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Winning The Marketplace Marathon

In Today’s Marketplace – You can’t run The Marathon If You Don’t Win the Sprint!

Start-ups and small companies often don’t have the time or resources for long-term sales approaches. A small business owner’s lack of focus usually prevents them from thinking clearly about this. A traditionally attractive market segment might include a large number of prospects, how much growth is expected in this segment and the testimonial value of clients you secure from it. However, what is often overlooked, and equally important, is the speed at which your team can close these new sales prospects.

There are four basic action items every organization should implement to increase their speed to close new business and create the critical cash flow that follows. These items are:

  1. Outsource non-critical functions.
  2. Target the correct early prospects that by their nature are quick to close.
  3. Improve your product or service’s value proposition to tightly fit the chosen prospects in the target market.
  4. Enhance the sales process itself to create a sense of urgency and expedite the reaction of your chosen prospects.

First, almost all business owners grew into their owner role dealing with issues unrelated to driving sales and growing the company. Make a conscience effort to examine your current systems and determine which are critical for you to manage and which are not. Those determined to be not critical need to go. Find a competent organization to off-load them to and get on with the job of running the strategically important ones.

A second key for a small business achieving success is the complete exhaustion of all new sales opportunities within your existing customer base. Attempting to gain total wallet share at companies where you have already gained trust is critical to increasing additional opportunities to close business fast. This effort is something the entire team can contribute towards. It can help team morale to have everyone pitching in to close new business!

Besides prospecting to existing customers, small companies by their very nature are quick to close for new sales. Often, the buyer of your products and services is the owner herself. Without the bureaucratic red tape of large organizations, a small business can provide your team a significant opportunity to close new sales rapidly. And while these sales often do not entail significant new revenue, they do create momentum and provide much needed cash. Some of these people will be former key executives who can also provide a testimonial of your organization’s ability to satisfy them. Nothing closes sales more quickly then a referral from one key executive to another!

Third, simplifying your company’s offering for this small business market will be critical. McKinsey-like solutions are not what these people need. They require solid performing products and services that can be quickly understood and easily used. The prospect who perceives that they are receiving significant value from your offering will be willing to pay more and have a high probability of closing quickly.  This will be a key to your success.

Fourth, creating an efficient sales process by utilizing faster, less costly methods to reaching out to your chosen segment gives your team a substantial advantage. Using resources like google ads, email campaigns, social sites, LinkedIn and other forms of digital prospecting can help drive sales quickly and cost effectively. Usually most small businesses do not have the capacity to have this in-house talent so outsourcing this to professionals that can assist you will be very helpful.

Finally, all of these efforts undertaken together are not simple, but any small business owner can accomplish it with some thoughtful planning. Quick sales are more important when the time is short and cash flow dear. Therefore embrace focusing on your core business, drive new sales to provide much needed revenue, and help carry your team to a profitable future! As the title suggests, “You can’t run the marathon if you don’t win the sprint!”

 

Date

August 16, 2017

Author

AXIOS HR

Category

Article Business Owners Under 50 Employees Competitive

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