you plan a culture built on honesty, you also help encourage better workplace behavior and activity that is constant regardless of outside influences. In other words, your employees will work with a consistent code of ethics regardless of the conditions.

It Builds Trust With Your Customers

Businesses spend years building loyalty and trust with their customers, and a key way of building that trust is honesty. When customers see that a business does things the honest way and cares about producing a quality product or service, they tend to reward that business.

Do You Know When to Pull the Plug?

Do You Know When to Pull the Plug?

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No matter what the causes behind project failure might be, one thing is for sure, it is never easy to stop a failed project. Here are some things that make it hard to kill the project. People will often continue projects based on incorrect assumptions, such as the belief that if you throw money at a problem, it will get fixed. There is a point at which no matter how much you invest, recovery is impossible. Sometimes people are so dedicated to a project that they refuse to accept defeat to the point of catastrophic loss to their project, and company. Here are some tips to know when to kill a project.

1. Project Is Not Delivering Value Anymore

If your project cannot deliver value, it is worthless. You need to focus on value delivering when executing projects. Assume you cannot kill a project that is costing you more than expected for any reason. You will try to justify the additional cost incurred on the project. And this will affect the growth of the company. if it is the other way around and you want your project to be completed inside the budget and you start to cut down corners to keep the cost down. Even if you manage to complete the project within the budget, it will not deliver the same value.

2. Project Is Costing You A Fortune

Cost is one of the most critical constraints in the project management triangle. Completing projects inside the budget is one of the biggest worries for project managers. If your project costs you a fortune, then you should seriously think about dropping it. Holding onto a project that is costing you much more will only prolong the financial loss and as a business, you can not afford it. The best way to resolve this problem is to cut down extra expenses. If that does not work out, end the project.

3. More Important Projects Waiting For Your Attention

With so many projects running concurrently, it sometimes becomes very difficult to give attention to every project. This is where prioritizing projects can help you. Give special attention to projects that have a greater influence on your overall business. Diverting resources efficiently is key to project management success. There is nothing wrong in shutting down a less important project to redirect all your energies towards a more important project.

4. Change in Business Plan and Strategy

The rate at which the business world evolves demands for a change in business plan and strategy. Hence, a project that does not follow your business plan and strategy can never add to your business’s success. Spending time and resources on such projects is a waste, especially when you can redirect them to other projects and get better results. Therefore, It is better to abandon those projects that cannot keep up with the changing business strategy. Knowing when and how to pull the plug is very important for both the success of the business and project manager.