I WANT TO SHARE A RECENT SUCCESS STORY WITH YOU!
Trust me – Your Business will do MUCH better when you start setting future Goals and Targets.
Over the past 13 years, since founding Avid Partners Business & Financial Advisers, I have found that the greatest value we have offered clients is the ability to plan for the future and set goals and objectives. This forward thinking strategy and goal setting has enabled business owners and managers to succeed well beyond the historical viewpoint that is provided by many advisers in the marketplace today.
In late 2010 I was fortunate to meet Margaret, a Coffee and Tea Wholesaler, who wanted to grow her business. We set out a plan for the future which culminated in a 3 fold increase in sales within 3 years followed by an exit strategy by late 2014. By late 2013 Margaret had already achieved the target of increasing sales by 300% and the exit strategy was accelerated to 2014. Today, Margaret has a number of interested buyers for her business and is in negotiation to agree an exit strategy that will meet her future financial needs and allow her to pursue her lifetime dream of volunteering for a favoured charity. Within 4 years Margaret achieved her goals largely because “Avid Partners convinced me to look to the future and envisage my optimum goal. Having realised what my goals were I was able to go about developing a strategy to achieve these goals by setting objectives and targets. This might sound very simple but I would not have been able to achieve this without the valuable input of Avid Partners. Avid Partners convinced me to delegate the mundane activities and to focus on the strategic activities more often – and this was the right decision.”
I have set out 5 grow your business sales tips which we focused on in order to GROW the Coffee Wholesale business for Margaret. These tips are not exclusive to her or any business – you can apply them to you own business today.
1. Customers must get a sense of what you are selling
Create as many of the senses around your product/service as you can; the images, sights, sounds and aromas; this increases your chances of closing the sale.
2. Customers must connect with your product
Create a connection between the buyer and what you are offering. Get them to try it or imagine trying it. Every buying experience should create emotions. The sense of smell and taste are the most powerful, hence the success of our coffee products.
3. Customers will give valuable feedback
Create an experience with the buyer and ask them to share it as a feedback exercise. This is a way of testing the level of desire for the product. If it’s not high enough, ask some more questions.
4. Customers will tell you how you rate against competitors
Create a comparison scenario to create a contrast in the buyer’s mind between what they have and what they could have.
5. Customers need to HEAR what you have to say
Work on your pitching skills and pay attention to the language you use. Is it enticing enough? Our coffee wholesaler knew how to motivate her audience. Her communication skills and interpersonal skills were second to none, and we made sure she took advantage of them. Work on yours.
Our engagement with Margaret all started with her accepting our invitation to our BUSINESS REVIEW session, which we offered to her WITHOUT CHARGE. If you would like to avail of this introductory session please contact us at Avid Partners by calling 01-4286900 or e-mail jamie@avidpartners.ie
BELOW IS A HIGHLIGHT OF OUR BUSINESS REVIEW
What is a Business Review?
In January 2009 small business owners and managers were faced with the daunting impact of economic decline and a significant shrinking in their market size, Avid Partners – Business & Financial Advisers launched their new service profile – Business Review. The business review service has successfully supported business owners and managers in returning their business to increased sales, profitability and improved personal wealth.
The objective is to use some structured time away from the flow of business activity to assess how the business should move forward. The process is designed to enable a clear consensus to be established on what needs to be done, based on thorough analysis of the current position and available options for developing the business.
Our in depth analysis of the business will look at the following areas relating to the business:
- Industry, market sector, trends and key success factors
- Competitor performance, advantages and differentiators
- Company products, services, distribution and structure
- Sales results, market share and client profitability
- Marketing strategy performance, mix and budget
- Organisational resources and competences
- People, training and investment
- Market research
What are the key benefits?
- Extracting the true Needs and Wants of the business owner
- Increasing the Sales Performance of the business
- Learn how to ‘Make More Money’
- Increasing the Bottom Line Performance
- An Independent Assessment by an expert
- Developing Fruitful Ideas for how to bring the business forward
- Improving Cash Flow and the management of working capital
- Strategic Plan for the business
- An all-inclusive process bringing about Cross Functional Co-Operation
- Motivation of Staff and common direction
- Increased cost efficiencies
What is involved in a Business Review?
1. Where Are We Now?
This stage involves analysing the company’s strengths and weaknesses, how well it addresses the needs of buyers and markets, and how it compares with its competitors. An assessment of operational effectiveness will be done, that looks at people, processes, and organisational responsibilities. The purpose is to establish a solid and agreed start point for the remainder of the project. This stage often highlights differences of opinion between people within the company, and builds consensus about what needs to be done, and why.
2. Where Could We Get To?
In the second stage, the strategic options are identified. Research and analysis includes the sizing, profiling and segmentation of markets, and considering the options available for development of products and services through options such as organic growth and strategic partnerships.
3. Where Should We Get To?
Based on the analysis in the first two stages, a selection of the appropriate objectives can be made from the strategic options that are available. This includes the selection and prioritisation of the initiatives that will be required. Deeper research into the chosen market opportunities is often required in order to complete this stage effectively.
4. How Do We Get There?
In the final stage, an operational plan is developed, based on the differentiated value proposition that has been developed during the first three stages. The offering to each market or market segment is defined. The requirements for the development of the company’s people, processes and organisation are defined. Targets are established in this stage, along with the definition of the metrics that will be used to evaluate success.
About Avid Partners – Business & Financial Advisers
We help business owners and managers achieve success. We help clients Cut Costs, Minimise Tax and Grow their Business.
Our Clients benefit from:
- Getting the Best Results for their business
- Maximising personal wealth and financial security
- Support our clients in meeting their needs
We are professionally qualified accountants with over Twenty Years’ Experience.
We look forward to talking with you should you wish to “Profit from our Experience”.
Avid Partners – Accountants & Business Advisers has grown rapidly since its foundation in 2001 and offers a full and comprehensive range of professional accounting and advisory services. The firm has ambitions of becoming a leading independent firm of business advisers and consultants. Our approach is different.
- Developing Strong, Trusting and Lasting Relationships with clients
- Offering a Focused, Results-Driven approach to you and your business
- Identifying New Growth Opportunities in response to a tougher trading environment.
- Handhold the business owner to ensure the best performance and results are achieved
If you are looking for more information on any of the above incentives, just contact me today on 01-4286900 or via e-mail to jamie@avidpartners.ie
Kind regards,
