What Are Your Business' Chances of Success?
(Why do I need to sell?)
You probably already know that the failure rate of small businesses in the US is very high. Did you know that at least 85%, maybe even as many as 95% of new small business fail within 5 years? Do you know why? Some people say it is because of under capitalization or poor fiscal management. Others say it is poor management ability. That might be true in some cases, but a many cases it is because the business owner decided that once he or she was in business they did not have to sell.
The art of salesmanship is lost today. Even sales people today do not really sell. The great masters of salesmanship generally tend to be older individuals not younger individuals. Every once in a while you will get lucky and run into a great younger salesman.
Today, most sales people are order takers. Instead of tact and skill they get things done by brute force, generally because they are always in such a hurry. They do not take the time necessary to practice and they hurry through the sales process.
Even worse, many people in all different types of businesses believe they do not need to sell. Doctors, restaurant owners, retail store owners, and even mortgage brokers, loan originators and real estate agents believe that once they open the door they do not have to sell. If you build it, they will come.
You might say, "I do sell; see I have customers". But you are probably using only one method or two or three at most. The more methods you use, the more business you will have. Diversity is the creative opposite of laziness. So stop. Think about all the creative methods you can use to attract more clients to your business than your competitors are. Start that thinking process now!
Here are some quick tips for improving the productivity of your sales organization. We will go into more detail on these in future messages.
1) Focus on accountability. Accountability always improves performance. Sales people are notoriously bad at time management, so force their accountability and analysis of their time.
2) Help each salesperson gain an understanding of how they use their time and suggest ways to make improvements. Even small improvements can lead to big gains in sales.
3) Cut the truly poor performers and coach the top performers to do even better.
4) Provide a good supportive environment, but realize that the best motivation is self-motivation.
5) Consider a company directed program of obtaining qualified leads, but demand reporting of specific actions and results.
Let me know what tips you suggest.
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Helping your business Thrive NOW!
Richard Lazovick
Editor, MortgagePro News
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