Sales Mangers Need To Know Some Good Sales Jokes

The on-going success of any organisation relies upon turnover generated by sales of goods or services and as sales manager you are the driving force behind this turnover. When surveyed most sales managers advised that they had a fairly strict format for their sales meetings which revolved around each member of the sales team confirming the cold calls they made and the leads that they had generated through these cold calls. In addition they would seek information on the cold call leads that had been converted to sales, how pipeline business was progressing and once the sales had been concluded – what was the level of customer satisfaction.

Humour in the sales meetings was rare. Sales jokes were not considered appropriate in that they were seen to be a distraction to the meeting. Jokes about sales or adult sales jokes did not see the light of day in a sales meeting scenario. When asked how they considered the sales team related to them as sales manager, most felt that while they were generally respected there was not a real connection between the manager and the sales team.

All managers surveyed were keen to improve the relationship in that they believed that by doing so the sales team would be more motivated to deliver results for them, but they were unsure as to how they might achieve a better connection. The proposition was put forward that whenever the sales manager got together with the sales team he or she should include sales jokes at one or two points during the meeting.

The managers agreed to source some good sales jokes and include them not just in the meeting but also in the general office environment. This approach followed the suggestion that by being inclusive of other administration staff the sales team turnover would further improve because they would have the support they needed by way of follow up allowing them to put more energy in finding the business.

Over a one month period each sales manager made the effort to include a sales training joke in any presentation they made to the sales team and a sales meeting joke during the weekly get together. The results were overwhelming in that the sales team connected with the sales managers, they respected them more for sharing sales jokes and their humour with them, the whole approach was considered to be more personal and as a result the sales team developed as a much more positive and cohesive group.

Energy level in the team increased and sales figures improved significantly. Their increased effort was recognised and valued by the administrative divisions who relied upon sales for their jobs and they willingly helped the team wherever possible.

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Working Capital Financing Innovative Way Of Reducing Days Sales Outstanding

Days Sales Outstanding (DSO) refers to the average number of days that a company takes to collect payment on an invoice after a sale. Why is this number important to small and mid-sized businesses?

Because a low DSO number means that it takes a company fewer days to collect its accounts receivable, while a high DSO number shows that a company is selling its product or services to customers on credit – essentially a free loan – and taking longer to collect money.

On average, it takes companies over 60 days to get paid for these goods and services. This means that their working capital is tied up in outstanding invoices for months when they may really need the funds now, whether it will be to add new resources, get a discount on raw materials or take advantage of growth opportunities that arise.

Through an innovative finance solution, small and mid-sized firms can quickly access the funds they need and significantly reduce their DSO at the same time – without taking on additional debt.

This working capital finance solution is a type of invoice financing. Using an online auction marketplace, small and mid-sized companies can post their commercial accounts receivable and sell to the highest bidder.

The seller sets all the terms, the minimum advance amount they want, maximum discount fee they are willing to pay and the length of the auction. Registered and approved, accredited institutional investors from around the world have access to these auctions 24/7 and can bid in real-time on the invoices that meet their investment criteria.

A seller can choose an auction length between 3 and 10 days. In some cases, small and mid-sized companies can access much-needed working capital in as little as 24 hours, if they set a -Buyout Price-. Similar to eBay’s -Buy It Now-, if selected by a Buyer, the auction would close immediately, regardless of the auction length.

Once the auction closes, the advance amount minus a small transaction fee is electronically deposited to the seller the next day. This means businesses can expedite improvements and take advantage of growth opportunities when and how they choose.

For small and mid-sized businesses, one of the largest assets is its accounts receivable. Typically about 60% of potential funds is tied up in outstanding invoices. When the average DSO is 60+ days, that is a long time to wait for finances that a business can use for sustainable long-term growth.

In today’s economy where unemployment is up and bank lending is down, small to mid-sized business owners are seeing this average grow even more as their debtors request extensions on payment. Tapping into outstanding accounts receivable for much-needed funds by using this efficient online working capital finance solution means they can use their outstanding invoices to significantly reduce their DSO.

In this online receivables marketplace, the seller chooses how many and which invoices to sell depending on what his financial need is at the time. With each invoice that is listed in auction and sold, his average DSO drastically decreases. Growth potential for a small and mid-sized business relies on ingenuity, but very little can be accomplished without quick access to funds.

When an opportunity arises, small and mid-sized businesses need to act fast. This innovative type of invoice financing gives them the freedom and flexibility to do just that. A falling DSO means greater fluidity of working capital, better overall financial performance and greater growth potential for small and mid-sized businesses.

With account factoring, working capital financing is no longer a concern for small businesses as now they can auction their receivables at online marketplace and get cash against the same to meet their working capital needs. To know more, visit http://www.receivablesxchange.com

Why It Pays To Be Honest In Sales By Matthew Coppola

To many business people, the belief is that honesty pays, but not enough. To survive in the cut throat world of business and sales, many feel that they need to lie or bend the truth to get anywhere in business.

But is that the case? Does being deceitful, dishonest and untruthful in sales and business really the answer to gaining success? In this article I am not just referring to small amounts of dishonesty or bending the truth, I am talking about all types and degrees of dishonesty no matter how big or small they are.

There is no such thing as a white lie. A lie is a lie.

Any type of dishonesty is created by greed for dishonest gain. Greed leads many business owners and sales people to lie. But you may justify by reasoning that “its business” and “business is business”. Many sales people even put the responsibility back on to the customer, saying that its the customers end decision and “let the buyer beware”.

But, can a theif justify his robbery by saying “let the victims beware”? Of course not! Same with in sales. If a salesperson is dishonest and makes a sale, they are just as bad as that theif. Both the thief and the salesperson have been dishonest.

The theif is dishonest by taking someones possessions without their permission and not telling them. The salesperson is dishonest because they sold the customer a product and not told them the truth about the product. The salesperson sold the product knowing all too well that if the customer knew the truth, they would not have bought the product in the first place.

Yes, honesty in business and sales may require greater time and hard work, but the satisfaction and joy from honesty and truthfullness far outweigh that from dishonesty!

But is this view realistic? Can salespeople who need to meet weekly targets follow it? Well yes they can! To illustrate, lets use an example of an employment placement coach whose job it is to place all types of people into employment, even those who are not the most preferred people to employ.

When you are advocating a candidate for a job, you may find it pays to be honest and upfront with the employer in the beginning. If you hide the negative points about a job seeker and just focus on whats good about them, the employer will be trying to evaluate them and the reasons as to why they are unemployed.

Not only that, but if they actually get the job and their negative side is seen by the employer, it will not only affect the security of their employment but also affect the employers view of you and any other candidate you recommend to the employer in the future.

Is Educating A Sales Prospect A Bad Idea

Companies spend thousands of dollars every year building product knowledge “Universities”. They send their sales people to these product schools to learn the features and benefits of their products. They have them go through the process of becoming “product” experts, with the hope that the expertise they gain will propel them to sales success.

Unwittingly, they promote and fund a process that ends up creating “non supportive beliefs” in the minds of their sales people that can actually inhibit their success and lose them both sales revenue and profit margins. Those beliefs include the following:

Disseminating product knowledge to my prospect will build my credibility and make sales.

In order for the prospect to understand the value of my offer I must educate them.

Unfortunately, we have found this type of thinking, or “non supportive beliefs”, end up creating very difficult selling problems. Once we understand the problems these non supportive beliefs create we can begin to change both our thinking and behavior that will lead us to greater success in sales.

Although being credible to your prospect is important , we believe that having them trust you to provide a solution that will limit the risk they take in making a decision to buy from you is much more important. The way you build that trust is by demonstrating to your prospect, through a complete understanding of their problems, that you reduce the chance of making a mistake in the recommendation you make.

Logically, to gain an understanding of what your prospect needs, would require us to ask questions. Through your questions, you gain a greater understanding of their situation and thereby lower the risk of making a recommendation that is inconsistent with what they need. Asking questions about typical problems and understanding the impact they have on your prospect is much more important than giving out information.

Also, we have found that educating your prospect about your value allows them to use your information and recommendations as a way to “shop” you against the competition, frequently building RFP’s and RFQ’s around the unique value you have educated them about. This “shopping” model allows them to get competitive bids built around your recommendations that literally extinguish your value and end up creating sameness. This “free consulting” is particularly frustrating and damaging to our technology and intangible service customers.

Educating your prospect may make you feel good but it will end up being your downfall. It’s a dead end street that will force you to define your difference by a low price!

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