Business and Money Tips

Everyone wants to increase sales, but few have a structured and systematic way to do so.  We know that sales come from customers, and customers come from prospects. So if we increase our number of customers and number of prospects, our sales would increase, right?   Wrong!  Other than number of customers, how often your customers buy from you and their average dollar purchase are also important. Just look at Nokia: it used to have the most number of customers in the world, but those customers now don't buy from Nokia anymore and thus Nokia's sales just nosedived.  In this articles we shall share with you the 5-Ways leverage that you can increase your sales: It starts with your Target Market , the market that you are targeting Next, you need Marketing Conversion to convert that Target Market into Prospects With Selling Conversion , you'll now convert your Prospects into Customers When they become your customers, you need to get repeat business from them, w...

Many bosses think of their staff cost as an expense, and some even think that if you cut staff cost, your profits will increase permanently.   We know that whether something is a cost or revenue depends on how you make use of it. For example, my mobile phone is not a cost but a revenue generator for me because I use it to get business from WeChat, Facebook, Whatsapp, Gmail and Blogs.  Today I shall teach everyone the 5 steps that you can turn all your staff cost into profits: Step 1: Convert All Your Staff into Low Maintenance Staff Low maintenance staff are those that do not cost you money to maintain, like a low maintenance car. Common maintenance cost for staff include supervision cost, sick leave, correction of mistakes and discipline control.   Step 2: Convert Low Maintenance Staff into Winning Team Members A winning team member is one that is on the same side as you and wins for himself and the team.  One of the fastest way to make people work as a te...

Note: The author Andy Ng is a CA (Chartered Accountant) and a member with the Institute of Singapore Chartered Accountants (ISCA) since 1988 The other day I received a call from a friend who wants to know how much should his friend asked for when another business wants to buy over his business.  This subject is called Business Valuation, and it is taught in MBA schools.  Today in just 7 minutes, you an be an expert on this subject.  A business is worth what someone is willing (and able) to pay for it.  So the only true way to value your business is to put it on the open market and see what offers you receive. Having said that, there are some common methods to value your business which give you a starting point for negotiations and a rough idea as to what your business is worth. What’s more, knowing how to value your business can help you understand where the value lies and maximise your business’ worth. The most common method is based PE or Price Earni...

Master sales closers ask one minute, one liner closing statements that close the sale instantly.  The top 7 such questions are: "What could I do to help you to go ahead?"   If the customer says, "Nothing" you say, "Why?"  The customer then answers, and you overcome the objection and close the sale "Do you see yourself getting into this?" If he asks you how to get into this, you give him the details and close the sale.  " Would it be okay if I outline what we need to do to get that under-way? "   This is the most direct way, you simply give him the details and close the sale. "Which choice fits in best with what you had in mind?"   Whatever choice the customer chooses you got the sale "If I could show you a way that will address your concern, you would go ahead, wouldn't you?"   This direct method addresses their concern. "How does that fit in with what you had in mind?"   This question forces h...

Before you can sell anything to anybody, do you yourself have the conviction in what you are selling?  Will you buy what you are selling? There is no difference in selling to a corporate or a consumer: we are all selling to human beings. The 8 basic principles of selling:  Never treat your customers as people that pay you, treat them as people that you pay them. Or course we don't pay customers money but we must definitely  pay attention to their needs or we won't get paid.   Look at sal es objections as points of concern and opportunities for you to help them : the customer is asking you for help.  If you have the compassion and kindness, you will welcome objections, for they give you a chance to serve them It's better to contact customers even if you have nothing to update them or sell to them. Out of sight means out of mind.  In today's world, cyber contact is more prevalent than physical contact.  Whenever salespeople become complacent, intr...

For decades, businesses have been trying to discover the formula for the 'perfect' manager.  There are tons of books, blog posts and editorial articles out there, and even training courses on  how to be a better manager .  While I cannot claim to have unlocked the secret theory of management, discussions with bosses and managers since 1987 revealed the following 5 traits of a 'perfect' manager: 1. Know How to Be Tough Many managers are know to be tough to themselves, tough to their customers and sub-contractors and even tough to their families but soft on their team members. The reason is the lack of people working due to the tight labour market and the ban on foreign workers in many industries.  As a result, managers are too pleasing and let the subordinates climb over their heads.  On the other hand, there are some managers that are too tough that they become abusive, aggressive and hated by people.  Such managers end up with zero staff and have to w...