You are starting a new business, market research is done, business plan is ready, and you are all set to go! Excitement is there as there is a vision, you have a dream and you believe you can do it.
Now comes the first month, your sales strategy kicks in, you have prospects' list and emails, you sent emails and made calls but revenue falls short from the projected numbers as shown in the business plan. What went wrong?
Many of the entrepreneur clients we meet face this issue and on analysis some business plans we see crazy projections. We always advice our clients to be realistic and if not able to calculate financial projections then take advice from business consultants. We also ask them to ensure they have enough name and numbers in prospect list and they are out there to meet prospects face to face when required. Or we ask them to review their GoToMarket Strategy and Channels they will be using to touch prospects, generating leads and closing clients.
In some cases, when a business is dependent on a third party supplier, there could be delays in implementing strategies as a product might not get developed on time due to delays at supplier end or situations such as covid. How to avoid delays? Have more than two suppliers, create a what-if Project Plan considering a strategy in case of potential delays; have Safety Stock, Check your Reorder Levels and plan ahead with a contingency plan.
SALES:
It is very important for every entrepreneur to have sales skills, either you have it from previous experience or you gain it by doing it again and again. You know your product/service better than anyone else, you know how your solutions can solve a problem. The more you can learn about your potential clients' needs, the better you will become in showing value and benefits of your product/service; and also making improvements in your product/service.
Sometimes, we become so passionate of our product/service that we do not look in to what exactly the customer needs. How to over come this?
Listen more, ask more questions and analyze how your solutions can benefit the customer. Do not try to convince the customer if they do not need it. Prepare well in advance by having deep understanding of your target market, trends and needs.
TIMING:
When one starts a business or planning to start, it is always good to take advice from experts to see if it is the right step you are taking at the right time. When we meet clients, we try to understand their goals (professional as well as personal) as deep as we can. One of our clients came to us for advice on starting her own business, we advised her to analyze the timing of launch. She listened and launched her business 2 years after that. Why? It was not the right time to launch the business when she first met us. After 2 years, she found a location with good foot traffic, she had support of an investor and she had a team.
HAVE A MENTOR:
Finally, have a mentor who can bring an outsider vision to your business and can guide you on key areas you might not have uncovered yet as you have been busy in running your business.
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