It has to be said, I am sorry, but it does have to be said.
Brexit has made a difference and will make further differences to business.
Things are changing and there are more changes to come.
But, I am not one of the doom-mongers as I believe it offers us interesting and useful opportunities. I say ‘offers’ as it is up to us whether we take those opportunities or sit back and just hope.
Whatever happens there will be change, and we need to be prepared as best we can. But prepared for what? I believe there are four indisputable facts:
- Brexit will happen!
- Markets will change
- There will be greater focus on domestic markets
- We will find ourselves competing with more UK companies as larger providers seek to replace off-shore business.
This is what happened to Salient in the last 18 months:
- Five larger prospects, (£1M turnover+), were reasonably secure in my sales pipeline.
- As the Brexit vote loomed, happened, and shocked the markets, these five companies retreated, not wishing to ‘spend money when the market was so unpredictable.’
- My cash-flow forecast dropped considerably!
- I initiated my contingency, my Plan B, and targeted the smaller businesses that tend to ‘get on with it’ no matter what the market is doing.
- I had to replace one large opportunity with ten smaller ones.
- It was successful, and I have now progressed to Plan C where I develop the new smaller company market, while attracting new larger opportunities.
But what of the larger companies? What will they do in this Brexit uncertainty?
I believe they will do very much as I did and look to smaller domestic markets to fill the gap in their turnover.
In other words, those who rely on domestic markets for the majority of their turnover will start to find more competition from larger suppliers.
There is another side to this. Those seeking your products or services are less likely to look off-shore for suppliers as these are likely to become more costly. Therefore, they will actively seek domestic suppliers. It could be you, if you are ready! Another point is that if they previously sourced from larger companies, they are likely to spend more than your present customers.
To summarise, this could mean for your business:
- New domestic markets are likely to open up
- Competition will increase for home-grown opportunities.
- The new opportunities have different expectations and spending levels
Are you ready?
Is your sales team and/or your sales process the best it can be?
Your sales effort needs to be at its best; sharp; focussed; forward-thinking.
Don’t miss the boat.
If you fail to address this, others will get there first and will win the lion’s share of the new opportunities.
If you are successful in this, your business growth could be double what you would anticipate for 2018.
If you would like to discuss your experiences of this, please be in touch; call or email Andy
What does summer mean to your business?
What does THIS summer mean to your business?
Are you expecting a rush of new business to come to you? Perhaps other businesses want to invest in you before the markets change, which will happen inevitably.
Or, are you expecting the normal summer lull to be worse than in previous years as, following ‘Brexit’, your customers are being cautious with their investments?
Perhaps you have the type of business which is not seasonal AND is resilient to change in the markets.
In most cases, businesses are expecting some form of downturn or lull in the coming months. I believe, with careful handling, the pace of change is likely to be slow enough that the markets will not suffer greatly and businesses will become cautiously optimistic over the coming months. I think WE MUST be optimistic of a favourable outcome. If we are not, then we should give up now, and that approach is not for us!
So, the old adage ‘Keep Calm and Carry On’ could never be more appropriate.
In every lull there is a need to fill the ‘spare’ time or effort with profitable activities. What better way to fill the time than by training and coaching yourselves or your team to perform significantly better? When markets start to improve again, for whatever reason, you can then hit the ground running with new knowledge and skills that will help your business to outperform all others.
Reinforcing skills and discovering new ideas and strategies can only make a positive difference to your sales growth and build your business during difficult times.
July and August are the ideal times to improve your skills and your performance. There will then be time to apply your new skills and boost your end-of-year figures.
Is that not worth the investment?
Click HERE for a REAL INCENTIVE to book some training.
The most common issue found relating to sales growth:
Having presented many courses on various sales and business-related subjects in a variety of lengths, I have found a few issues that arise that prove common to all my clients. Perhaps the most important of these is the need for the sales individual or team to become proactive as opposed to reactive in their approach. In many cases, sales leads are obtained from responses to marketing effort or repeat business. This is excellent, as it means that the market has seen the value being offered and is keen to purchase. However, maybe due to new competition, or failing customers, this can result in reduced turnover. They have recognized that relying on existing clients or responses to marketing can become risky and unpredictable. Moving to a more proactive approach will help ensure all sales opportunities are found, targeted and won.
What do we mean by ‘proactive’? How can we be MORE proactive?
Identify two key aspects:
The markets you are serving already, and
The markets you would like to serve.
…or, put it another way….
Your existing or past customers, and
Simple strategy for being proactive in sales;
1/ Decide the best balance for you of existing customer and new customer business. You need both! One for ‘bread and butter’ income; to cover the ‘overheads’ and more, and the other for business growth and future strength.
2/ Revisit existing or previous customers on a regular basis. Calling is best; sending a newsletter is the minimum contact. Never miss an opportunity for repeat business or to cross and up-sell. Lack of such contact allows the competition to ‘move-in’.
3/ Choose your new markets and prospects carefully. Make sure they are likely to have the need, the money, and that they are likely to appreciate the value you offer.
4/ ‘Seed’ that market; make sure your business is known to them before you make contact, by;
- identifying likely decision makers and sending them publicity materials, or,
- using the internet, finding a mutual contact and asking for a referral, or
- invest in exposure in their trade press or institution website, or,
- any of the above and more…..
5/ Following number 4 above, any contacting now will be far less cold. If you have gained a referral, they will be happier to take the call. If you haven’t, you can at least refer to your article or letter in the publication or website related to their industry. It doesn’t have to be a ‘cold call’!
This is just one approach you can use to help you find new customers and win new sales.
Being proactive should also include actions to:
– plan where to target new prospects
– regularly monitor and review your carefully chosen KPIs to ensure positive progress and growth
– ensure customer satisfaction and loyalty
– prepare responses to possible criticism
– prepare contingency plans in case the unexpected prevents progress in your chosen direction
- There are many advantages to being more proactive, you have;
- Higher profile with existing customers and new prospects
- Warmer contacts!
- The chance to target and win far more business opportunities
- Greater credibility and respect in the industry or market
- More resilience against competition
- More market knowledge, particularly in future trends.
So, don’t wait for them to come to you. In market downturns, this can be fatal. Be proactive, ‘go-and-get-it’!
As my late Father used to tell me; “The door to success is labelled ‘PUSH’.”
– with thanks to David Joel of Lanson Consultants for his inspiration.
I am happily married with four lovely daughters.
I think any involved parent is a CEO.
I am an equal partner CEO in the parent company. Two of our branches believed they would be more successful away from the control of the parent company and so we have come to a mutual agreement to separate. The longest established branch has formed a successful joint venture by merging with another to form a separate company, and the other branch has changed markets and moved to develop within a larger concern in London.
– This has resulted in reduced costs and improved productivity of the parent company and day-to-day running is noticeably less frenetic.
The remaining two branches are still being developed and have interesting prospects for the future. They have each developed in very different ways addressing widely differing markets; one in entertainment and the other in service industries. Once each has reached fully profitable status and is attractive enough for a (hopefully) more established concern to take notice, then these too will likely separate from the parent company as ‘going concerns’. Some support will have to be maintained during the transition phase at least, and possibly longer. I envisage maintaining a non-portfolio directorship for some time but doubt my influence will be considered valuable by then.
– The timescale for these changes is difficult to determine. We are hoping for 5-6 years but suspect it may be considerably longer.
Once the parent company has been ‘asset stripped’ in this way, we hope it will remain a viable concern, able to tick-over at least for a few years. Returning to full efficiency and optimum profitability may take some time but once achieved then a more bespoke, higher level, occasional consultancy may be the structure adopted.
As for passing the company on to future generations…..
I hope this analogy resonated with some of you.
Finally, a question to ask yourself; am I being a good CEO or am I simply ‘doing a job’?
©Salient Sales & Training
‘It is our choices…that show what we truly are, far more than our abilities’, Dumbledore to Harry; J.K. Rowling
I talk to many companies and entrepreneurs about their business development. Their needs and aspirations are quite varied, but common themes do become apparent.
Most common is the need for more business; to find more customers and win more sales. This is useful as these two aspects happen to be my areas of expertise! However, a common confession from business owners and managers is the difficulty they have in making decisions. Some of these decisions are for strategic issues, such as matching products to markets, or where to obtain funding. Some decisions are less critical, but still important, such as in selecting a supplier, prioritising daily activities or when to follow-up contacts or proposals.
Demands for decisions can be both internal and external. All sorts of issues come into play, from time management, influencing skills, decision momentum and balance, to deciding priorities, urgencies and consequences. No wonder we cannot make up our minds!
“Alice came to a fork in the road. ‘Which road do I take?’ she asked.
‘Where do you want to go?’ responded the Cheshire Cat.
‘I don’t know,’ Alice answered.
‘Then,’ said the Cat, ‘it doesn’t matter.” Lewis Carroll
There are some simple techniques and processes that can be applied to every decision, that should make them easier to make, quicker to resolve and ultimately much less stressful.
These can include:
- Knowing yours and your businesses’ true priorities and being true to these
- Establishing the difference between ‘urgent’ and ‘important’
- Considering different processes and techniques; choosing the best way forward
- Developing a personal decision making process that is straightforward and comfortable
- Establishing background; involving stakeholders and influencers; managing expectations
- The ‘laser approach’, versus ‘sheepdog focus’, or even ‘option adoption’ techniques
- Applying time management skills to ensure indecision does not prevent progress
- Striking the right balance between the ‘head’ and the ‘heart’ approach
- Considering Transactional Analysis as a possible option for achieving the best personal outcome
- Being prepared to decide not to decide, but fixing and keeping to a new decision deadline
- When logic does not suit; using the ‘approach attributed to Einstein’
Some say that there are no such things as ‘wrong decisions’. They argue that whichever route we choose is the correct one, based on what we know and how we feel at the time. This approach has merit as much time, energy and stress is wasted in regretting past decisions. This forward looking approach can make a big difference to your confidence when you are challenged with more decisions to be made.
Decision making is a fascinating art (and science). Being comfortable with the process is important in order to maintain the quality of, and satisfaction in the result.
If you want to consider this further for you and your business, Salient is holding a workshop in February called ‘Decision Making – made easier’. For more details and to book, go to the events page here.