Newsletter

  • 06 Mar

    March GPS: Fundamentals Sales

    Fundamentals: Sales

     “Nothing happens until somebody sells something.”

    What is Sales?

    1. The activity or business of selling products or services.
    2. An alternative term for sales revenue or sales volume.

     

    When we begin working with a new client, there’s much foundational work to be laid. The client’s core leaders start by going through an assessment process that covers everything from financials to systems to internal succession planning. Once completed, we outline and provide a detailed plan — including tracking methods and achievable metrics — to improve the worth of your company.

    Included in the plan are the principle value drivers that help your businesses thrive. Sales is one such key value driver. High value companies have the ability to deliver on the promises made to the marketplace and to do it in a systematic and a reliable process-driven manner. They consistently ask, and answer, challenging questions to ensure that their sales systems are performing at peak efficiency.

     

    These questions include:

    • Does your company have a consistent record of sales growth?
    • Is too much revenue concentrated in the hands of a limited number of customers?
    • Do you offer regularly-scheduled sales training programs?
    • Are you too dependent on one sales superstar or the personal relationships with one party of the customer?
    • Do you have a balanced mix of sales tactics to keep a steady stream of high-quality prospects in your sales funnel?
    • Are you measuring the timing and close rate on your sales leads?
    • Are your customers satisfied and a consistent source of repeat business?
    • Do you measure and understand your customer turnover?
    • Are your customers paying in a timely manner?
    • Is your sales incentive program effectively creating your desired outcomes?
    • Will your sales process continue to function successfully in your absence, whether due to illness, retirement, transfer of ownership or another life-changing event?
    • Are your sales and sales projections sustainable and predictable?

     

    Answering “no” to one or more of these questions can leave your business vulnerable and at the mercy of forces beyond your control. If you haven’t done so in a while, we urge you to take time to evaluate your current sales process. In this way, you will safeguard the revenue you need to achieve your short- and long-term goals.

    There are many more questions that need to be considered to improve your sales. What do we sell? What does the customer buy? How relevant is your service or product? Who is the real customer? Who makes the purchase decision? How are you able to provide better service or product than your competitors? Are you selling to the correct customers? Do you have a written sales plan and strategy? Is it being followed and measured?

    Big changes — especially in larger companies — don’t happen overnight. Our individualized approach to helping clients make big changes and sound business decisions is methodical and incremental, and keeps your long-term goal in mind at all times.

    By chuck Newsletter
  • 07 Feb

    Your Journey to Performing Higher – Step 2

    Step 2: Advancement

    At Eagle Corporate Advisors, we help you chart a course, cross bridges, avoid obstacles and stay on track to keep you and your business on the best path to your success. We call this roadmap “The Six A’s.”

    In our last issue, we talked about Assessment, in which we perform an objective comprehensive analysis of all factors which may impact your growth or transition strategy. This includes understanding your business position and personal goals from objective and subjective points of view.

    In this month’s newsletter, I want to focus on Advancement, which is the second A. Advancement involves developing the proper action plan and timeline to help make your dreams a reality.  Why are you doing what you are doing?  Why do you want to change or improve?  What will you accomplish? When will you have time to work on your course corrections?  When will you reach your destination?  How will you do it?  How will you find the resources and time to implement each action?  Who will be accountable for each step?  Will you try to take on more than you can handle and give up too soon?

    To truly advance along the path, you need a clear set of written instructions for your journey. Not only does this cover your “who, what, when, how and why,” but your accountability, focus, tracking, use of resources and much more.  You may want to re-visit the Planning section of the January 2019 newsletter as a review of some of the steps to be taken.

    There are several fundamental areas of your business that will need to be considered while determining what will be advanced first, second, third and so on.  Improving and advancing the transferrable value of your business is not a short process.  It can be simple, but definitely not easy.  Some of the areas to consider are Planning, Leadership, Sales, Marketing, People, Operations, Finance and Legal. Each has many parts and pieces that interconnect with the other primary areas.  Obtaining balance among them all is critical before you can successfully and significantly raise the quality of the whole batch.

    As you can see, this step is quite complex. You may find you need a company like ours to help you stay the course as you maneuver through the eight fundamental business areas that need to be reviewed and improved:

    • Planning – A company with a strong vision and mission supported by a fully-developed written business plan, and an understanding of its target market, competition, and barriers to entry, has significant advantage and value over other companies.
    •  Leadership – Your company’s transferrable value is increased when it has an active board of directors, a cooperative senior management team that effectively communicates within a positive culture, and can stay on track without constant interference from ownership.
    • Sales – High value companies have the ability to deliver on the sales promises made to the marketplace and to do it in a systematic and reliable process-driven manner.
    • Marketing – This includes a thorough marketing plan, appropriate positioning, use of technology, and public relations, along with predictable accurate implementation of marketing to generate sustainable sales.
    • People – Your business value depends on its ability to hire, develop and retain quality individuals. The right people can strengthen culture, ethics, customer relations, production, innovation and other aspects of operations.
    • Operations – Your company needs systems and documented processes in place to deliver on the promises made to the marketplace in an efficient and effective manner, allowing it to scale to the next level or region.
    • Finance – All of your company’s financial matters must be in order while following best practices. These include clean audits, readable financial statements, operating reports, adequate tax planning, insurance protection, use of current technology, and proper banking and capitalization strategies.
    • Legal – You have all legal matters in order, documented, including intellectual property. There are no claims for or against your company, you have a process to handle potential liability issues, and you have contracts with key customers, suppliers, advisors and contractors.
    By chuck Newsletter
  • 08 Jan

    Your Journey to Performing Higher – Step 1

    Step 1: Assess

    Entrepreneurship, much like life itself, is a journey that begins with a single step. In fact, for most business owners, the line between the professional and personal is virtually nonexistent. So where to start?

    At Eagle Corporate Advisors, we highly recommend beginning with an assessment of your current position, essentially a comprehensive analysis of all factors to show you where you are today before making decisions which may impact your short term and long-term strategies. You can’t map out where you’re going until you determine where you are.

    The assessment covers your business position and personal goals from objective and subjective standpoints. From the personal perspective, it may begin with the simple question, “What does success mean to me?” Is it money in the bank, peace of mind, work/life balance, becoming the major player in your market category, leaving a lasting legacy? All of the above? There are no wrong or right answers, only ones that are meaningful to you. From the business perspective, it may begin with the question, “Do we have a written strategic plan?” Has the plan been communicated and adopted by everyone in the company? Who is responsible for achieving each portion of the plan? Who is going to ensure we stay focused when the phone rings or the next potential customer asks for services outside of your plans? In our February issue, we’ll address the next step on your path to personal, financial and emotional freedom.

    By chuck Newsletter
  • 08 Jan

    January Compass: Goal Setting

    Have you entered the New Year with confidence and optimism? Doubt and uncertainty? A combination of both?

    There’s nothing wrong with tempering your positivity with a healthy dose of realism. In our experience, the best way to balance the two is to take a proactive approach to goal setting.

    “A dream is just a dream. A goal is a dream with a plan and a deadline. That goal will remain a dream unless you create and execute a plan of action to accomplish it. Every goal that gets accomplished has a good plan behind it.”
    Harvey Mackay

    You’ve probably heard the term SMART goals, an acronym to help ensure that your goals are clear and reachable:

    • Specific
    • Measurable
    • Achievable
    • Relevant
    • Time-bound

    A goal without these guidelines is little more than a wish. While you’re at it, make the “achievable” part just a little out of reach. Like a road trip with many planned pit stops to refuel and assess your progress, you’ll be pleasantly surprised by how often you reach your destination and beyond.

    By chuck Newsletter
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