Mark Jordan, managing principal of the middle market investment bank VERCOR, is the author of Driving Business Value in an Uncertain Economy – a book that reveals that the value of one's business is, in fact, a combination of internal and external drivers, and not entirely dependent on external drivers alone (such as economic conditions for instance).
One chief internal driver is maintaining and improving one's sales figures. Maintaining a positive sales trend may be easier than you think – or, at the very least, there is something of a formula, as established as elaborated by Mark Jordan in his book. Here is his simple approach to help you add momentum to your business's sales:
•Identify problem areas. Be extremely objective when assessing the sales problems plaguing your business.
•Compare your product offering with those of competitors. Determine the factors instrumental in making a similar product by another company better placed in the market. Work on improving your business offering. Yyour target audience might not be sufficiently addressed or your sales team might have become indifferent. Consider other changes as well, such as new product packaging, for instance.
•Since it is difficult to be completely objective when analyzing your own business, consider retaining the services of a professional to obtain a clear picture. Analysts are likely to give you more useful information about your business because they are by nature more objective than internal staff.
•Accommodate changing client behavior. Though McDonald's preferred product continues to be burgers, the company has had to accommodate customers' altered preferences. The key is to identify what pleases your customer, and to act accordingly.
•Frequently, you can gain visibility by contributing to the development of society. Consider going public with a cause your company is passionate about, and tell your customers and the public at large about it. But whatever you do, you'll need to be very serious about it.
•Get in line with industry trends. These are dynamic, evolving constantly with changes in customer preferences. Business owners do not have much control over them. Industry developments are what they are, and you should keep yourself aware of these trends and offer products matching these parameters.
•Evaluate existing sales strategies. In the wake of ever-changing client requirements, what worked a year ago may be completely ineffective today. A regular assessment of the efficacy of existing sales strategies is crucial.
•Develop a sound sales and marketing plan that clearly delineates the goals to be achieved. Make sure that the goals are quantitative and realistic. Realistic goals do not consist of easy-to-accomplish tasks.
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