CEO Advisor Newsletter June 2016
Critical Sales Management Methods to Improve Performance
You will benefit tremendously through improvements in your hiring process, goal setting, compensation plans, sales strategy and sales management methods to create a more productive work environment and sales team.
Below are critical methods that will benefit you by re-assessing your own team and how you manage them with objectivity and fresh eyes. CEO Advisor, Inc. has successfully implemented sales strategies and affected the needed changes in our clients for over a decade.
Weekly Sales MeetingsConsistent weekly sales meetings are absolutely critical to a motivated, focused sales team. Focus on goals, your sales pipeline and sales training each week to maximize sales productivity.
Sales Management TrainingManagers often emphasize to their employees the necessity for constant development and training. The same applies to you as the CEO, president or business owner. Consider hiring a professional business advisor to optimize sales management within your company to help you manage your sales team towards a more productive and profitable year.
Sales GoalsSales goals should be annual, quarterly, monthly, weekly and daily. Goals should include calls, appointments, conference calls, opportunities, proposals, closed deals and other sales goals.
Assessment and GrowthHow do you set your sales team up to succeed? Assess and evaluate skills, and then set goals that are challenging but realistic. The more successes a salesperson achieves, the more likely they will strive for larger challenges and sales opportunities moving forward. Setting unrealistic goals may not allow for an environment in which the salesperson can grow and achieve results.
Sales LeadershipBe a resource for your team. Share your own success stories, best practices, and advice on your areas of expertise, and provide direction to help your sales team in closing deals. Show your team that they can come to you with challenges and questions and expect to receive support and leadership.
Address Issues Head-OnDon't allow negative morale to penetrate your culture. When signs of negative morale become apparent, find out what is at the root of your employees' concerns, and then have an informative and open conversation with them about their concerns to come to an expedited resolution.
TrustThe primary role of any manager, especially a sales manager, is to provide leadership and guidance. The only way this will be effective is if you first build and maintain trust with your team. Then you can lead them to many great successes and achieve your sales goals.
AccountabilityCreate accountability in your sales team by ensuring that you follow up on instructions, requests and advice that you have passed down to them. Also, hold them accountable to their sales goals. In following up with them, you will also get a better understanding of the obstacles they are facing and be better able to advise them on how to overcome these issues. Lack of accountability by any sales team member should not be acceptable and addressed immediately.
Communicate EffectivelyIt's important for everyone on the team, not just management, to be aware of and understand the overall goals of the company. Be sure to communicate frequently to ensure everyone is on the same page and communicate your goals regularly. Ineffective communications will cost you many customers and dollars!
Give Praise - Sales is a tough job!Be sure to demonstrate your appreciation for your employees on a regular basis, even if it is in the form of a word of thanks for putting in extra hours, achieving your monthly goals or submitting reports timely.
Let CEO Advisor help you with your sales management issues and take your business to the next level. Contact Mark Hartsell, MBA, CEO of CEO Advisor, Inc. today for a no cost, no obligation meeting at your office at (949) 629-2520 or email MHartsell@CEOAdvisor.com.
7 Key Points for Successfully Selling Your Business
Receiving the proper business consulting and M&A advice on the sale process, maximizing the sale price and getting the deal done are critical, and are comprised of hundreds of small steps. Here are some important tips if you are considering selling your business in the near future:
Understand what the realistic value of your business is today and the varying ways a deal can get done. Make sure you understand the key components of a legitimate offer. Both buyer and seller need to understand exactly how the offer is structured (cash, assets, stock, deferred compensation, earn out).
Structure the Sale to Protect Your Business. Carefully qualify who you engage with in the sale of your business and only deal with acquirers you determine are serious and have the funds to close. You should only release information about your business that would be appropriate as part of the sale process. A business/M&A advisor is critical to prepare, communicate and negotiate the right information during the sale process.
Get to the Offer Stage Quickly. Whether buying or selling a business, a well drafted offer letter in the form of a non-binding Letter of Intent is critical and provides a platform from which to proceed. It's in no one's interest to put a huge amount of effort and resources into a business sale before both parties can agree on a clearly understood, viable offer that represents a good probability of closing.
Manage Expectations and Be Prepared For Due Diligence. Understand the other party's position. This is key in your negotiations with the buyer and successfully getting through the due diligence process. Do not provide information prior to an offer that would typically be information provided in the due diligence phase.
In all cases, prepare for the due diligence process by preparing and organizing several months prior to selling in order to make a deal work in your favor. Most importantly, have your financials, accounting and customer contracts in impeccable order. CEO Advisor, Inc. has the experience and expertise in both preparing for the sale process and initiating the sale process on your behalf.
Determine Your Role in the Future. Negotiate your role and compensation early on in the process before you are too deeply vested in time and resources. Far too often acquiring companies will push this off until it is too late for you to strike a favorable deal for yourself. You can make a substantial amount of money after the sale, and your involvement in the business for a period of time is critical to make the sale happen.
Hit Your Targets Along the Way. It is extremely important for both sides if the business for sale has a record of achieving its monthly forecast and continues to hit its targets. Not achieving your sales and profit forecast at a key point in the sale process is a common reason for business sales floundering or falling out altogether. Your business isn't sold until the closing occurs and you never want to create concern or cause your buyer to walk.
Keep the Sale Process on Track. The process of selling a business can absorb more time and resources than you realize, resulting in high costs, lost sales and you being distracted from your business. Be very clear early on how the sale process should unfold and make sure you are delivering on your side. Keep on timelines and don't abandon them at any point. Instill reasonable deadlines and lock in a closing date as soon as the due diligence process is complete.
CEO Advisor, Inc. provides business consulting and M&A advisory services, including mergers, sales and acquisitions to CEOs of small and mid-size companies. We address your specific needs with hands-on expertise and seasoned advice.
Contact Mark Hartsell, a trusted M&A advisor, today for a no cost initial consultation by calling (949) 629-2520 or emailing MHartsell@CEOAdvisor.com.