Sales is more than just a numbers game...

Entrepreneurial venture calls for corporate discipline

Recent economic changes have brought about a new harvest of entrepreneurial ventures and endeavors. The franchise industry is experiencing growth with new franchisees, as well as individuals going solo as an independent business, or consultant. As job losses continue to accumulate, more people are considering some level of self-employment.

We see this benefitting the individual and the companies who are in need of these services. Individuals can develop an income stream and companies can take advantage of short term or specialized skills at competitive rates.

Nevertheless, the more we interact with these changes, the more we see the need for both parties to apply some corporate discipline to the relationship.

For the entrepreneur, they need to recognize that larger companies as customers will apply some type of pre-qualification process prior to purchase. These companies often have a procurement profile or assessment that can be accessed online from their Web site. There will be questions that relate to company size, financial information, corporate structure, client referrals, etc. This information should be prepared in advance and readily available prior to submission. Good accounting resources and legal advice can pay handsomely in this situation.

Most any size company will/should also demand some level of assurance for performance. A recent example we saw was in professional computing services. Although the proposal was sound, there was no provision for an SLA (Service Level Agreement). We told our client to go back to the vendor – a small entrepreneurial firm - and ask for an SLA.

The exchange of a non-disclosure agreement (NDA) between parties is a common practice. As the numbers of agreements grow, and the terms and conditions may vary, it is a good idea to keep a catalog of the agreements. Along with a cross reference by company name or date, a capsule of the terms and conditions is also helpful when looking for specifics, e.g., length of term, business entity, name and title who signed it, expiration date, products or services bound by the agreement, etc.

Beyond these simple examples lie many more. Most of the new wave of entrepreneurs are ‘corporate exits’, i.e., they came from a corporate discipline or accountability. As you venture out on your own, think in terms of the discipline that was in place while you were an employee of your former employer. Let experience be your guide.

Waiting for some early Palm® Pre™ user experiences

When the week’s LinkedIn Application Updates arrived, halfway down the page was one from a contact that read, “…is now using LinkedIn for Palm Pre.” LinkedIn described the application as, “On your Palm Pre - Search and view profiles, email your connections, invite to connect from your address book, view and accept outstanding invitations.”

I sent him a quick email and asked him to call me about his experience. Knowing he was a long time, savvy Treo user, I was curious if he felt the wait for the Pre was worth it. Unlike him, I was unable to hold out for this phone and had purchased a Samsung Hue II.

It did not take any prompting on my part for what worked best. He was quick to talk about the ease of multi-tasking, real time updates, and the near desktop experience. Quite simply, it worked the way he worked; no adjustment required.

Since his use was still quite new, he told me about a number of things he was going to do to bring more of a desktop experience to his Pre. I had noted that from Palm’s Web site there is a “Palm® Synergy™ feature to bring your Outlook®, Google, and Facebook® calendars together for one logical view of your day.” Another standout in the conversation was the keyboard - a physical QWERTY keyboard. From what I can tell, not only did that play a role in his decision over an iPhone, but also as a preference over a RIM BlackBerry.

Since my needs are more basic, I remain pleased with my decision to take a back to basics approach with the Hue II. Nevertheless, in hearing his story, I must admit I wonder if I could have made my old Nokia limp along a little longer.

More about Palm® Pre™ - Features and Details

Podcast: Struggling to get an order from a new account

You seem to struggle in getting an order promptly from a new account. In some cases, where you believe the order will be forthcoming, you find that either it gets stalled in the process, or you lose the business to a competitor. In this episode of the One Goal - Revenue Generation ® series, Peter Kusterer of NvestNtech helps you discover an approach that focuses on the customer’s process in acquiring products versus your focus of selling them goods or services. Download this episode - “Struggling to get an order from a new account.”

Offer your comments, questions, or initiate general discussion with other listeners of the One Goal - Revenue Generation ® Podcast series. Use this LinkedIn Group to discuss your own personal selling situations as they might relate to an individual podcast episode, or in a broader sense of the profession of Sales.

Click on this link for the Podcast directory that includes the One Goal - Revenue Generation ® series, as well as additional Podcast episodes and related topics. Our podcasts are featured on iTunes, Odeo, and Podcast Alley.

Innovation: Philips Wake-up Light Premium and Wake-up Light Music

I thought the Philips clock radio that morphs into a digital picture frame and multimedia platform was a slick wake-up device. Philips has announced their new Wake-up Light Premium and Wake-up Light Music. For those who can’t seem to be without their iPhone or iPod®, this has to be the ticket to a peaceful wake-up call.

Now your body can sense a natural sunrise – the Wake-up Light gradually increases the light, simulating a natural sunrise – and you can avoid being knocked out of bed by the sound of a traditional alarm clock. The Wake-up Light comes on 30 minutes before your prescribed wake-up time.

If the concept of waking to natural sounds was an attractive option to you in the digital picture frame clock radio, the Philips Wake-up Light also offers the option to play natural sounds or the FM radio. If you have some favorite songs or music on your iPod®, you can have them play (at the end of the 30-minute wake-up cycle) via the optional iPhone/iPod® Docking Station – it’s a charger, too.

Like knowing the time? Hidden LED display projects time and icons from inside of the product. Want it to put you to sleep like a traditional ‘sleep’ setting? Dusk simulation feature gradually turns off the light and radio to ease you into sleep.

Once again, it looks like Philips has found a way to offer even more wake-up and sleep options in a simple, integrated device.

Small Business: When the big box store moves in, it’s customer service that counts

This small coastal area has grown from a commercial fishing community into a vacation destination. With the growth came stores of all shapes and sizes; some are geared primarily for the tourists, but others are to keep everything running well.

For a time, the local independently owned wholesale lumber and building materials dealer was the best choice for large projects, both contractor and DIYer alike. Beyond the building materials, they are a fully-stocked hardware retailer under the label of a well-known chain of hardware stores. They became an excellent one-stop shop for projects and materials.

As the area has grown, a big box store – Lowes Home Improvement – opened within a mile of the independent dealer and brought a new level of competition for this well-established business.

Those small businesses that have faced a similar situation often adopt various tactics to beat back the competitive threat. By stocking unique brands of products like Stihl outdoor power tools, or Benjamin Moore paints, local retailers can carve out a niche of loyal buyers who will often pay slightly higher prices for what might be a commodity item in the big box store.

When the choice in products falls into a category that lacks brand preference, better customer service will help the independent dealer hold onto their customer base. Be that advice about a specific product, or answering a question on material use, the store staff can quickly become the differentiator in the purchase decision.

Last week I stopped by the independent dealer reflected in the story above. I had a ready job list of items for various projects that I wanted to complete over the next couple of days. The employee in the aisle was quick to point me to the item locations. However, when it came to information about a specific product, I was surprised by the response of another.

In this case, I said to the service desk attendant, “Most house wash products (disposable sprayer/container attached to a garden hose) shoot a stream about 25 feet; do you know how far this one will go? It doesn’t say anything on the label.” (I was not familiar with this brand, and I was faced with three stories of siding.) The employee turned to me and said, “No.” That was it, a one word response.

Willing to take the chance on an unfamiliar brand, based on the information elsewhere on the product, I went forward with the purchase. In the past, I had always enjoyed shopping at this ‘away from home’ store. However, I left with the lasting impression of a defeated group of employees. With no other cars in the lot, and only a couple of pick-ups in the yard, it was the only reason I could come up with for this less than positive experience.

When the big box store moves in, it is customer service that counts, and gets the sale. When it is lacking, the scorecard will favor the big box store. Looks like I may be driving the extra mile down the road in the future. That is one less car in the independent dealer’s lot. Time will tell whether others follow suit.