For any company that has more than one product or service, the best sales opportunities often lie in cross-selling different lines to existing customers. To focus attention on this area and to identify the success the company is having cross-selling, the company should produce and update a Sales Opportunity Grid on a quarterly basis. | | | |
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In small businesses there are as many mistakes as there are different approaches to sales compensation. Whether it is paying on revenues rather than gross margin, failing to match incentives to desired outcomes or a dozen other things, mistakes in this area can be very serious. Through bitter experience I have always backed into sales compensation by identifying what I regard as representing success in the job and then deciding what that level of performance would be worth to me financially. Then I break it down into three separate components: | | | |
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Numbers should be a servant, not a master. Running a business without monthly financials is like playing golf without keeping score but even monthly financials are of little practical value if they aren’t telling you what you need to know about your business.Just as bad is using the numbers simply to comply with regulations – rather like driving a car by looking in the rear view mirror. More important than simply having monthly profit and loss numbers is building a financial dashboard of Key Performance Indicators (“KPIs”) that deliver key information to the CEO. | | | |
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| Anything can be accomplished in business if you have enough time, money, people and energy. Unfortunately, there are too many opportunities and too few resources and if you go after too many you will fail at some of them – not necessarily the least important. | |
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| You can insure existing assets - your building, inventory, receivables and lost profits. You can insure your life and the lives of your key employees. You can insure much of what exists today....but you can’t insure your business against a disaster. | |
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In a company where business is performed against fixed-price contracts (retainers, service contracts etc), a useful tool that will give you an interesting snapshot of your business is what I call the Activity Index. There are two components you need to identify to construct this.  | |
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If you aren’t prepared to pay the right amount for the employees that you need you will settle for mediocrity and one of two bad things will happen. Either the good employee that you are underpaying will leave for a better opportunity or the marginal employee will stay because they are comfortable and you don’t have the courage to fire them. | | | |
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