Most business owners are familiar with their sales funnel—the accumulation of new business prospects that are in the process of choosing to buy from you (or not). The sales funnel is arguably the most important process that a growing business needs to track. How are we turning people who are “interested” in buying from us into people who are “actually” buying from us? (Or for bonus points, how do we apply our marketing efforts to people who are merely “interested" and turn them into buyers…?) The growth and success of your sales funnel drives the growth and success of your business. One of the most common misconceptions about the sales funnel is that it can be managed. We can be … [Read more...]
Small Business Articles on Processes
Read small business articles from the Anchor Advisors team for best practices on building and improving your organization's processes. Go back to all Articles »
How do you know that YOU are doing a good job?
As a business owner, we all have more than one job (many of us carry 4 or 5); but two of those jobs are the same for every business owner. The first is being a great leader in your business. Whether you are the CEO/President, or a partner who shares the leadership, one of your primary roles is to lead your business. As a leader, it’s my job to make sure that my business is pointed in the direction of new opportunity, that I have good people on my team, and that I’m making money. That’s what CEO’s do. But even CEO’s have bosses! And, if you are self-employed, then that means that you are your own boss. So every now and then you need to take off your CEO hat and put on your “investor” … [Read more...]
Avoiding the summer slow down
This week, I’m joining 80% of americans in planning a travel vacation for the summer. As a business owner, I know how important it is to get away; but I’m also aware of the impact a “vacation” has on my business—and the business of my clients. When anyone goes on vacation, we feel it! Schedules get thrown, decisions are stalled. Any kind of change (or action) happens more slowly. Often we’re ”waiting" for everyone to return to the office so that a meeting can be scheduled, or a proposal can get approved. It can be sooo frustrating! Your clients need your help; you want to close the deal; but the world stops for 2 weeks because somebody is on vacation. And then when they come back they’re too … [Read more...]
What (I think) I know about working for yourself; 15 years in
It was April 2001. I was 35 years old, and I was done with corporate life. I had spent over a decade living in airports, sleeping in rooms at the Courtyard by Marriott™, and meeting in conference rooms that were out of state. I was tired of it. I made the choice to step out on my own. I didn’t know much about being self-employed at the time (and maybe I still don’t), but I was determined to figure it out. Now—15 years later—I think I know a few things. 1. The early years are hard. Getting a business started takes a lot of work (it didn't help that I didn't know what I was doing)! There were so many decisions to make (that I had never made before), and everything cost money (more than I … [Read more...]
How to sell in the 21st Century
"In the age of the Internet, caller ID, and email, how do we sell? How do we reach prospects in a way that will convince them to work with our firm? I don't think we can just go bang on doors anymore, but I'm not sure what to do instead..." On the one hand, the Internet has changed everything. When my career in sales started, the sales person had all the information. If you wanted to be educated about the products or services they sold you had to sit and listen to their spiel. The sales people were in control of the process. Now, not so much. Much of the information you would want to know about just about any product or service is available through a simple web search. If not on your … [Read more...]
How I learned how to stop worrying and love marketing
"I don't know how to forecast my sales for the rest of the year." If you can't forecast your sales, it's really hard to make good business decisions. Do I need to hire more people? How much space do I need? Should I invest in this new software? We can only answer those questions if we can predict our future sales. A lot of business owners have sleepless nights trying to guess the answers to those questions. Not knowing what the future holds causes a lot of worry. On the other hand, if we can accurately guess at our future sales, then the right decision is just simple math. "But, my projects get canceled or delayed all the time, and I never really know when a client is going to decide … [Read more...]
5 things your business can’t run without (only one of them is money)
When I was starting my business, everyone told me: give up your job, give up your life, and work like hell. That was my introduction to entrepreneurship. The problem was that, at that time, I was a single dad with three young kids. Working 100 hours of the week (even if I was free to choose which 100 hours I wanted to work) wasn't going to pan out for me! I wasn't starting a business that was going to "scale" to be huge. I wasn't interested in looking for a big inflow of OPM (Other People's Money in start-up parlance). I just wanted to find a way to make a living, while still having a life. I'm not saying that I didn't work hard--I did. There were late nights, early mornings, and … [Read more...]
Running your business in the fog? 5 ways to get clear
The turning of the calendar from one year to another is traditionally a time to wipe the slate clean and start new. We make resolutions, we attempt to remake ourselves, it's a new year -- anything is possible. So as we head into the holidays where many of us will spend some time away from our businesses, let's take this chance to clear a few things up. When we identify roadblocks, eliminate confusion and establish priorities, it releases new energy and engagement for you and your team. Clarity is one of the leader's most powerful allies. So let's make clear a few basics. 1. Get clear about what you do. What does your company do? No, really. If you had to fill in the blanks of … [Read more...]
RFP: Really Foolish Process?
I'm not going to mince words here: Request For Proposals (RFPs) are a trap, they are a bad deal and you need to stay away from them. I know, it's exciting to get an RFP. You are flattered when an organization thinks enough of you that they include you in their RFP process. But you know what is more flattering? When an organization calls you up directly about your services, and doesn't make you go through a ridiculous process that will just waste your time and undercut your value. Just think about what happens when you receive one: You and your team drop everything to draft a response. You try and think of who else is responding and how you can differentiate your company from … [Read more...]
How business owners can survive the holidays
The holidays can be a stressful time for business owners. While your employees (being the selfish people that they are) take time off to prepare for the holidays, travel and spend time with loves ones, you are left holding the bag. It's clear that no one cares about the business the way you do. Another holiday ruined! So what do you do? Join them. Think about: As a business owner, do you enjoy the holidays as much as you did when you worked for someone else? A lot of business owners that I know say no. The stress of owning a business interferes with their ability to truly enjoy spending time with their loved ones. A survey by Bank of America found that maintaining a small business … [Read more...]
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