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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
Three Rules for Small Business
A few days ago a discussion on LinkedIn’s “Small Business Accelerator” group asked “What are the three things a small business owner should focus on?” As challenging as any business is, the basics remain the same for everyone. We provide goods or services, … Continue reading
One Response to Three Rules for Small Business
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Small Business and Social Media II
Last week’s column generated lots of comments, and probably requires some follow up. First, the army of social media fanatics that go ballistic at any hint that SM isn’t the be-all, end-all and answer-from-above for every marketing need on the planet … Continue reading
One Response to Small Business and Social Media II
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Hi John,
You wrote: “Endless site links to boost SEO, retweeting other peoples’ quotations from famous dead people, and weekly electronic “newsletters” that do nothing but flog discount deals are not social media.” So true. Real social media, like real conversation, takes thoughtfulness, consideration and a real interest in listening to others and hearing what they are saying. Thanks to Christi Brendlinger for sharing this awesome post with the BizSugar community.
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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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Does Technology Help or Threaten Small Businesses?
A small computer service company wants to sell Microsoft software licenses to its customers. They send an employee to become certified in licensing. (Microsoft offers some 600 variants.). As soon as they purchase a license, however, Microsoft begins soliciting that customer … Continue reading
2 Responses to Does Technology Help or Threaten Small Businesses?
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I agree with the well stated information about how big business is encroaching on small business and stealing market share. I also agree with the need for small business to exploit its potential advantage of face to face contact and potential relationship building.
I feel, however, additional articles ought to deal with what local business people need to do with those opportunities for face to face contact. Too many businesses make the contact with meaningless, and time wasting efforts instead of those which can add value. -
Digital “relationships” are rapidly replacing face-to-face interaction. We’ve heard all the excuses… plane tickets are so expensive… it’s so easy to just sit at my desk and send an e-mail… with social media I make them come to me, etc… I addressed this subject recently in a blog.
http://bigskyassociates.com/2013/03/look-me-in-the-eye-and-say-that/
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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.
John, The beauty of this article is its simplicity. Rule #3 is of particular interest to me because I recommend another simple tactic that helps in identifying the priority of actions to improve the generation of profit. I am referring to the 80/20 Pareto Principle that approximates to “80% of your profit comes from 20% of your customers” or “80% of your costs come from 20% of your operations.” This is an oversimplification but applying the thought process across a company does reveal where to apply resources. Richard Koch’s book The 80/20 Principle is the reference work on the subject.
Another comment is more controversial. I like to see business owners measure the value that they are creating in their company and track its change year over year. This is preparation for the day when they will depart, but it is also a check on the health of the company and the industry it is in. The measurement includes a standardized process of a three year forward projection and calculation of the Net Present Value of the cash flow, plus a simple terminal valuation at the end of the third year, discounted to the present. If this valuation is growing, the owner has added comfort in his/her commitment to the company and supports making suitable investments. If it is declining, it is time for a serious look at future plans.