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Will You Add? - The Company Check Up - An Examination For Your Company Part I
Teleconferences, also known as teleseminars, are fast becoming one of the most valuable strategies you can use to increase your market position, your lead generation list and your profit margins. You can quickly become known as an expert in both your field and market through the power of teleconferences.Why Host A Teleconference? Consultants, coaches, speakers and trainers can literally make tens of thousands - even hundreds of thousands – of high profit margin dollars without ever having to leave home.Vendors can easily educate their client base through the proper use of teleconferences. By doing this you are becoming a more valuable resource to clients.Benefits of Teleseminars Here are only a few of the benefits of teleconferences and teleseminars:• Expand Your Market Reach• Cost-Eff
Also determine if you can diversify your revenue stream. Adding a service contract to that product may increase sales, or diversify your revenue. Adding several products or services together and packaging them is also a remedy for slow sales, it can also help to relieve you of excessive inventory in a product that’s not taking off. First determine though if it is feasible to do this. Do you have the man power, tools, equipment, and space? Assess your risk exposure to the potential downsides. Can you expand into new markets (profitably), and an often overlooked sales technique is harvesting more sales in your current market. Loyal customers are always a good place to look first when it comes to sales.
(IV) Quality
This begins with a review of your product/ser
When the time comes to progress within the work world, you sometimes have to make the first move by submitting a letter of resignation. For some, completing this task is better said than done. The awkwardness of telling an employer you no longer wish to work for their company can become an overwhelming task to complete. It sometimes causes strained relationships and may even facilitate a few sleepless nights. Plus, in many work circles, the situation is rather delicate and the way you handle this assignment can make or break your future job prospects. Why Write a Resignation Letter?The proper way to alert an employer that you no longer wish to work for them is through the writing of a resignation letter. As you navigate through the proper channels of policy, it is this act that will secure your legitimacy as a respo
(I) Cash-Flow
Cash is king, and simply put if the king has left the building, the company is not too far behind. Undercapitalization is a fierce epidemic in small business; owners struggle to find working capital to keep their companies running, and producing or selling a product or service. On a quarterly basis a company’s cash needs to be examined. Some questions to ask are, where is it coming from? Where is it going? Do we have too much cash? (Yes this is actually a problem) Examine the cash-flow cycle, the time it takes to make a sale, the time it takes to collect from the sale, and how long before that money is out the door. These are your turnover ratios, you may find that on average it takes 35 days to collect, but your vendors are requiring payment in 15 days, you have a 20 day gap of cash, and it’s time to sew that gap shut.
Examine also where that cash is going. Are you paying for inventory, subscriptions products or services that you do not need? Is the equipment that you own leased or purchased? Do you perform a cost-benefit analysis and have internal controls for purchases over a certain dollar amount? This one is the biggest kickers of all, how is your company performing budget wise, if you’re spending more in certain areas it might be time to examine why, and justify the expense. On a quarterly basis examine your staffing needs, keeping a worker on staff that is not performing up to standards, or is not providing positively to your bottom line may need to be let go, and those costs redirected. Finally, can you outsource anything to save on costs?
(II) Marketing
If no one knows who you are, where you are, what you’re about, and what you do nearly nothing else matters. Marketing is a basic foundation of business. Marketing is much more then simply running an advertisement, marketing is about positioning your company to whoever you’re targeting. This includes perception, feel, experience, price, and exposure just to name a few. Review your marketing strategy and campaigns. Are you really reaching who you wanted and are you influencing their decision in your favor? How do your current clients view you? Are they part of your target market? Review you strategy to determine if your core market has changed, and how you can address that change. Maybe who you originally intended didn’t buy you service or product, but someone else did, are you positioning yourself in that new market. Can you expand markets? Do you need to shrink markets? (Expansion does not mean profit one-hundred percent of the time) Are you priced competitively? Is your advertising working, and are you tracking results? When was the last time you issued a press release, and told everyone about your new service or product?
(III) Sales
I wanted to address sales separate because of the complexity of both subjects. After you have addressed any marketing concerns, it’s time to prepare for the return on investment, the sales cycle. From the initial contact, to the actual exchange of goods and service for a promise of cash, or actual cash how does your company stack up? Some industries have long sales cycle, especially when dealing with high priced services and items. So how often are you closing a deal? Are you losing to a competitor? If so, why? Are you speaking the language of the customer? Are you giving them what they need to hear to make the sale, or what you think sounds good? Talk to your existing clients and customers, get a feel for why they do business with you and not the guy down the street. What sealed the deal for them?
Some companies deal with larger corporations in their sales cycle, or a company who does a lot of business with the. If they are a majority of your annual sales (smaller companies often sell to large corporations who use their leverage and size to determine volume of sales, price, and collection periods) determine if you have the capacity to add more clients and diversify your client base. Selling primarily to one client can have an adverse affect in the long-run on your company financial health. If they get bought out, or if new management comes in, you as the supplier may be pushed out.
Also determine if you can diversify your revenue stream. Adding a service contract to that product may increase sales, or diversify your revenue. Adding several products or services together and packaging them is also a remedy for slow sales, it can also help to relieve you of excessive inventory in a product that’s not taking off. First determine though if it is feasible to do this. Do you have the man power, tools, equipment, and space? Assess your risk exposure to the potential downsides. Can you expand into new markets (profitably), and an often overlooked sales technique is harvesting more sales in your current market. Loyal customers are always a good place to look first when it comes to sales.
(IV) Quality
This begins with a review of your product/serv
Tip 1: Discover your "Why". Before you even sit down at your computer and hack away at a plan and mockup, you need to first figure out WHY you want to have an online business. Your "WHY" is unique to you and should be as specific as possible. Saying something like, "To make more money," is not a strong enough "Why". Your "Why" should take an emotional stronghold on you and really make you want to go the distance that's required to succeed in your online business. "I want to be debt free by December 31st" is a stronger "Why" and sets a specific date much like a goal. "I don't want to ever worry about being fired again," is another example of a specific "Why".Tip 2: Make a place in your home to work. Along that line, let people in your family know that when you're in your place of bus
Examine also where that cash is going. Are you paying for inventory, subscriptions products or services that you do not need? Is the equipment that you own leased or purchased? Do you perform a cost-benefit analysis and have internal controls for purchases over a certain dollar amount? This one is the biggest kickers of all, how is your company performing budget wise, if you’re spending more in certain areas it might be time to examine why, and justify the expense. On a quarterly basis examine your staffing needs, keeping a worker on staff that is not performing up to standards, or is not providing positively to your bottom line may need to be let go, and those costs redirected. Finally, can you outsource anything to save on costs?
(II) Marketing
If no one knows who you are, where you are, what you’re about, and what you do nearly nothing else matters. Marketing is a basic foundation of business. Marketing is much more then simply running an advertisement, marketing is about positioning your company to whoever you’re targeting. This includes perception, feel, experience, price, and exposure just to name a few. Review your marketing strategy and campaigns. Are you really reaching who you wanted and are you influencing their decision in your favor? How do your current clients view you? Are they part of your target market? Review you strategy to determine if your core market has changed, and how you can address that change. Maybe who you originally intended didn’t buy you service or product, but someone else did, are you positioning yourself in that new market. Can you expand markets? Do you need to shrink markets? (Expansion does not mean profit one-hundred percent of the time) Are you priced competitively? Is your advertising working, and are you tracking results? When was the last time you issued a press release, and told everyone about your new service or product?
(III) Sales
I wanted to address sales separate because of the complexity of both subjects. After you have addressed any marketing concerns, it’s time to prepare for the return on investment, the sales cycle. From the initial contact, to the actual exchange of goods and service for a promise of cash, or actual cash how does your company stack up? Some industries have long sales cycle, especially when dealing with high priced services and items. So how often are you closing a deal? Are you losing to a competitor? If so, why? Are you speaking the language of the customer? Are you giving them what they need to hear to make the sale, or what you think sounds good? Talk to your existing clients and customers, get a feel for why they do business with you and not the guy down the street. What sealed the deal for them?
Some companies deal with larger corporations in their sales cycle, or a company who does a lot of business with the. If they are a majority of your annual sales (smaller companies often sell to large corporations who use their leverage and size to determine volume of sales, price, and collection periods) determine if you have the capacity to add more clients and diversify your client base. Selling primarily to one client can have an adverse affect in the long-run on your company financial health. If they get bought out, or if new management comes in, you as the supplier may be pushed out.
Also determine if you can diversify your revenue stream. Adding a service contract to that product may increase sales, or diversify your revenue. Adding several products or services together and packaging them is also a remedy for slow sales, it can also help to relieve you of excessive inventory in a product that’s not taking off. First determine though if it is feasible to do this. Do you have the man power, tools, equipment, and space? Assess your risk exposure to the potential downsides. Can you expand into new markets (profitably), and an often overlooked sales technique is harvesting more sales in your current market. Loyal customers are always a good place to look first when it comes to sales.
(IV) Quality
This begins with a review of your product/ser
I had a recent exchange of e-mails with someone who wrote:"39 dollars for a book that proclaims itself to be a way out of depression and feelings of worthlessness for unemployed people?Tell me: what does a PsyD know about unemployment and low-self-worth?This price tag is atrocious.You are victimizing the unemployed, the societal outsider, and I do not appreciate it."After my initial response, he wrote back: "I can't say I expected any less than what you've given... a total dismissal of my opinion. Do you see no injustice in the "Catch 22" of expensive "ways out" of financial difficulty?"The gentleman raises a very interesting question. Is there something inherently exploitative about selling a product or a service to individuals who are in a place of great need and few resources?ing to save on costs?
(II) Marketing
If no one knows who you are, where you are, what you’re about, and what you do nearly nothing else matters. Marketing is a basic foundation of business. Marketing is much more then simply running an advertisement, marketing is about positioning your company to whoever you’re targeting. This includes perception, feel, experience, price, and exposure just to name a few. Review your marketing strategy and campaigns. Are you really reaching who you wanted and are you influencing their decision in your favor? How do your current clients view you? Are they part of your target market? Review you strategy to determine if your core market has changed, and how you can address that change. Maybe who you originally intended didn’t buy you service or product, but someone else did, are you positioning yourself in that new market. Can you expand markets? Do you need to shrink markets? (Expansion does not mean profit one-hundred percent of the time) Are you priced competitively? Is your advertising working, and are you tracking results? When was the last time you issued a press release, and told everyone about your new service or product?
(III) Sales
I wanted to address sales separate because of the complexity of both subjects. After you have addressed any marketing concerns, it’s time to prepare for the return on investment, the sales cycle. From the initial contact, to the actual exchange of goods and service for a promise of cash, or actual cash how does your company stack up? Some industries have long sales cycle, especially when dealing with high priced services and items. So how often are you closing a deal? Are you losing to a competitor? If so, why? Are you speaking the language of the customer? Are you giving them what they need to hear to make the sale, or what you think sounds good? Talk to your existing clients and customers, get a feel for why they do business with you and not the guy down the street. What sealed the deal for them?
Some companies deal with larger corporations in their sales cycle, or a company who does a lot of business with the. If they are a majority of your annual sales (smaller companies often sell to large corporations who use their leverage and size to determine volume of sales, price, and collection periods) determine if you have the capacity to add more clients and diversify your client base. Selling primarily to one client can have an adverse affect in the long-run on your company financial health. If they get bought out, or if new management comes in, you as the supplier may be pushed out.
Also determine if you can diversify your revenue stream. Adding a service contract to that product may increase sales, or diversify your revenue. Adding several products or services together and packaging them is also a remedy for slow sales, it can also help to relieve you of excessive inventory in a product that’s not taking off. First determine though if it is feasible to do this. Do you have the man power, tools, equipment, and space? Assess your risk exposure to the potential downsides. Can you expand into new markets (profitably), and an often overlooked sales technique is harvesting more sales in your current market. Loyal customers are always a good place to look first when it comes to sales.
(IV) Quality
This begins with a review of your product/ser
Statistics, the word almost makes me cringe as it is a reminder of all the hard work I had to do to finish my degree. I do not think that it is statistics per se but it is the fact that I had to create the numbers from formulas. In business, statistics are generated from asking the right questions and instead of doing all the calculations, the software takes over and you see the immediate results. Statistics breathe life into websites and marketing departments. Everything you do needs to be measured. You should measure each marketing campaign to find out what is working. You should measure where internet visitors come from and how they got to your site. And you should measure what pages they visited, how long they stayed, and what page they exited from. Measure, measure, measure. The results of the measur
(III) Sales
I wanted to address sales separate because of the complexity of both subjects. After you have addressed any marketing concerns, it’s time to prepare for the return on investment, the sales cycle. From the initial contact, to the actual exchange of goods and service for a promise of cash, or actual cash how does your company stack up? Some industries have long sales cycle, especially when dealing with high priced services and items. So how often are you closing a deal? Are you losing to a competitor? If so, why? Are you speaking the language of the customer? Are you giving them what they need to hear to make the sale, or what you think sounds good? Talk to your existing clients and customers, get a feel for why they do business with you and not the guy down the street. What sealed the deal for them?
Some companies deal with larger corporations in their sales cycle, or a company who does a lot of business with the. If they are a majority of your annual sales (smaller companies often sell to large corporations who use their leverage and size to determine volume of sales, price, and collection periods) determine if you have the capacity to add more clients and diversify your client base. Selling primarily to one client can have an adverse affect in the long-run on your company financial health. If they get bought out, or if new management comes in, you as the supplier may be pushed out.
Also determine if you can diversify your revenue stream. Adding a service contract to that product may increase sales, or diversify your revenue. Adding several products or services together and packaging them is also a remedy for slow sales, it can also help to relieve you of excessive inventory in a product that’s not taking off. First determine though if it is feasible to do this. Do you have the man power, tools, equipment, and space? Assess your risk exposure to the potential downsides. Can you expand into new markets (profitably), and an often overlooked sales technique is harvesting more sales in your current market. Loyal customers are always a good place to look first when it comes to sales.
(IV) Quality
This begins with a review of your product/ser
Succession Planning provides many valuable assets to your business. Yet it is easy to do, with a game plan. Here are some reasons why the business leader will find it a useful issue to put some focus on.Personal DevelopmentA manager starts to learn new skills. Far from the chaotic living from day to day, this is a new level, where the challenges really are evolutionary, for their employees and themselves. A chance to take the time to develop a strategic sense for the business or organisation. Unheard of in the past, now becomes a real possibility.PlanOne new skill is of planning ahead, further than the next days headcount. It helps to set a different perspective on their skills. To move them from survival mode to developmental and evolutionary. Leadership as well as man
Also determine if you can diversify your revenue stream. Adding a service contract to that product may increase sales, or diversify your revenue. Adding several products or services together and packaging them is also a remedy for slow sales, it can also help to relieve you of excessive inventory in a product that’s not taking off. First determine though if it is feasible to do this. Do you have the man power, tools, equipment, and space? Assess your risk exposure to the potential downsides. Can you expand into new markets (profitably), and an often overlooked sales technique is harvesting more sales in your current market. Loyal customers are always a good place to look first when it comes to sales.
(IV) Quality
This begins with a review of your product/service. How’s the quality? How’s it viewed in the marketplace, are your clients/customers recommending it, or telling others to avoid it like the plague? Quality is the fourth foundational leg a company needs to stand on. Your sales will dwindle if you lack quality, that affects the cash-flow and no matter how much you market, nothing helps a poor quality service or product. Quality is really simple to examine, what you’re offering is either great, or it’s not. Check, check, and recheck your processes, refine what you offer. You don’t want to be known is the market place as a low-quality leader, because soon you won’t be known at all.
All four of these areas an intermingled, everything works together and cannot work separately of one another. By keeping all of these areas healthy you can run at a minimum a break-even business. In the following two parts we’ll discuss areas that can help propel you beyond your competition and keep your company healthy.
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