3 Simple Solutions to Help Create a Sales Culture

sales

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Read the lesson:

Every single person on your team contributes to the overall sales of your company either directly or indirectly.

Question: Who on your team is NOT contributing to sales?

“Oh, well, my bookkeeper doesn’t affect sales.”

Yes, they do.

“My assistant has nothing to do with sales.”

Yes, my friend, they do.

“Fine. But what about the janitor?”

Them too!

Stop looking at sales as an isolated position description, it’s not a single department. Sales is a critical concept your entire team needs to understand, embody and embrace. If someone on your team doesn’t get this concept, let them go find work somewhere else and bring in someone better.

Sales is my favorite topic when it comes to business and entrepreneurship. The gasoline to your engine, the rocket fuel that puts you across the finish line. You have  HUGE potential sitting right under your nose, and it costs very little (next to nothing) to tap into it.

While this article is a broad look at sales, I have other articles and videos you can look through as well. Or, book a call with me, it’s complimentary and customised to you and what you’re focusing on in your business right now.

2 common sales leadership mistakes

1. Too much risk in the hands of too few

Picture this: 50 people in your company with 5 people in sales. That’s 10% of your staff responsible for 100% of your pipeline. It doesn’t make sense.

Personal Experience #1: 

Too often in my past ventures, I focused exclusively on my sales team to generate results. I believed ‘sales’ was about just salespeople selling. I thought revenue came from that small percentage of people with the magical five-letter word ‘sales’ written on their position description.

A common challenge faced by growing businesses is keeping up with results that were once easily attained when they were smaller. They struggle with how to keep that momentum flowing to reach the next level.

After banging my head against the wall with this challenge, I had an epiphany.

I finally realised one of the reasons sales was easier when my company was small was because everyone was contributing back then. The ‘buy-in’ factor from the team was much stronger when everyone talked directly to me on a daily basis.

Why?

The larger my team, the farther people became until a lot of people only knew me by name, not as a person. The larger my company became, the more diluted my leadership message and energy became as well.

Solution #1: 

I had to stop carrying all the weight and empower key team members better. I had to start by accepting that the problem was with me, not with my team. I needed to become a better leader, one which was adapted better at working with a larger team.

Once I tackled this — and believe me, it took a lot of work — I started to see some amazing results! People at lower levels of my organisation started to behave differently. I also started to receive more compliments from customers instead of complaints. The compliments led to strong referrals which lined up my staff to hit more home runs. I also had random team members tell me about what they did to help close on a deal. It was amazing to witness the transformation!

2. Being sold in an interview

A good salesperson will sell you in an interview. They’ll successfully convince you to hire them, even if they aren’t a good fit for your organization.

Yup, I got sold. Bamboozled! Duped. Call it what you may. I let myself get ‘sold’ in an interview and hired the wrong salespeople. Have you ever been there?

Remember that in an interview, the person is trying to sell themselves. 

If they’re actually good at sales, they’ll sell you on hiring them even if they aren’t a good fit for the company. They’ll relate to you, make you feel comfortable, help you overlook that they are a bad fit, and make it easy for you to say ‘yes’. Those are all skills of a good salesperson but have nothing to do with their ‘overall fit’ with your organisation as a whole. 

Having the wrong people on your team is a ticking time bomb waiting to explode.”

How does it happen?

Fear. Pressure. Being reactive with hiring. That’s how.

Hopefully, your company is in a profitable position. You have all the time in the world and little to no pressure in your day-to-day life. On the flip side, maybe you’ve found yourself a little bit like me where my overhead increased, the market dipped, and competitors were in attack mode. It was stressful! And it put the pressure on to hire more salespeople… fast. Too fast.

I let fear, stress, and pressure influence too many of my decisions in the wrong way. Some things can’t be rushed.

As the old saying goes:

Rushin’ didn’t get no-one anywhere faster.”

Solution #2:

Relax. Be objective and let go of the emotions. Then check your gut and ask yourself: “of all the candidates I’m interviewing, do I really believe this person a good fit for my organization?” 

Never ‘settle’. Keep interviewing until you have the right fit. 

It’s easier to turn down someone in an interview than it is to fire them after they’re employed.

After it happened a couple of times I was able to spot the patterns and filter those ‘good at sales but bad fit’ people out better. It took some trial and error but eventually, I started hiring the right people to replace my lower performers.

Sales is a culture, a universal subject

It’s worth repeating: we need to stop looking at sales as an isolated role. 

Everyone on your team is either helping or harming the reputation of your organisation.

Hear me out.

When an employee goes home to family or out with friends, bitching about your company, it affects your reputation. THEIR friends and extended family inadvertently expand on the negativity and so on. This type of cycle impacts the attitude of your market before your sales staff even show up.

Your image and reputation spread organically, whether you realise it or not, whether you like it or not, and whether you focus on it or not. People talk.

“Anything anyone ever says about your company is critical and it’s going to be in one of two contexts: either it will help your company or hinder it.

Word of mouth vibrates and reverberates, it gains momentum and gets stronger with time. We want it to be getting stronger in a positive way, not in a negative one. We want your reputation to be strong, and to spread out to the market in that context.

I’m talking about unleashing the hidden potential of your existing team.

Your team must know how important they are

In one of my past ventures I had dynamic salespeople on my team. They knew what they were doing, they brought customers in the door and closed on good deals.

Then reality hit, the rest of my team wasn’t meeting customer expectations that my sales team had set up.

Lower level team members interacted poorly with clients. Bookkeeping was making mistakes on invoices. Operations people were stretched too thin and not giving good service to key accounts. A ton of little things started piling up, creating bad experiences for clients.

Accounts which started as happy (after dealing with my sales staff) began to complain and were angry by the end of the client cycle.

Solution #3: 

Educate your team on how important they are for the competitive edge of your company as a whole.

I would spend quality time with key team members who weren’t representing my company’s core values. A little education goes a long way. 

“A little heart to heart and showing you care about your team can go a very long way”

Does your team prioritize your customer’s client experience as their top priority, or are they just showing up to do their job?

We want to get your team excited about working for you and with you to build a kick-ass reputation for your company they can feel proud about. Anything less than this is a waste of potential.

If you need some guidance on this or more how-to, book a call with me and let’s talk about it.

Rally the troops!

One of my biggest sales challenges came within a recession. No surprise there, I suppose.

With high overhead, not enough sales and lower margins from a recessed economy, I was in trouble. I was scared and moved too slowly to make corrective actions. Ultimately I found myself just two weeks away from not being able to make payroll and pay off suppliers. 

Scary shit, to say the least.

It was one of the most terrifying experiences in my business career. I lost a lot of sleep during those days.

To get through it, I needed the whole company to come together and push through. We all had to drive sales forward. I didn’t have enough money to hire more salespeople so I had to rely on everyone else to chip in on the effort as an entire organisation.

This was an enlightening moment. It helped me realise some of the mistakes I had made in the past as my company was expanding.

When the company was smaller, we all had multiple job descriptions. Salespeople helped with operations, operations people helped out with bookkeeping, bookkeepers were close with salespeople and made happy, friendly conversation with their clients. It was a positive cycle revolving on a strong team dynamic.

As the company grew, my team grew farther and farther apart. Job descriptions started to become isolated, like a cold, process-oriented assembly line. Communication and relationships started to weaken and become fragmented.

With a lot of serious effort, we made it through that tough time. All because every single person in the company rallied together to help with sales. Quality client experience, as a whole, became a universal subject for each team member which led to client trust, positive reputation, and an increase in referrals.

That year ended up being the most profitable year up until that point. It was a complete turnaround from a near-catastrophic disaster!

All because we stopped thinking of sales as an isolated role and implemented it as a universal role that touched every job description. 

Together, let’s put the spotlight on the subject and turn the light on. We’ll explore every corner and get to the root of driving you to the next level. Book a complimentary consultation, it’s on me.

How to Exit Your Business Quickly and Profit More

exit your business

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Customising your offer to the desires of your buyer means you’ll profit more and sell faster. Every exit is a bit different, however one fact remains constant.

To be clear, I’m talking about selling the entirety of your assets/shares to a new owner, whether it be a competitor, someone new to the industry, someone local or someone that’s coming from afar. Although, this same principle applies when franchising, licensing, merging or even when going public.

Now, let’s narrow down our focus…

In this particular article we’re looking at knowing your buyer, how to start customizing your offer to draw in a faster deal and how to do it with less stress.

Your business broker or investment banker will likely tell you they’ll take care of everything. I’m here to suggest for you to be fully engaged in the process. Take charge of leading your broker or investment banker in the right directions and help them be successful too.

Listen more than you speak

First, you need information

Good solid, reliable, detailed information.

  • What does your prospective buyer value most in a company?
  • What excited them to do diligence into yours?
  • What makes them feel cautious and hesitant to move forward?

The answers to these questions will likely be different for every prospect.

Find a business broker or investment banker who has a high emotional IQ, a high level of intelligence and a strong intuition. Let them build up the relationship between you and the prospective buyer. Give them instructions on the types of information you want to know to help close this deal.

“Allow other people to speak first; the important factor is not who talks… it’s who listens.” 

Ilana Eberson

This is especially important because you can only pick up on what your buyer wants, what their fears, concerns, questions, desires, goals, and objectives are if you spend time listening.

Hopefully, you’ll be able to engage one-on-one, face-to-face with your prospect in a coffee or lunch chat, maybe even over a drink somewhere coordinated by your broker or investment banker. We want to position you in a way to build up trust and credibility with your prospect, in a very similar way to how you sell to the regular everyday clients of your company.

Naturally, before you initiate a marketing plan to generate new sales leads you take due time to cater the message to your market’s needs and wants. Right? So do the same thing when selling your business.

Talking your prospective buyer’s ear off isn’t going to convince them. Instead, listen to them, get to know them, and then ensure your business and your offering meets their needs better than any other company they may be looking to purchase.

Tips to get to know your buyer better

  1. Find a broker or investment banker who won’t impede communications between you and the buyer, we need communication to be strong and efficient.
  2. Treat each prospective buyer like a special client of your company. They are, afterall, about to make a very special purchase.
  3. Listen carefully to their unspoken words and wants, read between the lines of the information they provide to you.
  4. Respect their timelines and always stay ahead of them. If they ask a question, stop what you’re doing and provide a detailed answer as your top priority.
  5. Create a payment solution which fits their means. Put on your creative hat and find a solution which maximizes your sale price and minimizes your hassel.

Find a middle man you can trust

Your business broker or investment banker needs to be someone who can walk beside you and be your confidant. Not a know-it-all who wants to control the entire process.

Suggestion:

Treat the hiring process of a business broker or investment banker the same as when you hire a critically important new team member for your company like a COO, CTO or Controller. Do a thorough interview process, ask for references, grill them with well thought-out questions and perhaps most importantly, trust your gut!

Think about all the possible ways you could interact with your prospective buyer. 

If you can organise a breakfast meeting where everyone gets together, do it! Share a meal, do coffee, do the conference calls and emails back and forth. I’ve even negotiated deals via texts.

Whichever you pick (or try them all!) invite your broker, your buyer and their broker too. Make this a collaborative process where everyone gets a good chance to feel genuinely comfortable with the deal.

It will work in your favour to make sure you’re really really punctual too, and ask a lot of questions in a calm, collected manner. Just like in any other sales situation, you don’t want to be overbearing. Don’t be the fire hose that shoots water in their face. You want to naturally get to know them better and make a deal that’s a win-win for everyone.

Every sale of a company should be a win-win for everyone involved. Including your team and suppliers.

A great broker is going to help make sure the sale of a company is a win for you, for them, for your soon-to-be former employees, clients and suppliers.

That means you also need to take some time to consider everyone in this equation.

How is your team going to be treated? 

What’s going to happen with long-term suppliers? 

What’s going to happen with your competitors and your reputation? Will that be perceived as a scary move or a strategic one?

How about this: “We are so happy we are bringing in a new owner with extra strengths to add on to the existing foundation of this company.” 

You want to discuss these important points in the sale negotiation process and make this transition smooth, low-risk, and successful for everyone involved, not just you.

Treat your buyer like another client

When you do business with your everyday clients, you make sure to understand what they want. What are their pains, emotionally and physically?

I’m going to suggest that there’s no difference between that and selling your company to a new owner.

Selling is not about giving something to someone they don’t want. That’s not professional selling.

What IS professional selling is helping people solve a problem in the most efficient way possible with something you’re offering. If someone wants to buy a good business, you’re going to help them buy a good business, your business.

The prerequisite here is that you do have a good business, it’s worth buying (meaning profitable and sustainable). I’m assuming that your business is doing very well. So now, let’s find the right person you can help by selling it to them.

Example:

I know it can get a little intimidating selling your entire company, especially if it’s your first time. When you do it for the first time – when you do anything for the first time – it’s scary as hell! Like riding a bike, maybe you’ll fall over and get scraped up a bit, that’s inevitable. It’s part of the learning process and next time, you can do it better.

It won’t be perfect, no matter how many times you sell a business.

Lesson #1:

Take one solid step forward every day and never stop. Perfection doesn’t exist. There’s a certain point where you just need to move forward. You’ll get too caught up in the mental mess of perfection and lose focus on the bigger picture – doing what needs to be done in order to successfully sell.

Of course, as you treat any other client, you treat your buyer. This means you’re listening to understand.

Know your buyer’s needs

We want to get to know who’s buying your company so you can position it properly to suit what it is they’re looking for.

I sold a company to someone from a different geographical area. They wanted something that was a little more automated, sustainable, and had good growth potential. I knew this because I spent some time getting to know them personally to figure out what it is they wanted. 

Lesson #2:

If someone comes to you saying they want to buy an apple, give them a frickin’ apple! 

So just do that! Fulfill the needs of your buyer just like you would fulfil the needs of your clients.

I made sure the company was automated to a large degree, and also made sure the financials were organised and proper. He had a lot of questions, and I answered them quickly and stayed responsive. 

Show that you care, that you’re invested in the company, and promise to stick around if they need you or promise to leave immediately if they don’t want you there.

Take the time to know what it is that the prospective buyer wants, make a list of things they mention. Even better, Google some questions you could ask. 

Think of it as a friendly, happy, subliminal interview. 

Some details to figure out when talking to your prospective buyer

  • What’s going on in their personal life, what’s their real motivation?
  • Have they been involved in this industry before, how do they feel about this industry?
  • What excites them most about getting into this particular industry? 
  • What are their biggest fears about buying a company in general?
  • What drew them to your company?
  • What do they not like about your company that they’ve seen already? 
  • Can you help them strategise and address the concerns they have about your company? 
  • Is there a particular fear about employees leaving that you can help resolve?
  • Is there a benefit for you staying on with the company for a certain amount of time after selling? 

Of course, another important question you need to ask your buyer is what their timeline looks like.

Know your buyer’s timeline

If you’re going to sell your company, then let’s get it sold! 

I met this guy once who ran a really cool DJ studio. He had all the bells and whistle, flashing lights, black lights, mcee gear or anything needed to light up a stage particularly for big parties and DJ-ing. He had a huge warehouse filled with cool stuff!

I went in there one day and was buying equipment for my basement. I was filling it up with all these lights and sound activated flashes, getting the proper speakers, the right wiring. I was like a little kid in a candy store buying all this stuff and ended up talking to the owner, and this continued as I went back a few times.

On my last visit, he started speaking a little more honestly and ended up sharing that he was shutting his company down. One of his competitors had gotten so big and so efficient he couldn’t compete anymore. 

He told me he was kicking himself because he could have sold his company for a million dollars before.

He had physically received that offer to sell his company to someone for 1 million and he didn’t take it because he didn’t know how to do it. 

All because he was… intimidated.

He didn’t believe then that it would be to his benefit.

Now, three years later he was shutting his doors for $0. Zilch. Nothing. He was closing the doors and that was the end of story, no more million dollars for him. 

“If you want a happy ending, that depends of course, on where you stop your story.

Orson Welles

There are plenty of more prominent examples, like how Kodak Cameras disappeared.

Blockbuster, where did they go? Then there was Snapple when Quaker bought them up, right?

Businesses aren’t worth something forever, there’s a time limit. If you’re going to sell, then sell!

If you feel like it’s time to make an exit strategy and if exiting aligns with your personal goals right now, call me. Let’s do a complimentary session on your objectives and where your company stands.

Know your buyer’s payment plan and budget

When it comes to price, are they going all cash or going for a loan? 

If they’re thinking of taking out a loan, maybe you want to help them with a better takeback situation or a promissory note on that SPA (sales purchase agreement). Maybe you can work on a payment that is to their benefit and gets you more money. 

Example #1:

Let’s say you’re willing to sell for $5 million but would prefer $7 million. Maybe you can hit that $7 mil mark if you throw in an extended payment plan that helps the buyer make the purchase. You can get that extra bit of money by helping the buyer feel more comfortable about clients staying on longer term. Maybe you can even attach some of the revenue you’re going to receive from them to the performance of a certain customer that has been important in the past and that you feel confident is going to stay with them in the future.

“In business you don’t get what you deserve; you get what you negotiate.” 

– Chester Karrass

Example #2:

It doesn’t have to be all cash upfront. Think about when you buy a car, a lot of people buy it at 0% down and you pay full price. When you go in with cash, usually you can get a discount. If you want to get a little more money for your company, think about incorporating some sort of a payment plan that helps you maximise what you can get out of the deal

The point I’m trying to make is this:

Every company sale is unique just as every buyer is unique

It’s important, and I highly suggest for you to spend as much time as you can to get to know that buyer as best as you can.

So when you’re talking to potential buyers you can let them know there are other serious offers and encourage them to add theirs. We’re not playing them against one another but we’re creating that feeling of scarcity.

Creating scarcity is about valuing what you have and acknowledging there’s only one company you have that’ll sell. It’s not going to go to multiple people, just one privileged buyer. Obviously your company is doing really well, you feel great about it, and it’s important. It’s worth a lot, right?

You have to go into this negotiation the same way you would any negotiation with a supplier, client, etc. You have a good, functioning, solid business and that’s exactly what they want. The right buyer will see that and pay well for it.

Remember this:

Selling your company is about more than just you.

The more successful it is for everyone involved, the more you’ll get out of it on a personal and professional level. You can look back on the exit and say, ‘hey, I did that!’

If you’re going to sell as your exit strategy, let’s talk and bounce ideas off one another. I’d love to know more about you and your business. Book a call with me and we’ll talk about what you’re focusing on right now.