Climbing out of a dive (2)

In the previous blog I outlined the mistakes some business managers make when they try to implement a new business campaign.

Here I set out how to make the changes that will ensure that you pull out of the dive or ensure that you don't get into one if the following guidelines are followed:

1. Using Michael Gerber's famous quote – make sure you work on and in the business. Don’t spend all your time delivering your material or enhancing it. Get out there and press the flesh. Always remember that people buy from people. If you are the owner or MD, make it an objective to meet 5 new people a week. Not just at networking events but at social events, at school events, not just business functions.

2. Don’t wait for that one contract to come in that will save the company. Get out there and push as if it was never going to come in. Sell, promote, engage, put out offers. Do anything to pull in that extra sale. It will enhance morale and add valuable cash to the business.

3. Watch cash like a hawk. As soon as an invoice becomes due take immediate action. Don’t dither, it will have a much bigger impact down the line if nothing is done. Keep firmly in the front of your mind that a business is there to make a profit. Once that begins to drop then you are likely to be heading for an even worse cash crisis.

4. Tell everyone what is happening in a positive upbeat way. Most importantly tell them what you are doing and why. Involve them in the discussions, ask what their suggestions are. You may be surprised that they will suggest things that you might have thought were sacred cows to the team and untouchable.

5. Do what you did when you started the company and it was in the growth phase. In virtually every instance it was the management team that went out to sell and promote the company. They may not have enjoyed it but they realised that they were in effect the company and were therefore the best advocates of its capabilities. Once this stops the vicious cycle of sales drop off begins.

6. Don’t waste time on non promotional activity. There are very few companies that can actually benefit from enhancing online reputation and you are unlikely to be the one. The anecdotal stories about making millions from SEO are typical of the urban myths that keep the SEO pot boiling.

7. Be realistic. Sales are based on relationships and they take time to develop. People buy from people and in most instances from people they know, trust and like. In addition most buying is done on a cyclical basis. Not only that but contracts are usually in place for Business to Business (B2B) transactions. Finally there are multi level relationships to be unpicked and developed. Most seem to forget that the huge wave of new business that came in when the company began trading came from efforts in the past usually from relationships forged whilst with the previous company. They get carried forward and we all forget that these trusted relationships themselves took time to forge. It is the “It takes 5 years to be an overnight success” tale.

A new business programme that is active, specific, well planned and implemented over the long term is therefore one that will create sustainable new client acquisition. A well managed, active programme uses techniques that proactively opens up dialogue with the client such as telemarketing or direct marketing techniques. Specific programmes promote one service or offering that their target market has a need for. It has a much greater chance of success than one that pushes bland generalisations.

Once the crisis is past avoid the mistake reoccurring by crafting a well planned and implemented programmes running over the long term capture clients at their point of need, whenever that might be.

A good new business plan should be:

• Specific
• Long term
• Active
• Planned

If you need help pulling out of the dive, avoiding it in the first place or guidance as to how to refill your sales pipeline please call me on 07956 532963 or email me at robh@credence-uk.com