The following is a list of 10 useful tips that should be implemented into any business to increase sales:

1. Analyse the way successful sales are made in your business presently.
2. Build a sales program around what works that includes at least 30 lead generating strategies.
3. Instigate a weekly sales meeting and make the sales department accountable with written reports that include ratios and numbers to support the data.
4. Keep meetings short and finish on time.
5. Share what works and what hasn’t worked in your meetings.
6. Reward excellent performance and analyse what has caused poor performance.
7. Compare the rates of conversion from lead to sale for each strategy.
8. Create a template that can be quickly updated each week.
9. The report should show prospects contacted, leads generated, presentations or follow up made, conversions to sales and how many are left to nurture in the follow up stage.
10. The report is to be on actual against individual targets. Make each salesperson accountable for their monthly sales.

It’s too easy for a business owner to fall into a false sense of security when they hear from a young marketing graduate that they have a marketing strategy. Marketing strategies are worthless unless they produce sales.

Marketing people without a successful track record of selling view their job as a short term “apprenticeship” before a managerial role. The marketing strategy is only 20% of the job. Making sales is the other 80% and that’s where the imposters are separated from the real thing.

If you’re looking for more sales look for someone who loves, sleeps and lives making sales. Pay them plenty of money based on Read the rest of this entry »

New market research obtained by The National Federation of Independent Business (NFIB) says the biggest problem businesses have is cost. 3,530 small business owners were surveyed this year.

Federal taxes also affect small business. A major deterrent for nearly a quarter of the businesses surveyed is tax complexity. In spite of this data, some good news has emerged. A small business owner’s primary objective is still to increase sales and reduce expenses.

Scott Shane, from Kiplinger.com, says there are certain common myths to be aware of to make the decision easier:

1. You need a lot of money to finance a new business. This may not be the case. Successful business owners who had to start their businesses without a lot cash had to borrow. They rent instead of buying.

2. Banking institutions don’t lend money to start-ups. What are your chances of financing a small business? Federal Reserve data show banks account for 16 percent of all financing provided to companies 2 years old or younger. Although there may be better ways to get funding, banks are an avenue to consider.

3. Business success depends on the owner’s talent. While talent does have some bearing on business success, it is also necessary to consider the industry you choose, the market and location of your company.

Market research has shown that if you are involved in communications, telecommunications or technology your success will be greater than if you were to buy a small motel in outback Australia. Talent doesn’t have much bearing on the growth of a new business.

If you are looking for venture capital to grow your small business you had better be prepared for a very hard nosed group of people who are not forgiving of fools.

Venture capitalists are alive and well still giving away money and making investments regardless of the news in the media and the economy. However, it suits them in low economic times to be selective in the types of companies they’ll invest in.

It’s interesting to see what is happening in the US at the moment. Venture capitalists are concentrating on businesses involved in the life sciences, biotech, medical devices, communications, information technology and clean-technology.

You have a better than average chance of snagging capital if you’re past the concept stage and can show a successful track record. Quality management is another factor that carries a lot of weight with venture capitalists.

Talk to other business owners in your industry who may have received venture capital. Find an accountant or attorney experienced with companies that have raised venture capital in your industry. You will find plenty of venture capitalists by searching Google under the same name. Also I can highly recommend an Australian company http://www.achaeus.com who are very experienced in raising capital ideas.

Alternatively you can access my FREE ebook ‘How to Grow Your Business for FREE’ that will tell you how I built my business from zero to $10 million with no acquisition costs. Unbelievable but true. Subscribe to the list to get your FREE copy.
For more information on venture capital to grow your small business contact me via my blog or website.