What could be more pleasing than having children who after graduating from college that instead of choosing a career in organizations have decided to pursue and take over the management of their family owned business.
Having or keeping a family business is gratifying but encouraging children in handling over the business management is seldom an assurance that they will take it positively. This is largely because an entrepreneur unconsciously gives the children a negative impression about the business. A parent entrepreneur is often someone who is preoccupied with work, often spends long hours, day and night and weekends, always concern with office tasks. And more often than not, exhibits occasional irritations or outburst due to frustration that accompanies responsibilities in the business.
By the time the children become teenagers, they consider their parent’s frequent absences in their home, long hours of work, and inability to find relaxation creating a complex environment for them to live with. Because of this, there are children who do not want to have any part of the family business.
Should the parent want the children become part of the family business, they have to be involved in their early age. A gradual introduction of the business to the children and the future benefits that would be derived from the business will help them imbibe the positive aspects of it.
Describe to the children the positive and the negative sides of the business but assure them the challenges and satisfaction they can derive from the business in terms of profits and good life and they will surely consider joining.
A survey was conducted among hundreds of top performing salespeople from different areas and industry. As a result, here are some of the best ways to get and keep new customers:
- Thorough knowledge of the job and keep up with commitment when something has to be done. A salesperson must know his basic functions and products. Provide prompt solution to customer problem.
- Sell the product/s based on customers’ need, satisfaction and value not on price consideration. A lot of customers buy products based on benefits they get and not primarily on its price.
- Always say “thank you” after booking the orders. Thankfulness is a gesture that can motivate the buyer’s sensibilities to reorder from a grateful salesperson.
- Should there be unavoidable delays in delivery, the customers must be informed properly but give guarantee on immediate action or feedback. Every disappointed customer can be a loss in business.
- Learn to know more about the customer. Any relevant information will be a big help in identifying other needs that may result to expanded business deals.
- Be ready to be a good listener and a good conversationalist by focusing on the interest of the customer for the products or services needed.
- Determine the decision maker and make necessary arrangement for presentation of the business proposal. This will shorten the negotiation process and closing of sale.
- Avoid expressing negative comments about competitors. Instead, focus on the products and be able to compare intelligently its features and benefits.
Happy customers could mean more business, more profits and a lot of monetary benefits and recognition to the sales person.
Traditionally, sales companies give recognition to top performing sales people during annual sales conventions or conferences. These top performers aside from recognitions, also enjoy the material rewards which are the envy of many.
Let’s take some analysis on what is the difference between the approach of the average salesperson and the creative salesperson that made them top performers.
- The average salesperson sells life insurance while the creative salesperson sells protection for their loved ones.
- The average salesperson sells automobiles whereas the creative salesperson sells the joy of travelling and enjoying the road personally with family included.
- The average salesperson sells merchandise but the creative salesperson sells store prestige and profits.
- The average salesperson sells advertising. The creative salesperson sells growth and profits instead.
- The average salesperson sells musical instrument while, the creative salesperson sells the inspiration of music and the beauty of melody it creates.
- The average salesperson sells a camera. The creative salesperson sells lifetime pictures of the people and things the buyer loves.
- The average salesperson sells a cellular phone whereas the creative salesperson sells value of instant communication with people near or far.
- The average salesperson sells a house while the creative salesperson sells a legacy that can be left behind to the buyer’s spouse and children
- The average salesperson sell have things. The creative salesperson sells ideas about things – ideas that make for health, wealth, family security, and personal happiness.
- A professional sales person needs creative selling techniques to ensure achievement of goals in life.
Doing more than what is required or running the extra mile is the secret of every successful businessman.
Several years ago, a young entrepreneur entered the garments industry. Being in the garment business, it always entails the need to check and learn the latest fashion trend specifically from developed countries to be able to compete in the market. In most situations, the cost for materials (fabric) used on every new fashion trend are quite expensive.
“Less fabric used, the higher the earnings”. Majority of entrepreneurs who are into garment business will do everything they can by stretching a millimeter extra fabric to keep the cash registers ringing at the expense of the customers feeling shortchanged. In some cases, materials used on its first and second batch production meet quality standard while subsequent production are mixed with below standard materials as long as it can likewise pass the buyers choice.
As a newcomer in the garment business, he decided to be liberal with fabric use and charge a higher price instead of joining the bandwagon and make more money. Indeed, a good product will always be bought despite its high price. The decision made a few years back has been richly rewarded.
The young entrepreneur was faithful to its business philosophy and marketing strategy– “ to generate reasonable profits by producing only quality products, meeting the needs of customers”. Every individual who bought and was satisfied with its products became the walking advertisement of the company.
Corporate finance considered as an element of the financial management. The corporate finance commerce with financial matters particularly the decision-making, which includes problems of all types of organizations. It plays big role in corporate life for its responsibilities is to increase the value of business to the market and at the same time manage its monetary chances. This can do by using effective tools and methodological analysis.
Sample role of corporate finance are the key factors affecting in deciding the investments to make, merging conclusion, method to use in managing and raising capital and many more. There are many tools uses in evaluating corporate finance such as the Cash versus Profits, this will include the cash flow and the main purpose is to study methods, which will help the firm to achieve higher amount of cash at the end of the report compared to the beginning cash balance. The other tool is the Balance sheet approach, this one is the simplest and easy to understand however they say that it is not hundred percent accurate. The next tool is the Assets, which categorized into two the current asset and the long-term asset. Other tools used are the financial ratios, cash cycle, bank loans, capital structure, risk premiums and many more.
