Monday Mornings with Madison

Monthly Archives:
July 2017

Growing a Business

Most companies are in growth-mode. Successful businesses are always looking for ways to increase sales, revenue and – ultimately — profits. And there are a multitude of ways for a company to grow. A company might be ready to expand its geographic reach and open another location or hire more sales staff. Or it might want to diversify its products or services. Or it might have won a major government contract that necessitates operational expansion. Or it might be looking to franchise its operations. Alternatively, it might want to license its products so it can be sold by other companies. Or it might want to form an alliance with a partnering organization or merge with another business entity. These are all valid approaches to grow a business.
While approaches for growth vary, the elements to grow a business are usually the same for most companies. In fact, the variables for growing a business are somewhat similar to growing a garden or harvesting a field. Just as with a garden, there is an ecosystem or market in which a company will grow. A garden must have the right space and soil to expand and a business needs the right facility, plant, office space or storefront to grow. And a garden must be properly fertilized and watered, while a business needs marketing and advertising to nurture the business. Also while a garden must have the right amount of energy or sunlight to grow, a business needs the right sales and business development support to generate orders. And just as there must be a strategy to keep all manner of bugs and pests from destroying or consuming what is produced in a garden, businesses need to keep competitors and regulations from eating away at profits. Gardeners must have some level of training and experience with agriculture or horticulture, a company’s employees need training and expertise in the business’ niche. And they must not only know what they are doing, but they must be efficient and effective in their work to maximizer the ROI. There must also be a way to harvest the yield in a timely manner. And the quality of what is produced must remain high, and be as good as or better than the competition’s produce or else no one will want it. Just as only the best gardeners are successful expanding a small garden into a thriving, productive farm, only savvy, shrewd business owners can grow a company.
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Under-Promising and Over-Delivering

It’s been said (many times) that companies should strive to under-promise and over-deliver. Under-promising and over-delivering is seen as a good philosophy to control customer expectations and ensure that every customer becomes a raving fan when they get more than they expected. On the other hand, there are those who would argue that this is a great way to drive a business into the ground. Some see this as a formula for failure because it lowers the bar internally so that what is considered “above and beyond” is really nothing more than what the competition does on a regular basis without breaking a sweat. It therefore encourages mediocrity. Which is true?
Should a company seek to under-promise what it is offering clients? And should a company try to over-deliver, going above and beyond what is standard? Or should they set the bar high and strive to go above and beyond that? This is the conundrum with which leaders have wrestled since companies first began competing for business. There is no easy answer. The truth is that it depends. In certain situations, it is helpful to under-promise and over-deliver, but there are also times when under-promising and over-delivering actually hurts business. Understanding when it is good to do this and when it isn’t is the key.
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11 Things Salespeople Should Do but Often Don’t

Ask any salesperson and they will tell you that selling is hard work. In fact, anyone who has ever had a job in sales will likely admit that it’s the hardest work they’ve ever done. If a salesperson gets a yes immediately, they haven’t really sold anything as much as taken an order. Selling starts the moment a prospect says no. Selling is what happens when a salesperson turns a No into a Yes. And yet, most salespeople make common mistakes throughout the sales process that keep them from making a sale.
There are a myriad of things that sales people should do… could do… would do… but don’t for a multitude of reasons. Sometimes salespeople are taught wrong. They are told to do things a certain way even though those techniques, approaches and strategies haven’t worked for half a century. Sometimes salespeople are taught the right things to do and they just don’t do them, either because they don’t believe the sales program is effective or they think their way is better. But a lot of the time, salespeople aren’t taught at all how to “sell.” So they emulate the worst examples of salesmanship, which just makes the job of sales even harder than it already is. The following are things a salesperson should do to make the sale.
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Staying Top-of-Mind… For Better or Worse?

It is difficult to live life completely unaffected by what other people think or say. Like pollen, the attitudes and opinions of people blow into the lives of others, shaping their perspectives and influencing their decisions. This is especially true in the age of technology, with digital winds blowing every bit of information farther and faster than ever before. When those opinions and messages are positive, it can be a valuable thing. In business, arguably nothing is more valuable to a salesperson, exec or company than for a customer to share a positive review with others. Customer and vendor recommendations are like gold. They yield a harvest of opportunity and good will over time. But what happens when the opinions and attitudes are negative? What happens when people are talking but what they are saying is not good?

In a world obsessed with being remembered and staying top-of-mind, the goal is to be talked about, no matter what’s being said. In fact, some like to say that there is no such thing as bad publicity. But that is just not true. Not all publicity is good or beneficial and there are countless examples of how bad publicity can be really bad for business or careers. For professionals and businesses alike, bad publicity can hurt in a multitude of ways. Consider the cost.
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Staying Top-of-Mind… For Better or Worse?

There’s a saying that goes: “Talk good about me; talk bad about me; just as long as you’re talking about me!” It is also kiddingly said that the only thing worse than death is to be forgotten.  This may seem extreme, but it is emblematic of the pressing need to be known and remembered; an epidemic that has spread to all industries. Overwhelmed by constant digital noise, companies and business people struggle to be remembered and stay connected with contacts. It’s referred to as “staying top-of-mind.”

Staying top-of-mind is the great challenge in business today. Companies search for ways — from the legitimate to the trivial — to keep in touch with all of the customers and potential customers possible. Webinars. Blogs. E-mails. Advertising. Junk mail. Billboards. Sky writing. Commercials. The messages scream “Know me! Remember me!” All of this effort to stay top-of-mind is contributing to the white noise that, in turn, is making it ever harder to stay top-of-mind. It is the quintessential vicious cycle. So, is all of this effort really necessary? Or worth it? Most would argue “Yes!” Not only is it worth it, but it is absolutely necessary. So what strategies can a company or business person use to stay top-of-mind?
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