Amidst all the talk of recession from doomsday Darling and the bleak Bank of England, you’d be forgiven for thinking that the future is far from bright for UK entrepreneurs.
In fact, the economic slow down is a great opportunity for small businesses to cut back on unnecessary expenditure and whip businesses into shape.
After all, if you’re having a tough time, your competitors are too. It’s a classic case of survival of the fittest. Make sure your firm can go the distance.
Check out these top tips on honing your sales techniques and maximising revenues from Shield Corporate Finance.
1.) Assess the vulnerability of your revenue streams to the downturn – i.e. The demand for your various products and the vulnerability of specific customers/receivables.
2.) Prune unprofitable and risky revenue streams.
3.) Take the time to assess the creditworthiness of your potential customers before assuming the risk of large orders.
4.) Go for growth with your robust revenue streams, while your competitors retrench.
5.) Map your selling processes and manage your sales-people’s time more aggressively.
6.) Sharpen up your unique selling proposition (USP), use the human angle to exploit the sweet spots of your target audience, turn the fear of recession into your secret weapon and most importantly, make sure the whole sales team are ‘on message’.
7.) Use your CRM system more effectively to target sales efforts to your most profitable customer groups. The Pareto Principle states that on average 80 per cent of your profits are coming from just 20 per cent of your customers. Use this information to your advantage.
Want to learn more? Sign up for our "Business on a budget" workshop.
These top tips come courtesy of David Young, CEO of Shield Corporate Finance, the financial advisory firm that specialises in growing and selling businesses.
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