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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: sales management
A 35K guy is a 35K guy…
I had breakfast with a client this morning. He was planning a new training initiative for his sales team. “How much do the make now?” I asked. “About $30,000 to $35,000 a year.” he replied. “What are you trying to … Continue reading
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The Triple Threat: Phase II
Okay, I’m stepping away from the sales compensation series for a day, and admitting something to everyone. I’ve been writing the blogs on sales comp in order to duck the one I didn’t want to write. I am by nature … Continue reading
4 Responses to The Triple Threat: Phase II
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Great article John. We are addressing similar issues here in Wilmington, NC with our TAB Board Members. In fact, we have a Lunch & Learn this coming Wednesday (10/7/09) to explore the "new normal". Our local TV station interviewed us on the 5pm news to discuss this issue and how our TAB Boards are helping. Here's the link for the 3 minute video clip: http://capcorp.wordpress.com/2009/10/05/the-new-normal-in-accessing-capital-to-grow-your-business/
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John,
Spectacular article. Right on the mark. I'm forwarding it to every entrepreneur I know. I've been blogging on similar topics, especially in the area of "what is a business owner to do?" More at http://zthree.com/blog/category/sales/
Thanks for sharing your knowledge and wisdom.
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John:
I would throw in a couple of additional points:
The major banks – BoA, Wells-Fargo, Citigroup, etc. have vastly greater losses than they have capital to cover. Add to that many regional banks about to take big commercial real estate hits, and the FDIC "insurance" is worthless for any business.
Banks will fail soon, we just don't know which ones yet.
You can guarantee that when the voters can't get money out of their savings account, Congress will insure they get the bailout this time. There is no cash available for an FDIC bailout – only more of Uncle Sam's credit card, and it is getting close to its limit. Be prudent – assume if your bank go under you will recover zero.
So it's time to really dig into your bank's balance sheet – you don't want discover a problem by having payroll checks bounce.
Second point – necessities will come first. It's time to go reread Maslow and re-discover the hierarchy of needs. People will pay for food and items associated with food first, then shelter (note this doesn't necessarily mean the mortgage payment right now, but does include power, heating oil, etc.). For a refresher see this link: en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs
Assume physical and safety needs will consume the bulk of available cash, so if we are hunting new sales – we need to sell where the cash is most likely to be available.
So if you are planning a new marketing campaign aimed at selling gold-plated electrical fixtures to pet stores that specialize in crystal dishes and escargot-pureee cat food, it's time for a new plan.
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Sales Comp II: Are You a Supplier or a Vendor?
The next question to consider when you are designing sales compensation is: “Are we a supplier or a vendor?” Without wasting time on the differences or similarities of the dictionary definitions, here are mine: A supplier provides goods or services … Continue reading
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The Rhythm of the Sales Process
With so many of our clients trying to boost sales in a tough environment, we’ve been having lots of discussions about sales incentives. It’s surprising to me how many business owners create incentives that don’t fit their business, simply because … Continue reading
One Response to The Rhythm of the Sales Process
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Because cash is King, I have heard several suggest that if you do have a line of credit that you take the money from it and invest it in a short term CD. Any comments? I know several of my TAB members have done it.
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Another Swimming Metaphor
“Only when the tide goes out, do you discover who has been swimming naked.” This classic bromide by Warren Buffett has come to mind several times in the last few weeks. As the economy hits dead low tide (coming back … Continue reading
One Response to Another Swimming Metaphor
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I have some work to do, thank you for waking me up!
John- Hope you and the family are well! I love what you wrote and it is absolutely true.
I recently promoted someone to “take over” running the parties for my business which as a caterer, is a pretty significant move for me and for “him.” I am sharing 30% of the net from each party plus he receives pay for the party as well (about $120 bucks for each party). I have asked him to pursue bringing in business as well. He will receive an additional bonus for each gig he brings in. I can see that is where he will fall short, unable, uninterested or uncomfortable going out and selling. I think I offered way too much between the 30% and salary and now the incentive of an additional bonus isn’t really having an effect because he is making enough and certainly more than he has made before.
I can’t afford to bring a salesperson in to this small business, that means it still falls on my shoulders.
Good to hear from you, Paula. I hope you are all doing well. Yes, there is really no motivational technique other than self-motivation. Those who have it look constantly to improve and do better (although it isn’t always money.) Those who are satisfied are satisfied. You can’t make them unsatisfied.