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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
After the Goal
Why do employees have to “rest” after accomplishing a goal? When most human accomplishment required manual labor, taking time to recuperate after a final push, whether it was harvesting a crop or completing a building, was a natural way to physically recharge before starting another project. Today, most … Continue reading
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Wrestling with Ethics
The head of a rep firm approaches the owner of a small manufacturing company for whom they sell. One of his salespeople has an opportunity for a huge order with a multinational company, but the purchasing manager has indicated that the … Continue reading
2 Responses to Wrestling with Ethics
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Over Pay or Over Hire?
Many employers chase the Holy Grail of pay-for-performance. Whether it’s commission, piece work or production bonuses, we all want a system that compensates employees appropriately for the value they add to our business. Most of us also believe that better employees … Continue reading
2 Responses to Over Pay or Over Hire?
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Amen, “pay for performance” I often cited as a panacea for improving business performance, or worst yet, a “best practice” we all should adopt. It makes me want to throw up! There is no substitute for engaged management, but I do have to admit that “pay for performance” does require management to establish operational metrics and when an owner manager puts his own money on the line, he does tend to be engaged.
Those of us aware of the 1920’s experiment at the Bell Labs Hawthorn plant should recall that the study showed us that productivity improves when management has key metrics to measure output and is engaged with the productivity. Out of this study, we learned (or should have learned) that there is no substitute for management paying attention to positive results – Results have to be measured and it takes metrics to measure results – Amen.
Proponents of the virtues of “pay for performance” often cite numerous success stories of businesses that thrive with a culture using these tools. However, consider, is there causation or a correlation between such performance. In other words, do the businesses that are performing well do so because their compensation formula is some incentive plan, or because the business is among the larger population of strong businesses that have ENGAGED management with METRICS – AMEN. -
Another excellent post, John! Thank you
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Should Small Business Owners Embrace Social Media?
I order a package of vacuum cleaner bags online. The site cheerfully requests “Like us on Facebook!” Kobe Bryant announces that in order to help the Lakers, he won’t tweet during playoff games. A friend tells me that he is the … Continue reading
5 Responses to Should Small Business Owners Embrace Social Media?
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So, John, if you spent that fifteen minutes on Soical Media, it would no longer be “free.” I agree; have a college intern to it, but if it is the buisness owner, think of the other things not being done while he or she is maitaining the social networks (consistency and regularity are likely required) that would have positive impacts on revenues, cost, margin, qulaity, employee development, customer acquisition, etc.
As usual a thought provoking article. I “like” them, but I am not going to take the time to do the social media thing, however.
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John, you blog. Often and well. Welcome to social media. Too many organizations, large and small, are mistaking medium and message. The question of whether to tweet, post on Facebook or pin on Pinterest is secondary to, as well as subservient to, where your customers are and the value you are providing to them through your marketing content.
If all you are doing is “tell and sell” marketing, then any new effort is likely to be wasted. It’s the 21st century equivalent of door-to-door. If you are providing value-added content, then the time to increase distribution via a few clicks is de minimis.
For most B2B products/services, Facebook provides little return…but
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John – You have some good points here. However, for every research that shows the failure of social media to bring new business there is a counter-point showing how social media has helped improve the business. I don’t think social media can help you sell if you don’t have good products and value proposition for your customers to begin with. It can however, reach existing and new customers through additional channels and for that I think it’s worth spending your time on that. You do have to be judicious in how much time and effort you spend.
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We use Facebook for B2B, both for sourcing and working with partners and for leads, opt ins (and yes) clients.
People are often surprised by this, but a significant portion of these come from Facebook (and not the normal b2b suspect LinkedIn – although we do get results from it as well).
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Social media may costly but for me it really helps to gain costumers. But it is necessary to maintain the high quality. Me as a consumer, I rather choose good quality than popularity.
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Why Great Salespeople Make Lousy Sales Managers
It’s been said so many times that (at least I hope) it is a business axiom on the same level as “cash is king.” Promoting your best salesman to sales manager is guaranteed to cost you a great salesman and … Continue reading
3 Responses to Why Great Salespeople Make Lousy Sales Managers
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Interesting article! We as so many other small business’s are always looking for what we believe will make a great sales manager. We usually do not give enough recognition to our top performers, but will seek out rewards for them.
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Unfortunately, you are spot on here…in most cases. A better alternative than promoting top salespeople into management could be creating a mentor program where the top salesperson is more of a “Team Leader” who mentors new salespeople for a slice of their commissions. Doesn’t cost the company a dime, give the top salesperson a promotion and title and disseminates best sales practices throughout the team. As a new salesperson, I would take that deal all day.
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This viewpoint may work from a 10k ft view, however; each situation needs to be looked at on an individual basis. For example, I have always been in the top 5% of every sales team I was a member. One of my clients enticed me to take over a struggling sales team due to his promoting the #1 salesperson into managment. While having my own growing pains, I soon discovered the key to success in transitioning to management was to alter my “mindset”. All of a sudden my ego needed arrested and I had to get my “kudos” for watching others grow due to my leadership. All of a sudden I was a member of the support function and whether during “ride along” sales calls I may have done the entire process – when I got back to the office I put the salesperson out front and said “look what they just did”. Most successful salespersons cannot stand the hit to their ego. Here is one that successfully made the switch.
I own my company so I am in a position to decide better than some other may be , however my standard in life has always been honesty, expected of myself , my kids and my employees. It has worked for me , yes it has been a difficult choice at times but I sleep well and have never had to be looking over my shoulder. Its choice I do not regret and the great kids I have and long term employees, some for over 20 years , I think is a tribute to that as I am now appraching retirement. Integrity is everything as trust is wjhat business is and should be built on.
I am a recently promoted SVP at a company that still does business with a handshake. Of course we do the requisite paperwork but if we say we have a deal and shake we won’t later accept a “better deal” because no paperwork was done upfront. I also served 26 years in the military and the one phrase that sticks in mind from day one until my retirement is ” Do the right thing even if no one is looking.” Being ethical in today’s business climate can be challenging but the cost of losing your integrity can be very high.