Perhaps you’ve decided to re-do your web site. Or maybe you are looking to install a time tracking software for your business. Whatever the case, you’ll likely need someone with technical expertise to help you out if you don’t really understand all of the technical ins and outs.
When managing or overseeing technical projects, it’s critical […]
Archive for March, 2007
So you’ve finally done it – you’ve established your own business. Over time, you have successfully acquired valuable customers, generated awareness of your products or services and developed a team of top-notch employees. With all of these important pieces in place, growth seems to be happening naturally. You’re well on your way to producing […]
Most of us wince when we hear a mention of the Internal Revenue Service (IRS). However, for those who are running a home-based or small business, the IRS can be a useful and welcome ally. In fact, many IRS tools and publications are designed to help the small business manage their everyday tasks and […]
Competition among businesses can reach a feverish intensity that results in price wars. We have seen this in a number of industries from hospitality to fast food to oil and gas. The common consumer goal is to obtain top quality products and services at the lowest possible price. Price wars result when a competitor […]
For all types of industries, converting potential customers (also known as leads) to sales is the engine that generates actual profit for the company. Unfortunately, many companies fail simply because they do not understand or apply the sales process. To ensure you have the best chance of converting leads to sales, it is important to master the different stages of the sales process, to address proper ways of qualifying, identifying, and understanding the sales cycle, and to maintain a contact database to continue expanding the business.
Marketing versus Sales
Many business people are confused about marketing and sales. Where does one stop and the other one start? It’s most useful to think of marketing as a lead generator and sales as a customer creator. Marketing keeps your message in front of your buying audience, characterizes your company and it offerings, and creates awareness and interest in your market. Sales receives the benefit of marketing’s success in the form of leads that can be taken through the sales process to a closed deal.
Marketing does not directly generate revenues like sales does. It does however, facilitate sales and can shorten the time it takes for leads to turn into customers.
Another distinction has a time component. Marketing is a long term proposition, with results measured over several months, quarters, or years. Sales results are measured in much smaller increments, and salespeople tend to be focused very much in the present.
This time difference may contribute to a mistake that many companies make: neglecting or under-utilizing marketing. Because marketing does not directly generate revenues and requires time to demonstrate results, many business owners don’t make sufficient investment in marketing activities. Instead, they focus almost exclusively on sales. This is a very short-sighted approach, and can make the sales process difficult to manage. Without the benefit of a consistent, ever-present marketing message accessible to the buying audience, sales has to work harder to get prospects’ attention and take more time to close a sale.
Consider marketing a service provider to sales; in other words, think of sales as marketing’s client. Marketing needs to understand what is needed to make the sales job easier, and implement programs and initiatives that “grease the wheels” for sales.
You’re getting your business of the ground and there’s inevitably much to do. You need to organize your offerings, market your business and acquire your customers. Over time, your priorities are clear – to maximize sales and cash flow – and finally, you come to a point where you have enough to sustain the […]
Your business is up and running and everything is going smoothly. You’re making good money, and doing what you’ve always wanted to do.
But it doesn’t stop there. For businesses small and large, stimulating your sales efforts is a critical and ongoing process. Whether you are a sole proprietor or you have a team specifically […]
For those interested in starting a business, the Small Business Administration (SBA), can be an important resource. The SBA is well known as a source for small business loans, but they offer much more. The organization is an outstanding government agency with resources geared specifically to help small business owners start up and stay […]
As a business owner, you are constantly seeking ways to establish or maintain competitive advantage. Your products and services represent your value and uniqueness in the market. Therefore, it is critical to take steps to protect them. Failure to do so could put your business at risk and jeopardize your ability to dominate your […]
No matter what the size of your business, one truth remains: cash flow is king. It’s the lifeblood of your business. Yet, while most small business owners know this truth, many still struggle with basic cash flow definitions, fundamentals or management strategies that actually maximize benefits. In today’s uncertain economy, characterized by frequent market fluctuations and ever rising interest rates, many small businesses with limited financial knowledge are struggling to stay alive, let alone thrive.
So why is poor cash flow management such a large killer of small businesses? Here are the two main reasons:
You can have the most unbelievable service or product in the world, but if you run out of cash, it won’t matter. All of the hard work, planning and strategic thinking that went into creating and launching your business could easily be erased with poor cash flow management habits.
Simply put, there is no better time than now to get your cash flow reality in check.
