7 Big Business Secrets to Increase Your Small Business Success

By Mark Madson

Whether the economy is up or down, no matter what is happening in the world, most small business owner's work hard anyway. It's never been easy to start a business, nurture its growth and succeed in any line of business. It's competitive, more so in some industries than others, but every butcher, baker, candlestick maker or software developer started the same way - small.

There are an astronomical number of variables that are involved in any business success, certainly, but there are also some truisms that seem to apply always and everywhere. The primary ingredient in success, of course, is not genius, creativity, a college education or a lot of working capital. The key is persistence, pure and simple.

Of course, it pays to be persistent with some genius, creativity, a college education and a lot of working capital, plus a few other things. If you are starting or running a small business, much can be learned from those who have gone before you. Whether their firms grew to be international conglomerates or found their sweet spots as a profitable SMB (Small- and Medium-sized Business), business owners that have taken their companies from -smaller- to -bigger- can impart a great deal of useful information to you. You can learn a lot from them.

The following big business secrets to increase your small business success are not in any particular order. They do share a few things in common. They don't cost any money, not directly at any rate, and most are related to your attitudes, work habits and way of thinking. There's a proverb that says, -As a man thinks, so he is,- and there is much truth in it. Your attitude is one of the most important ingredients of your business success formula, assuming that you follow up the thinking and planning with action and energy.

1. Business plan: Just about every big business achieves and maintains its success by following a business plan. If you don't have one, you are courting disaster. A thorough business plan, besides being required by bankers and investors, is your map to the future, your primary operations manual and a major component of your firm's very identity. If you don't know how to create one, there are many free templates and much good advice on the Internet, as well as from the Small Business Administration and other sources.

2. Strategy: The business plan will contain an overview of your company's strategy and goals, but you should flesh these out more fully for yourself (and other employees, if you have any). One business analyst compares these strategic documents to a battle plan, indicating where to focus efforts and allocate resources, as well as pointing out the challenges and obstacles ahead. You need to learn how to think strategically.

3. Tactics: Tactics differ from strategy, in that they are the actual action steps that you take to execute the strategic plan. The strategy may be to capture business for your photography studio by marketing your service to schools in your area, while the tactics may involve personal visits, phone calls, e-mail, flyers or (better yet) some combination. Big companies have entire departments (marketing) devoted to developing promotional tactics.

4. Negotiation: Big companies negotiate everything, and some small business owners erroneously think that GM or GE can do so simply because of their size. But that is only part of it. Everything from financial matters to employee relations can benefit from firm, honest negotiation, regardless of the amount of money involved. As far as dealing with your own vendors when buying supplies, raw materials, etc., don't be afraid to negotiate everything - the price, discounts, delivery charges, restocking fees or any other cost. The same attitude should prevail in your dealings with your employees, if you have any. Good negotiators, like good salespeople, cultivate their listening skills, and listen even more than they speak. Listen closely to people, and they will tell you what you need to know to sell, manage or persuade them. They may not do so directly, so learn to -listen between the lines.-

5. Professionalism: It is great to have a comfortable, even casual workplace, as far as dress code and first names and so forth. The most successful big businesses have learned, however, to communicate to their employees the importance of professionalism. Although the term applies to several things - appropriate clothes, polite language, respect for others, etc. - primarily it has to do with an employee giving their employer a day's work for a day's pay. The balance is often hard to maintain in small firms, where everyone knows everyone else and people are in close proximity to one another. But excessive visiting, gossiping and talking on the phone are real profit-killers. You and your employees should all be subject to the same rule here, which can be reduced to a simple, -Work during work time, visit during breaks and lunch.- It's tough to break old habits, but productivity will suffer if employees are not attending to their tasks.

6. Efficiency: While professionalism means, among other things, working when you're supposed to be working, efficiency is achieved by working -smart.- One good example goes by many names, but the -4F Method- is catchy and easy to remember. It has to do with paper handling, which is not restricted to white-collar office workers. Shipping and receiving personnel deal with mountains of paper, too. Big businesses teach their employees variants of the 4F Method, which gives you four choices of what to do with a document that comes across your desk (or forklift) - Finish, Forward, File or Flush. You would Finish the report your boss gave you, Forward the memo about the meeting, File the receipt for the supplies you bought and Flush (throw away, shred, burn, whatever) last week's flyer for the receptionist's baby shower. Another big business tip that has grown in popularity concerning paperwork instructs workers to -Handle it once.-

7. Clairvoyance: All right, you're correct - no one can really predict the future. However, big businesses put a lot of brainpower into staying abreast of developments, and not just in their own industries. Obviously, companies whose management teams were aware of the problems showing up in various economic indicators last year (freight indexes, purchasing agent reports, manufacturing volumes, etc.) were at least somewhat better prepared for the credit crunch and layoffs of 2008 and 2009. You cannot bank on any psychic help (why aren't all psychics richer than Gates and Buffett?) but you certainly can stay on top of things, the most important of which are (1) what's happening in your particular industry, (2) what's happening in the U.S. and the world (economics, politics, trade, etc.), (3) what's happening with your finances and (4) what's happening with your customers' finances. Stay informed, stay involved and you will be able to navigate somewhat more easily through economic turmoil.

None of this is easy, and nothing is guaranteed to bring you riches. The list of -big business tips for small business- could go on for many pages, of course. If you adopt some of the thinking that has worked for others, however, you stand a better chance in the always competitive, always unpredictable world of business - whether your company is big, small or in between.

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Holding Onto Price in a Down Economy

By Mark Hunter

Discounting on price is not a sales strategy. It's an impulsive move made by desperate salespeople. In a tough economy, customers think and expect everything is going to be discounted. Because of this, salespeople feel it necessary to oblige the customer to close the deal. Unfortunately, however, this leads to a downward spiral, much like an addiction to an illegal drug. Once a discount is offered to one customer, it becomes easier and easier to offer it to another one. Before they know it, the discount is being offered to everyone. Like a drug, the "fix" is in the additional sales the salesperson is able to gain. However, just like with the addictive drug, there is a "withdrawal." Sales come at a reduced or a very reduced margin. To make matters worse, the discount ends up altering the attitude of the customer who now believes the real value of the product or service they bought is the reduced price and not the full one. Overcoming this mislabeled sales strategy of offering a discount can only be done when the salesperson is willing to change their way of thinking, despite how difficult it may be.

The first step necessary to correcting the salesperson's mindset is to help them believe in their ability to close the sale. Competent salespeople know why the customer is looking to buy and are able to capitalize on the needs the customer has disclosed. When sales professionals begin to feel the need to discount, it's usually because they don't believe they've established a solid reason why the customer should buy from them. They have failed to ask the right questions to get the customer talking and then avoided the critical skill of following up. When a salesperson has spent all of their time touting product features and not uncovering the benefits to the customer, their presentation may not include what the customer actually needs. Only when the salesperson has taken the time to probe deeper will they truly understand why the customer wants to buy. They need to ask the right questions and then listen to the responses. Then they will be able to capitalize on the information provided them.

The second step necessary to avoid the need to discount is to keep the message on the immediate return-on-investment the customer will receive when making the purchase. Keep in mind that businesses don't buy anything, they only invest in things. Every purchase made by a business is seen as an investment in helping them achieve their own goals. For this reason, the message must focus on the immediate gain that will result from their decision to buy. This emphasis is best brought out when the salesperson ties their questions into exploring how and what the customer expects to achieve immediately, as well as how they've measured results in other purchases they've made.

The third step is found in knowing how to respond when the customer asks for a discount or states that the price is too high. Salespeople need to be ready for these objections and not be concerned or disarmed by them. The first time the customer brings up this issue, the salesperson should not even acknowledge what was said. Often, customers feel an obligation to inquire, and once asked, they've done what they were "supposed" to do. The salesperson should only respond to the customer when they have brought the issue up for the second time, and the way they handle it is critical. They need to ask a question that is pointed directly at the most significant need the customer has. This will serve to shift the customer's thinking back to why they're looking to buy to begin with. After they respond, the salesperson should continue the dialogue with a series of follow-up questions designed to uncover even greater needs. The more the customer is focused on their need, the less they will be focused on a lower price.

Finally, salespeople must keep in mind that there will be times when they must be willing to walk away from an order. Although this can be scary and risky during these tough times, it's essential for them to believe they don't need every sale. Not only does walking away help them realize that there are other opportunities out there, it also serves to strengthen their resolve to hold their line and maintain the value of what they are selling.

Holding on price in a down economy is not easy, but it is doable, and, in fact, it is essential! When sales professionals believe in their product or service with complete conviction, focus on the immediate ROI, and ask the questions necessary to uncover the customer's greatest need, resorting to the mislabeled sales strategy of offering a discount will be unnecessary. Maintaining your pricing integrity in a down economy is truly a winning strategy because, in the end, profit margins are higher, the ability to service a customer is better, and the confidence of the salesperson is greater. Especially in today's marketplace, that's worth pursuing.

Mark Hunter, "The Sales Hunter", is a sales expert who speaks to thousands each year on how to increase their sales profitability. For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit http://www.TheSalesHunter.com

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9 Critical Marketing & Selling Mistakes That Keep Your Sales & Income From Rolling In

By Daron Powers

Business is like a wheel and to keep it spinning each spoke needs to be strong. When customers are plentiful it's easy to get so busy working "in" the business that it's hard to find time for improvement. Then one day the wheels come loose. You get a flat. Sometimes they fall off.

When business and income slumps-suddenly improvement becomes a priority. You know you need to do something to spark sales-but where do you start?

The following nine areas taken together will provide a brief snapshot of your current situation. It will give you some clues about where to focus your time, attention and resources.

As you read make a mark next to each item. Put a "%2B" to indicate strength-not in need of attention at this time. Put a "-" for areas in need of immediate attention. Then go to it.

1. "Marketing is MY job?" Business was good, but then suddenly drops off. However, expectations continue. It's human nature to sometimes coast and believe business will somehow pick up by itself. Maybe someone else will pay attention to the marketing and drive more traffic.

If you are reading this article then you are ultimately responsible for filling the sales pipeline. Who else but an achiever would read an article like this? Continually improve your prospecting and marketing skills. Build your contact or mailing list. A good list is like gold for drumming up more business.

2. "I don't need no stinkin' marketing. I know how to sell." Myth: Marketing and selling are the same. Fact: Marketing drives traffic through your door and selling converts prospects to customers-each with a defined role. If you are not in front of as many buyers as it takes for you to create or sustain the lifestyle you choose then learn marketing skills. Marketing precedes all other business functions because it keeps the wheels spinning.

3. Myth: "If you can't sell em' in 30 days then move on." Cherry picking isn't the only way to sell. Fact is sometimes people aren't ready. Your marketing should be aimed at developing the relationship. Get prospects on the educational spectrum until they ripen.

A well thought out marketing strategy and pre-planned promotional and hopper system will keep your pipeline filled and you will sell more. But a word of caution. Be sure the heart of your marketing strategy is sound. Don't skimp on this step because a viable marketing strategy fuels every behavior, word, print or web presentation.

4. SOP or seat of the pants selling; This is the lack of a defined selling process or track to follow. The purpose is to skillfully guide qualified buyers to make a favorable decision. Without a concrete sales process to gauge performance how can you know when to make corrections or enhancements? Examples of selling steps are greeting, discovery, solutions/demonstration, credibility, agreement and follow-up.

Selling basics apply to the web and copyrighting. Get some coaching. Take a course. Read books. Listen to instructional CDs on selling.

5. Telling not selling. People would rather buy than be sold by some slick talking salesperson. An effective discovery process helps reveal your prospect's true needs and wants. Develop a list of relevant questions, take notes, shut up and listen.

Your prospect will tell you how to help them to buy but you must listen. Listen NOT with the intent to reply. Listen with the intent understand. Practice listening at home with your significant other and especially your children.

6. Killer Close Mentality: The "killer close" mentality came from the days when unskilled salespeople had to rely on some "heavy weight closer" to haul in the buyer with their "tricks" of the trade. In today's world of selling you are the buyer's guide to make the best possible decision. When you have exercised an effective sales interview-closing is a natural conclusion. Again, work from a proven sales process.

7. Moments of Truth - A MOT is any event that creates an impression favorable or unfavorable in the mind of the buyer. Put yourself in your buyer's shoes. Lasting impressions create positive word of mouth advertising more potent than any newspaper, TV or billboard ad.

Look around your business. Begin to study little things that create impressions throughout the buying and ownership experience. Small things like remembering a name, saying please and thank you, or doing what you said you would do when you said you would do it all make a huge difference. Make sure every aspect of your product or service meets or exceeds your buyer's expectations. See your business through your customer's eyes.

8. Poor hand-offs to other departments. A breakdown in communication frustrates buyers. They dislike having to solve problems your product or service creates. If you are an army of one then you act in the role of marketer, salesperson, educator, support, administration and collection. Make sure the customer perceives your right hand knows what the left hand is doing. When you or others drop the ball, customers learn to have less confidence in your ability to deliver on the promise and... are less likely to repeat or refer others to you.

9. Cynicism: Put a frog in cold water and slowly warm it up. It happens so gradual the frog doesn't realize he's being cooked in the squat. In a similar way cynicism creeps into conversations and can drive away business. Media is a prime source and bad news is contagious. Be informed but not inundated.

In a good or bad economy get in the habit of feeding your mind with positive input every day. Stay away from cynics. Hang around excited people with compelling goals and big ambitions. As sales guru Zig Ziglar would say, every so often give yourself a "Checkup from the neck up."

Summary: Rollin' In A River of Business

Look over your check marks above.

• Where are you strongest?

• What one or two items pop out as an opportunity for immediate improvement?

• What represents the biggest potential threat to your business if NOT addressed?

• What can you do within your control to get started on just one idea today?

• What will taking that one action step do for you, your customers, or your business?

Reveal the "Why" of Your Improvement

Write your responses down and keep asking yourself, "Why is that important?" As you continue to dig deeper you unveil each successive layer of motivation. Emotion is released. Feelings are generated.

You'll reveal even more compelling reasons why you must succeed. Logic alone is not enough to motivate your buyers and the same goes for you and your improvement goals. Keep asking "Why is this goal important?" Write it down otherwise it's just too easy to deceive yourself.

Get to what's most important about your goal. You will overcome procrastination, support follow through and achieve better results. You see, as you become clear about the "why" of what you do... you will figure out the "how" and ensure that your business wheel keeps on turning... and sales keep growing. "Rollin'... Rollin'... Rollin' in a river of business. (Sung to Credence Clearwater's Proud Mary.)

Daron M. Powers is an author, speaker and business coach specializing in the latest information on small business sales and marketing

Get your free 4-Point Sales and Marketing Audit at:

http://www.Daronpowers.com

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