Contact Us - (502) 589-3253
Owners often believe that it’s cheaper to figure it out on their own than it is to hire outside expertise to fast-forward their business. The reality is many small businesses fail because of lack of new sales. Thinking that you’re not paying, just because you don’t get an invoice, is a mistake. Below is an illustration of the high cost you’re actually paying to figure out how to get more sales on your own.
With little to no sales experience, owners often rely on their passion to sell. They talk about what they do and their product. But because they don’t know what to do to advance the sell consistently or how to move into closing an opportunity, they punt and follow their prospect's lead. They give them information, answer their questions, ask if there is anything else that they can do for them and then wait to see if they decide to buy. The lack of knowing how to sell and the concern of being seen as salesy holds most owners back. They want to know if their prospect wants to buy, but they fear coming across too strong and losing the opportunity all together, so they lay back and play the waiting game; and lose sales they could have closed if they had a better approach.
Below, is a breakdown of the typical results an owner using the “Figure It Out” approach could expect from 10 prospects. They get 1 close, give 3 proposals and get 6 not interested responses. Closing 1 out of 10 is a 10%-win rate or a 90% miss rate. On average, it likely would take 5 hours of work to close 1 account. An additional 12 hours spent on "leg work" and "putting together" proposals that don’t close and three hours on the not interested folks.
The time above for closed business comes from performing activities such as these:
Similar activities are required for proposed but not closed and not interested prospects. The time to perform the activities for each group will vary, based on the owner’s effectiveness and the prospect’s level of interest. The table below compares the projected selling time for each outcome for 10 prospects using the “Figure It Out” sales approach and for 10 prospects using an “Outside Expert” sales approach.
The bottom line is owners pay a high cost for both the time they spend and the business they miss using the “Figure It Out” approach, because they do not know how to effectively and consistently identify, engage, qualify and close new business. For illustration purposes, let’s say that each new customer generates $1,500 for the business. In the example above, the “Figuring it Out” approach actually costs this owner $3,000.00. It doesn’t take many missed opportunities to outpace the investment for an outside expert.
Don’t wither and slowly decline because you think that being a business owner means that you have to figure it out on your own or have all the answers. The reality is, the investment for a quality outside expert is truly insignificant compared the results they can get for you and the costs that you’re already paying for in lost revenue and wasted time.
Don’t unnecessarily risk your company, your dreams and your freedom. Seek the help you need, so you can have the company and success you dreamed of when you first started your business.
SuccessPath, based in Louisville Kentucky, provides business coaching and sales training for small business owners and their team. They approach training from the inside out, tackling inner messages like self-doubt, concern of not measuring-up and fear of failure that hold back results and sabotage success. If you're looking for new ways to get get results, visit www.SuccessPathCoaching.com and find out what we're doing that's helping business owners grow by 10, 20 even 30% a year. Click here to get our FREE video series, 4 Pillars for a Better Business, Better Life, to take your business to the next level - visit www.smbizcoaching.com and get them while they are still FREE.
Comments will be approved before showing up.
Sign up to get Business Growth, Sales and Marketing Tips and more …