General Business Files

Here is a secret that may be difficult for you to believe, so prepare yourself. It is an extremely important secret that can have a most profound impact on your small business success, or it’s failure.

Let’s start by asking a simple question…Do you enjoy sales?

The truth of the matter is that when many small business owners are asked this question, they respond with answers like, “No way” or “I can’t stand sales, let someone else do it.”

Why is your answer to the above question so important? No doubt you have seen headlines like the following, which glorify how easy and simple it is to succeed in business:

“The Ultimate Lazy Way To Start Your Own Business”

“Cash In On A Multi-Billion Dollar Industry In Your Underwear”

“Easily Generate A Lucrative Income While Sleeping”

We are constantly being bombarded with these “easy ways” to make a million bucks. Does success in business actually work this way? Not in reality! Is it realistic? Not even close!

The bottom line in operating a successful long-term business comes down to your ability to sell your product…period. It doesn’t get any simpler than that. You can either sell your own product or resell somebody’s else’s product. Either way, your success or failure will ultimately depend on your ability to market it. If you don’t enjoy sales, you have very little chance to succeed in business for yourself.

The most prevalent attitude of many new business owners is that their product, once launched, will miraculously sell itself. After all, the product is awesome and everybody will absolutely, positively want one. People should be lining up to buy it, right?

Here is another truth about sales. It will take 5-7 sales attempts to close 80% of your sales. Yes, you read that correctly. That’s 5-7 attempts before people will say “Yes, I want to buy your product.” Running an advertisement one-time or making a sales pitch to a potential customer once in a while does not qualify as effort. Hearing that first “no” and subsequently giving up means the demise of your business and gives someone else an opportunity to turn that NO into a YES.

What most people don’t realize or fail to accept is that it may take weeks, months or even years to get a product to sell according to your expectations. You may have to frequently change your sales pitch, web site, advertisement or even the product until you get it right. This dedication and determination is what separates the very few successful business owners from the many “wannabes” and fly-by-night hopefuls.

The bottom line is that to be successful in ANY business you will need talent and the ability to sell, sell, sell.

Effective business networking is the bringing together of like minded individuals who, through relationship building, become walking, talking advertisements for one another.

Keep in mind that networking is about being bona fide, building trust, and seeing how your relationship can genuinely help others.
1. Always figure out before you even walk into a room, what your specific goals are in attending each networking meeting.  This helps you to pick groups or associations that will help you get what you are looking for.

2. Ask open-ended questions during your networking conversations, questions that ask who, what, where, when, and how. Try to avoid questions that require a simple yes or no response. By using this line of questioning you can open us the discussion and show listeners that you are interested.

3. Become a walking resource centre. When you become known as a strong resource, others remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you at their “top of mind”.

4. Make sure you have your “elevator speech” prepared and know it like the back of your hand. An elevator speech is the commonly known as the response you would give in the amount of time it would take to reach the tenth floor in an elevator. Always rehearse your spiel and be genuine, so that you don’t sound automated when you relay it to someone who asks what you do.

5. Always know what is going on in current affairs, if you don’t feel comfortable just rolling into a spiel when you first meet someone, have a back up topic to break the ice until you do.

6. Never just throw your business card at someone the minute you meet them, you must get to know the person and their business as well as explaining your business before you even contemplate a business card exchange.  Some people will find you rude, pushy and unprofessional which will in turn reflect badly on your business.

7. Always phone or email your new contacts and let them know that you enjoyed meeting them.  If possible mention things that you discussed on a more personal note (i.e. I hope you enjoyed that movie you were going to see that night.) people will come to know you as someone who listens, remembers them and they will form a trust with you.

8. The most important thing to remember is to follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor their trust and your referrals will grow exponentially.