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How To Shorten The Sales Cycle

April 17, 2013

Definition: Closing the business as quickly as possible after 1st initial contact.

Whether you’re a hunter sales rep, a farmer sales rep, inside sales or outside sales, having the ability to control and at times shorten the sales process is a powerful tool to have in your arsenal. Throughout my sales career, the most common obstacles and stalls that lengthen the sales process have been: “Send me a proposal…. Call me tomorrow/next week/next month…. I need to think about this more…. I really don’t have the time to do all of this right now…. I need to check on my other options…. I need to check with my partner”

There are 5 areas to focus on that will help your control and shorten your sales process. Those areas are:

(1) Your confidence and mindset
(2) Attempt to close business on the spot
(3) Setting clear next steps
(4) Creating urgency and,
(5) Asking the tough questions. (more…)

Franchising: Franchise Disclosure Documents

April 11, 2013

With over 3,000 choices of franchise concepts in the marketplace today, your options for owning your own business are limitless. But not all franchises are created equally. So, how will you be able to gain the necessary piece of mind that the opportunity you intend to pursue is legitimate?

Say hello to the Franchise Disclosure Document, or FDD for short. Quite simply, it’s a legal document mandated by the Federal Trade Commission (FTC) designed to assist the potential franchisee through the due diligence process. The FDD offers incredible access and insight into a franchise and its operations. Every legitimate franchise must produce one. If a company doesn’t, remove yourself from discussions as quickly as possible. At its core, the FDD removes any emotion from the process. It’s required to be presented to you and once it’s been produced, spend careful and considerable time reviewing it.

Under FTC guidelines, the FDD must be presented to the potential buyer in the pre-sales process no less than 10-14 days prior to entering a contract or paying any amount of money for a franchise. And as you’ll see, it may be the single most important document you’ll review during the entire procedure. (more…)

Traditional Crowdfunding Can Help Vets Start Businesses

April 11, 2013
Veteran crowdfunds for franchise, hires six employees 

Many veterans come home to a persistent high unemployment rate and a mountain of debt. They’re not welcomed by banks for small business loans because of their bad credit, their lack of assets and at the beginning, no cash flow. However, certain franchises are inexpensive to get into, and finding the kind of money that veteran Larry Colley needed to acquire an air conditioning service business can be relatively easy via crowdfunding.

Through the veteran themed crowdfund platform Sprigster, Colley found $4000, and soon after hired six people. This is surely one of the best ROI for jobs on record.

For determined veterans seeking to start a small business in a local setting, the help of friends, neighbors, veterans groups and eager consumers can quickly turn a well conceived dream into reality, with a built-in fan base. (more…)

When to Put a Bullet in a Business

April 4, 2013

You went into the venture with the highest of expectations. Then, you invested time, money and considerable effort. You may have a company that has been in operation for years. Now tough times have hit and you need a solid objective means of determining whether to pull the plug. Consider a few factors before you make the decision and watch out for thoughts that seem logical but actually distract you from good reasoning.

This, too, shall pass

You need to determine whether your business is caught in a permanent downtrend or just the bad stretch of a business cycle. In the former situation, you may be making the best buggy whips on Earth, but it is likely time to wind things down or steer your business in another direction. I encountered a classic example of this situation when internet-based companies started taking business away from mom-and-pop travel agencies.

One owner of an agency was working 60 hours per week and making less than she would bagging groceries. I asked her why she continued in the business and she replied that it was all she knew. While I was sympathetic to her situation, she did not have a good reason for staying in business. She could have to work for someone else and made more money with fewer headaches. Or she could have used the internet to help her evolve into a new business. (more…)

3 Easy Ways to Get Attention on Twitter

March 20, 2013

It might seem intimidating to communicate a message in 140 characters, especially for those getting started with Twitter. That’s completely understandable. After all, no one likes their thought to be cut short.

But it doesn’t have to be difficult for you to successfully use Twitter for your business. Here are three easy to implement ideas that will make your tweets sing and help you get the attention you deserve.

1. Imitate the pros

Not sure what to say in so few words? If you’re having trouble, check out some headlines from your favorite magazine, newspaper, or news website. Great headlines pique reader interest, get right to the point, and leave readers wanting more—that’s what your tweet should do too! Simply follow the headline formulas the pros use by swapping out their topics for yours. (more…)