Article Overview: How to become more proficient at sales by knowing what you should practice.
Free Download - Sales Courage and Resilience By Dave Kurlan
The Importance of Practice
I spent much of Saturday and Sunday of this past weekend pitching to our five-year old son, who is justnutsover baseball. He not only wants to improve so he can hit more home runs, but he just plain loves playing.
I spent much of the past two summers at the golf range, trying to master the swing mechanics of the golf swing. I want to hit more fairways and I just plainloveplaying golf.
All of the golfers on the pro tour have coaches. Defensive and offensive coaches are as much a part of football as hitting and pitching coaches are a part of baseball. And theseeliteathletes, along with their coaches, practice, every day. Since I'm more of abaseballguy, I know that the infielders take infield practice before each game. Pitchers throw side sessions between appearances to work on their mechanics. Hitters take batting practice, not only before each game, but in betweengamesto work on their mechanics.
Of course, this is all leading to professional salespeople. The top 26% practiced to become great salespeople. They role-played, listened to audio, watched video and honed their craft. The rest just go out there every day and continue to go through themotionsof selling, without a clear sense of what to ask, when to ask it, how to ask and what to do if they don't get the answers they were looking for.
So what should you do to make your practice productive? First, you'll need a practice partner, someone who is as committed tosalesexcellence as you are. Next, you'll need a practice schedule. Then you'll need to identify the various parts of thesellingprocess where you need the most help. Break it down this way. Do youstrugglemore with gettingappointmentsor withclosingthe appointments? If it's getting appointments, do youstrugglemore with getting through or getting them to invite you in? If it's closing, do youstrugglemore with getting them interested or getting them committed? Identify the 3-4 areas where you need the most help, tell your practice partners the kind of prospect they need to play, and practice asking the questions that you don't ask on realsalescalls. Notice that I didn't say practice making presentations! You already know how to present. It's the rest ofsellingwhere you need the help.
Dave Kurlan is a best-selling author, top-rated speaker and thought leader on sales development. He is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development.
Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit.
He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine.
He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball.
He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling (Dan Seidman), Stepping Stones (Deepak Chopra and Brian Tracey) and 101 Great Ways to Improve Your Life, Volume 2 (David Riklan).
Related Forum Posts no-cost Admin help
- I agree with Wendy. what is the least amount you can start with to hand off to some one else for 1 hour per week.
It can be on a pay or unpaid model.
Let's say that you want to give away all your routine email correspondence away to someone else. How do you get this done for no out of pocket expense?
Well, first ask yourself - what kind of person would take on such a task? What does this task offer in skill development that will be of value to someone? let's call this person who is going to help you an - Intern.
The Intern would most probably want to build on the following skills:
- Practice written communication
- Improve on Email skills
- Internet Research skills to answer some email correspondence
There are resources out there such as Craigslist and Oodle.com where you can post such a job and you'd be surprised with the responses you will get to help you on such a project.
Some of the responses you may get may come from International Students wanting to improve on their written English skills, 60+ individuals wanting to learn more about the Internet and bored stay at home parents...
Different Types of Funding
- Finance for business can be obtained through a number of different sources.
Let's review some of those channels to help you decide what's right for your business needs:
Grants
There are over 930 different EU and UK grants and loans available from over 100 issuing bodies. This is the cheapest form of finance and an important part of the funding package that companies and individuals need. We can help you find your way through this maze.
Technology
Micro Projects: 50% of eligible costs up to £20,000
Research project: For a technical and feasibility study of an innovative idea for new technology 60% of costs up to a grant of £75,000.
Development project: For development up to pre production 35% of costs up to a grant of £200,000
Developing an innovative idea: valuable for small companies and individuals at the start of a technical project: 75% of costs of hiring a mentor and consultants.
Export
To start exporting or moving into new markets grants of 50% of costs up to £20,000 each.
Training and Education
Knowledge Transfer Partnerships, Achieving Best Practice in Your Business, Investors in People
Modern Apprenticeships
New Deal for various grants.
Environment
BOC Foundation for the Environment: 25% to 50% of Project cost, typically £20,000 to £100,000
Clean up Fund: Emission reducing equipment up to 75% of cost
Community Chest Fund: Up to £25,000 for projects near active SITA sites
High Impact Fund: £150,000+ for larger projects near SITA sites
Assisted Areas
Regional assistance grants of between 10 and 35% for capital expenditure in less favoured areas of the UK.
Loans
Loans are an excellent source of finance if you have suitable security to borrow against or a reliable earnings stream. This needs to be planned and presented well to obtain funds.
Credit cards
Provides up to 56 days free credit if you play the game!
Overdraft
Banks are surprisingly supportive when presented with a well thought through plan and competent management.
Bank Loans
Lenders tend to look for a good business plan and security. Typically the loan is approved by a centralised back office function rather than the person you meet. Terms and rates depend upon the risk. Repayments can be very flexible to meet your specific needs.
Mortgages
These can include flexible repayment terms to meet your business needs. This can even be incorporated into your overdraft finance so that you have one flexible account for both personal/ business mortgages and overdraft
Small Firms Loan Guarantee Scheme
Up to two years trading: Up to £100,000
Over two years trading: Up to £250,000
However these are difficult to obtain and are a loan of last resort.
Export Guarantee Scheme
This is government backed insurance against appropriate export documentation.
Mezzanine
This is a halfway house between loan and equity. It can be an innovative way of raising funds for the more established business. Mostly for expansion capital.
Equity
This is not as easy as the papers would have you know. Only 1% of business plans received by Venture Capital Funds are successful. However, a good business proposition consisting of a strong demand for the product or service, management track record and a sound financial plan will enhance the chance of success.
Business Angels
These are high net worth individuals who are successful businessmen looking for investment opportunities. They can provide both time expertise and money. Typical investment size is £25,000 to £250,000 but can go as high as £2m for the right opportunity. Exit within 3-5 years.
Venture Capital
These are investment funds seeking high rates of return. However typically investments are over a million pounds. Some funds are targeted at lower amounts depending upon the sector and region. These funds are looking for exponential capital growth over 3-5 years.
Asset backed finance
This can cover machinery, sales invoices even sales orders. It can be a very flexible source of finance to the growing business
Leasing
This will cover your capital expenditure and spread the cost over a three to five year period. It is particularly useful if you do not have taxable profits to maximise your capital allowances.
Sale and leaseback of a property you own is another good source of funds.
Factoring
Factoring offers a sales ledger administration and debt collection service. Up to 95% of an approved sales invoice is paid within 48 hours, quicker if required. Credit protection is also available to protect against a bad debt. The Factor will own and place a first charge over the book debts and they might also take other charges, depending upon the strength of the financial information.
Invoice discounting
Invoice Discounting can be Confidential or Disclosed; it depends upon the strength of the financial information. The service is the same as Factoring, except that the sales ledger administration and the debt collection is the responsibility of the client and not the Factor. Pre payment of the approved sales invoice is still up to 95% and the factor will still have a first charge on the book debt and therefore own the debt. This service can also have credit protection cover. All sales invoices need to be for a business to business debt, and some proof of delivery is generally required.
Trade Finance
This is funding provided against stock purchases, signed contracts and orders whereby the funder will prepay a certain percentage of the value
Pension fund
It may be possible to use your pension funds for a loan back to the business
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