We are a small biz here in Vancouver Canada with a team of 8 (ft and pt) supplying promotional product and licensed merchandise (sales $1M+). I am most responsible for opening accounts — sales. Here are tips for others business owners in the same boat:
A) Establish an accurate sales cycle for your biz. For me I know that whatever I’m working on today will bear fruit within 60 days. This is important for small biz owners who are often cash poor and can find themselves in a desperate situation. But you have to be realistic — if I need four thousand dollars to make payroll this week then I better have taken the right sales steps 60 days ago to generate sales today.
B) Track current & prospective sales and have a strong relationship to results. I am constantly updating my sales and looking at weekly, monthly and year over year results. Don’t fall into a stock ticker approach to results where you freak out if there is a daily drop. But watch month over month results looking for trends. Lastly, record prospective sales so you can forecast cashflow and encourage the possible to become a reality.
C) Lastly, its ok to be the main rainmaker in your small biz but if that’s your roll please delegate some other responsibilities. For instance I like to handle sales and marketing but need to delegate bookkeeping and product management.
What other tips can you share with us about sales management and success? What is your worst habit in the sales cycle?
– Rich Patterson (rich@pattersonbrands.com)