7 Skills Required for Business

Here are 7 skills/competencies that can really help you with your business.

1. Financial Acumen – Running any business involves money. Love it or hate it, a business is about generating sales, paying suppliers and investing or using the profits. In business it is very important to understand terms like: Margin, Markup, Gross Profit, Net Profit, Cost buffetof Goods, Carriage, Creditor Days, Debtor Days, Interest rates. Unless you take the time to understand these metrics, they will cost you money because you will not ask the right questions. No one cares about your money as much as you should do.

2. Marketing Skills – Marketing involve communication of your message about your product or service, It has to be compelling enough for a potential customer to be interested in it. But marketing goes far wider and deeper than a product – it needs to reflect you and the company as well. Every time a communication is delivered from you or your company, that’s marketing. It evolves all the time. Learn it and embrace it.

3. Sales Skills – Sales are the most important thing in any business, but for most they get the least amount of attention. Most business owner and their teams never receive any formal sales training, yet their business depends on sales for its success. Rather than saying – “yeah, yeah, I know how to sell” – simply say “I can sell, but how good am I at selling”, then go and read a book about selling in your industry. Good sales skills are critical to your success.

4. Networking Skills – Its not about who you know, its about who knows you – old adage – always true. And if you are known – what are you known for – All the right things I hope – Are you the “go to” person in your industry, in your area. Are you an expert? When networking do you look to get or give? It should be give – thats how networking works –

5. Purchasing Skills – making a margin and a profit are 2 of the fundamentals of business. Good buying will allow much higher profits and margins and the customer can also win. Learning how to negotiate on purchasing is a key skill. Knowing your marketplace, knowing your sources, having alternative sources, knowing what your competitors are buying – being able to say “NO”, getting FREE carriage.

6. Pricing Skills – The obsession with cheap often leads people to think that every person knows the price of everything and that they will only buy based on price – this is not true – Price is only a minor factor in the buying decision and it is important to price with this in mind. Being cheap will break your business and attract the worst type of client – price only driven, no loyalty, no appreciation of service, no appreciation of convenience, no appreciation of aftersales service.

7. Customer Service – Again, often neglected – but people will return because of the service they get. Again too many people receive no service training, not even a good induction. A consistent approach to excellent service will deliver more profits than any marketing campaign that you undertake.

We work with our clients every day on the above skills – If you would like a FREE business review – get in touch today – 087 222 0720.

They know how – but they do not do it!

When the team don’t do what they have been asked

“I have told them a thousand times and they all claim they know what I want and they all nod in agreement” claimed a client recently “and they they go and do something completely different.”

My client was nearing the end of his tether. He was frustrated because he had taken the leadership-quote1time to communicate the message to the team. He has taken the management team aside for a day and had spent the day instilling his vision and mission. They had all finished the day espousing how much they believed in and “got” the message.

But the message was not communicated and there was no way that it would reach every team member in the business and most importantly the team at the coal face of the business. So it was highly probable that the customers in the business would not experience any change. And thats exactly what happened.

So what to do about this dilemma?

We suggested a few things:

1. Communication of the message via more than one medium

2. Challenging the managers and their teams on a more regular basis to check delivery and adherence to message

3. Spot checking and random assessments

4. Getting feedback from team members about what the message means to them and how it would help them personally.

he is implementing these over the next few weeks.

An important feature when it comes to change is that it can take quite a while to fully embrace change and see that it can enable a business to work better. the lure of “how it used to be” is always there.

It can take a few months fully fully learn.

It is also important that the new changes enable team members to live in some correlation to their own values – otherwise change will never stick for long.

It is also important that the team members understand why changes are being made.

Want to be a better leader – speak to Derek O’Dwyer – Business Growth Specialist – 087 222 0720

 

 

Sell the Sizzle not the Steak

At ActionCOACH we define selling as “Professionally helping people to buy”. Its based on the principle that people hate to be sold to but they love to buy things.

The most common mistake that people who go into sales make, is that they think that they have to be great at talking and that they have to talk all about their product and the features of their product or service.  The reality is that the customer probably does not actually want the product or service that you are offering but they may want what the product or service delivers. i.e when a person asks for a drill bit in a hardware store, do they really want a drill bit or do they want a hole in the wall?!!

I recently witnessed a presentation on a product which “featured” a lot of technical detail. I observed that the sales person had lost the crowd within 2 minutes because he was blinding them with technical information. The product he was selling could help the same business really increase their sales and profits but he missed the point and missed the sale. If he had asked them first about what they expected from the product and how they would measure their return on investment, he would have had a greater degree of success.

If your sales approach needs to change to reflect today’s market then take action now. Call us on 065 707 9873. You may not want to have a business coach but you may want what we can deliver – increased profits guaranteed.

Attention Business Owners….

 

GrowthCLUB is the most powerful day of planning any business owner will ever  experience.

At the end of this day, you will have clarity on your top priorities and a personalized plan for the next 90 days that will help you make more money and work fewer hours.

Business owners, this is also a great opportunity to network with 30 other business owners from the community.

GrowthCLUB
Friday, October 7th 2011, Clayton Hotel, Galway

Sign up today! Seats are limited and they’re going fast!
Click on this link to register! 

You will have to contact head office….

After a 6.5 hour flight with 2 children, my sister was informed by the rental company that the car she had booked was not ready and that she should wait in the lounge and they would call her on the tannoy. Not what you expect first thing in the morning!

When she expressed her dis-satisfaction, she was told that this was the busy time of the

"Do we look like we care? 'cos we don't!"

year and that there was nothing they could do about it.

When she suggested that they should probably have had some buffer stock in place and that they knew it was going to be busy, they just shrugged their shoulders and suggested that she email head office.

When she suggested that it was their responsibility to raise it with head office they simple said – “They dont listen to us”

When they were asked what their role was – they said it was to handle the abuse from customers! –

Another member of staff said that it was like working for disney – just a pure joke!

"It was such a busy day in Shannon"

Incidentally, Disney is far from a joke in terms of well run companies.

The situation about the car not being ready was bad, but could have been handled so much better. They simply did not care and indicated as much – it was as if to say – “suck it up – you chose to arrive in Ireland on a busy weekend”

If businesses want to survive and thrive – they have to make sure that the whole team cares about what they do, how they do it and pass this to the customer. Indifference will lose your company business.

To look at how best to train your team, email or call us today.