sales | | Canadian Small Business Women

Sep 18 2017

ANXIETY IN NUMBERS

Many entrepreneurs don’t take the time to understand their numbers, in fact, most ignore them altogether!! They rely on their bank balance to tell them if they’re doing well or not and just get the bookkeeping done for the sake of taxes. That may work for you, but how are you going to make informed decisions if you live in obliviousness of your numbers? They tell you the story of how your business is doing and can give you great insights into what’s working, and most importantly, what’s not!

Here are some of the top Key Performance Indicators (KPI’s) you should monitor for your business.

Advertising as a Return on Investment (ROI)

We know advertising is necessary for business growth, brand development and awareness, and most importantly sales. But not all advertising channels work the same. In the beginning you may advertising anywhere that will have showcase you, but the key is to track which of these channels actually brings you clients. Try using a different promo code in each channel so that you can track which is working and get rid of the ones that aren’t.

Inventory turnover

If you have a product based company where you buy the inventory upfront to try and resell it, then this KPI is vital for you. Inventory turnover is the number of times inventory is sold over a time period, which can be monthly, quarterly or annually. This will help you track what inventory is moving and what takes longer to sell. Accordingly you can adjust your buying choices and often your marketing choices too.

Accounts Receivable turnover

This one is really important if you have repeat customers. These days many businesses operate on a “pay before you receive” model wherein the customer is paying for the product or service before it is delivered. However, many businesses still have the more traditional model of providing a service and then invoicing for the work completed, thus resulting in a period of time where you are waiting for a customer to pay. By keeping track of AR turnover you can identify whether your companies policy for credit is working as intended or whether you wish to continue to do services for clients who are perpetually late. A good accounting system will also allow you to review an AR aging to see which customer is always past due.

Gross Margin

Again if you are in an inventory based business, you need to be aware of two factors: first you need to factor in the cost of inventory into all your sales and second you need to make sure you have enough of a markup to not only cover your inventory cost but your operating cost. Doing a gross margin analysis combined with a break even analysis will help you figure out if your pricing structure is working for you or not.

Budget to actual

You’d be surprised how many entrepreneurs don’t have a budget, or if they do, they don’t compare their budget to actual numbers. A budget is not set in stone, of course, but knowing how your actual sales/expenses compared to what you were forecasting can tell you a lot about your business initiatives.

Of course the key to doing any of the above is timely and accurate bookkeeping and financial reporting!

“Behind Every Great Business is a Great Accountant”

For more information on how to keep your business tax efficient, or to get a consultation on whether you are making all the right tax choices for your business, contact Dharna CPA. www.dharnacpa.ca. Info@dharnacpa.ca

Jul 07 2016

Life Lessons

Sheralyn

I learned a valuable lesson recently when life got in the way of business. My mother had a saying when we were kids that went like this: “Never put off til tomorrow what you can get done today.” Seems I had been putting off a few to many things recently and as a result, when hit with an unexpected two day, all consuming event, I was left with nothing in reserve to help keep my business going, even during such a short absence. It turns out Mother was right after all.

As small business entrepreneurs and/or solopreneurs we tend to do a huge chunk (if not all!) of the work associated with our business by ourselves. We try to be all things to all people: the bookkeeper, the sales team, the designer, the writer etc. This can result in things getting missed, particularly if they are not scheduled well ahead of time. Social Media posts are easy to book ahead but scheduling multiple deadlines and juggling several important deliverables requires skillful management of your calendar. Letting even one thing slide or thinking, “I can get this done tomorrow” can have a catastrophic effect if life gets in the way and makes other plans for you!

Don’t play catch-up. Use a time-management or even a project-management tool to stay on top of work demands and ahead of the game. That way, when a curveball comes your way, you’re prepared. By the way, this record-breaking “shortest post ever,” on a topic that has nothing to do with communications (considered my specialty) has been brought to you by “The Procrastinator”- me!

As Owner and Principal partner of “Writing Right For You” Sheralyn is a Communications Strategist – working together with entrepreneurs to maximize profit through effective use of the written word. Looking for web content that works, blog articles that engage or communications strategies that help you get noticed? Contact Sheralyn today. Sheralyn is also the mother of two children now entering the “terrible and terrific teens” and spends her free time volunteering for several non-profit organizations.

Sheralyn Roman B.A., B.Ed.

Writing Right For You

Communications Strategies that help you GET TO THE POINT!

416-420-9415 Cell/Business

writingrightforyou@gmail.com

Nov 18 2015

3 Reasons Why Passion is Vital to Business Success

There are so many factors that contribute to our success in business or in any part of our lives really. The Internet is full of articles about the success factors for entrepreneurs, so why not add one more to the list? I believe that we have to love what we do. While there are always things we don’t like to do in our day-to-day tasks, there has to be a burning passion that drives us. Here are three reasons why I think that being passionate about your business is vital to its success:

It fuels you through challenges. We hear so much about “knowing your why” and there’s a reason. You have to be aware of what drives you, what you’re working towards and why it’s important to you. When you don’t have clarity on these things, challenges and obstacles can really become a major distraction and take you off course. When you’re really passionate about what you do, quitting isn’t an option. The saying that “where there’s a will, there’s a way” is the truth. When you’re committed to your goals, the universe conspires with you to make them a reality.

It takes selling out the sales process. Cold-calling does not excite me. I’m sure that there are lots of people who have no problem picking up the phone and making those calls, I’m not one of them. The exception to this is when I’m working on a project that I’m excited about where making calls to complete strangers is the only way it’s going to succeed. When we’re passionate about what we do, the people on the other end of the phone can hear it and they’ll want to be a part of it (some of them anyway). If you’re selling something that you don’t believe in, you’re going to have a difficult time.
Life is good when you’re doing what you love! When you’re living on purpose and doing what you love, things start to flow much easier. Things that once seemed like the end of the world are no longer a big deal. Challenges and obstacles are seen as tests to our commitment rather than cruel punishment from universe. You know why you do what you do and it makes your hear sing. There are so many people out there that are living unfulfilled lives. They have dreams that they think can never be a reality. The fact that you have the opportunity to do what you love is a blessing, and you know it.

Passion is what keeps us going as entrepreneurs. It’s the fuel that drives us and our business. If you’re not passionate about what you do, you need to ask yourself why you’re doing it. If passion was what started it, then it’s just a matter of reconnecting with it. If you were never passionate about what you do, it’s time to figure out how to add passion to what you do or do something that you are really fired up about. If we want meaningful success in life, passion is a must-have.

Sandra Dawes is a certified life coach specializing in helping women who feel unfulfilled with their 9-5 follow their dreams and pursue their passions. She holds an Honours BA, an MBA as well as a certificate in Dispute Resolution.She has completed her first book,Embrace Your Destiny: 12 Steps to Living the Life You Deserve!

Connect:

www.embraceyourdestiny.ca

www.facebook.com/embraceyourdestiny

www.facebook.com/embraceyourdestinythebook

www.twitter.com/sandradawes

Jul 25 2015

Why your mental game is infinitely more important for your business success than you think.

There’s no denying it, business success is 80-90% about your mental game. This is something I see every day because I’ve worked with people and coached them through the mechanics of building a successful business. They know what to do, however, they’re either not doing it, or they’re not getting the results they really want.

Take an example of someone who wants to expand her reach and start blogging for her business. However, 6 months later she’s stuck on having the ‘right’ thing to post. This is not about lack of topic ideas or even about knowing how or why to blog, but really about committing to the process and pushing past the fear of judgment and criticism from family, friends and colleagues.

Another example is someone who just launched a great product or service, but is afraid to reach out to others and share it. They are so consumed with fear of appearing pushy, ‘salesy’ or intrusive. As a result, they sit on their great offering and do very little with it.

This is why I believe 100% in working on the mental game with my clients, because without that, no matter how much I teach them about marketing, business financials etc., they will not get the results they’re looking for. Maximum results occur when they’re able to break through blocks and resistance that holds them back!

Another side of the coin is seeing business owners pushing really hard to make things happen. Sometimes, yes, this is needed, but there’s also another side of ‘allowing’ for guidance. We often don’t speak about this in business, but this has been the foundation for all the success I’ve personally experienced.

It’s very common for me to send my clients links to EFT (Emotional Freedom Technique aka Tapping) videos and ask them to tap when I know they’re overcome with fear, anxiety and overwhelm. Sometimes, when I see they’re stuck financially, even though they’re doing the work, I send them forgiveness exercises to do, because I know there’s a huge correlation between resentment, grievances and anger to financial struggles. This is something we don’t discuss in most business training and education, but it’s vital for the success of your business.

I like to think of it like striking a right balance of taking action, and also turning inward, and getting connected. You need to identify how your subconscious mind is keeping you from your dreams. When you’re able to do this, your work will flow better and easier and you’ll begin to see opportunities and resources to help you achieve your goals.

You also need to be conscious on how you feel about your business. Are you in a constant state of doubt, worry, and fear? These feelings will repel the success and financial abundance you want. Focus on feeling positive, confident, and expect positive results. This feeling is more powerful and important than any activity you’ll ever do for your business!

So, I challenge you to focus and add in mental activities to your business strategy. Start cultivating a success mindset that will give you the results you truly want for your business!

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Creator of the 4-Week Business Success Bootcamp and Mind Money Miracles. Uchechi helps passionate entrepreneurs (+aspiring entrepreneurs) master their mindsets to increase their wealth, confidence, and sweet, sweet freedom! Visit Uchechi at www.myempoweredliving.com and sign up for her FREE video training series The 4 Keys to your Business Success! This free 4-day business training reveals her 4 key strategies needed to build a profitable and successful business, and how to put them to work for you!

Jun 04 2015

Five Essentials for Successful Sales & Marketing Initiatives

The business world is governed by transactions. Everyone is either selling or buying a product or service. As entrepreneurs we’re constantly tying to grow our businesses by increasing our clientele. We tend to spend a lot of time and money on sales and marketing but do we really know what we’re doing and just how much do we know about marketing anyway? Here are five things you need to know in order to run successful sales and marketing initiatives :

Your product

Just what are you selling? Many entrepreneurs think they have a great idea, whether it be in the form of a tangible product like clothing or furniture or a service such as printing, advertising or consulting. In order to sell your business effectively you need to know your product inside out – what can it do, what are its limitations, is it customizable and how much are you willing to change it to suit your potential client.

Your Target Market

Who can benefit from your product? Knowing your customer is as essential to running a successful business as knowing your product. Many times entrepreneurs try to sell to everyone all at once – this is a huge mistake. Sales initiatives work when you have a clearly defined market segment that you want to target. In other words your product may not be appropriate for all segments of the market. A streamlined, focused sales strategy is always better than a blanket strategy.

Your Competition

As an entrepreneur you need to be aware that yours may not be the only product of its kind out there. Never assume your product is the best. It’s always good to know what you’re up against. The biggest mistake entrepreneurs make is ignoring the competition; mainly because they’re threatened by it. A true sales person always keeps abreast of the competition and seeks to better their product. Instead of criticizing other products, seek to highlight the benefits and advantages of your own product.

The Stats

As an entrepreneur you need to be aware of the statistics surrounding your product or service. A few key statistics you must know are the demand for your product, market size and your own market capitalization. Statistics may sound boring but they are useful when you’re defending your product against skeptical buyers.

Your own strengths and weaknesses

Knowing yourself is extremely important as an entrepreneur. It’s essential to know what you can and cannot do, what you’re good at and what you need to improve on. Being aware of your strengths and weaknesses as a sales person will in turn help you set reasonable and attainable sales targets. Achieving these targets will keep you motivated to set higher goals.

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world. She can be reached via Website, Twitter, Facebook or her Blog.

Mar 16 2015

GTA EVENTS

March 21st

Twitter Bootcamp for Small Business Owners

Mississauga, 10am – 12pm

Teach Me Social

INFO: CLICK HERE

Visual Marketing Bootcamp for Small Business Owners

Mississauga, 1pm – 3pm

Teach Me Social

INFO: CLICK HERE

March 27th

Young Entrepreneurs in Toronto

Toronto, ON 6pm

INFO: CLICK HERE

April 9th

Social Media Time Management Bootcamp for Small Business

Mississauga, 2pm – 4pm

Teach Me Social

INFO: CLICK HERE

April 22nd

B2B Networking: Sales

Four Points by Sheraton Mississauga

Speaker: Julie Flippin

Info: CLICK HERE

Apr 26^th

You Inspire Me Women Quarterly Event

Mississauga, ON

INFO: CLICK HERE

Apr 26^th

Red Rose Convention Centre

The Toronto Caribbean Business Expo 2015

Speakers: Various

Info: CLICK HERE

April 29^th

FREE FACEBOOK CHAT

Vistaprint and Canadian Small Business Women

8pm – 9pm

Info: CLICK HERE

May 11^th

Montecassino Hotel & Event Venue

I AM THE BOSS 2015

Speakers: Various

Info: CLICK HERE

June 06th

Author Summit

Publisher Production Solution

Vendor Opportunity and Workshops

INFO: CLICK HERE

Aug 22^nd

Toronto Airport West Hotel

Canadian Small Business Women

VENDORS WANTED!!

Info: CLICK HERE

Nov 8th

Toronto

Immigrant Women’s Small Business Expo

EXHIBITORS WANTED!!

Info: CLICK HERE

Aug 26 2014

What’s your definition of success?

If you’re a business owner, then it’s fair to say you’re in a state of constant striving. Whether it’s striving for increase in sales, profit, customers or client engagement, there is always some goal that you have and are always chasing. To be honest, I would say everyone fits this criterion, because it is a human need to always be reaching and striving for more success in our lives.

It’s a good thing to strive for success and reach beyond where you’re at, but it’s also important to really sit down and define what that success means to you. What does it look like? Oftentimes, we tend to strive for what others have put in our head as to what’s important. Or we see other’s, who we feel are successful and go after the same thing, not recognizing what it took for them to get there and more importantly what it’s costing them to maintain it.

I’ve had conversations with small business owners who want to turn their business into a huge empire. This is all well and good, but then they also tell me that family and time is #1, and they want to have flexibility to travel the world at leisure without being tied to things, and work minimum hours. Now, can you see how building and sustaining a huge empire and leisure time and family life may conflict? Also those that they admire in business who have built a huge empire are the very ones that say it cost them leisure time and quality family life. However, these individuals who are striving for this, do not take a look at the whole picture and to see if that definition of success (business empire) fits within their own definition of success. If it does not allow them to have quality family relationship and time, I say it does not fit within their definition. It is important to take a holistic look at what is it you want, and are chasing and see if it fits into your core beliefs and values.

Another important reason to define what success means to you, is because it allows you to have a clear picture of what you want. I read somewhere that ‘you cannot achieve that which you cannot define’. Once you define it, you will have a clear picture of what it is you’re chasing after. You will also recognize all the opportunities that aligns with it, plus ones that may not be the right fit for you.

Your definition of success will change over time and that’s okay. Once you hit one goal, you will then have the need to hit another, which is a human condition that we all have.

We also go through periods of growth and development and what once was important is no longer so. This happened in my life. About 7 years ago, my sister and I opened up a 3000sqft wellness centre with a spa, fitness & yoga studio, and therapy clinic, employing various alternative health care practitioners. Now at that time, I was single and my sister and I did not have any kids. Over time, that wellness centre although it began to grow with more opportunities coming to us, demanded more of our time and energy managing such a large facility with so many staff and contractors. I remember how difficult and stressful it was for me shortly after having my son and trying to manage that business and being a new mom. Fast forward to now where my sister and I both have two kids each and time and family taking #1 priority in our lives. It became clear over the years that that particular dream of a big wellness center, was not in alignment to our core desires, especially during this stage of our life. We later sold the centre and transitioned our business into one where we can manage from both our home offices, with fewer overheads and staff to manage. This now fits our definition of success.

So I challenge you this week to take a look at what “success” looks like for your business and share it with our community below!

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Speaker and Writer, but most importantly, a proud Mother and Wife. Uchechi is Founder of My Empowered Living (http://www.myempoweredliving.com) a website aimed at helping women shift their mindset and live their passion! Whether it’s starting and building their dream business, or helping them create a lifestyle they crave, Uchechi is the modern woman’s secret to success! Visit Uchechi at www.myempoweredliving.com to get her FREE online video training series The 4 Keys to your Business Success! This free 4-day business training reveals her 4 key strategies needed to build a profitable and successful business, and how to put them to work in your business!

Jan 22 2014

Sales is Simple Mathematics

The thing to understand about sales is that it is simple mathematics. It is not rocket science. It is not voodoo. It is math. Everyone has a closing ratio and every product has unique selling properties. Once we know what those contingents are then it is simple math.

So what is your product? What demographic is it meant for? Is it something that 35 year old women with two children would love? Or is it meant for retired couples? Who is most likely to buy it?

Sometimes I will ask a marketing client who their target demographic is and they have no clue. They ramble on about how their product is good for everyone. The fact is however, it may be good for a lot of people, but who is it best for? What does your ideal client look like? What factors do they have? Who is most likely to buy the most, or buy it over and over? Who is likely to see the need for it right away without much convincing? That is your ideal target market.

The sales of your product will now boil down to how many times you get it in front of THAT person, because 100 appointments with the wrong people is futile and it will distort the final figures in your math. There is a number of quality people that you need to see in order to sell one. It may be that you need to be in front of four quality potential clients telling your full story to sell one item, it may be that you need your add in front of 10, 000 people to sell one. You may need that add in front of those 10,000 people to get 4 appointments where you get to sell one. You need to know the numbers, and there is only one way to know the numbers. That is by doing it.

We watch shows like “The Dragon’s Den” or “Shark Tank.” What impresses the dragons and the sharks? They want to know the numbers. How many people have you put your product in front of, and then how many did you sell? That shows what the real potential of an item is.

As a sales person who knows their math you now have confidence and confidence can be built upon and improved upon. For instance your industry may supply you with average stats. They may tell you that you need to get your house in front of five qualified buyers to get a sale. However, if you improve your technique and become a better people person with a better closing style you may be able to change those numbers over time to now become a salesperson who sells 1 in 4 or even better than that.

What we see in new businesses sometimes is an owner who does everything themselves but they do not realize that they are a salesperson. They think they make widgets and they don’t want to do the sales, but sales don’t happen unless someone sells something. If an owner doesn’t learn to sell and accept their fate as a salesperson they will end up a statistic of failure. Sales is the only thing that matters because cash flow is king to survival and success.

Even the business owner needs to know their numbers. How many people did they have to see to sell the widget? Now they can train a salesperson with confidence. They know that they themselves with a limited sales ability and in 2 hours work could produce x and that if a dedicated salesperson dedicated themselves for 8 hours a day to the endeavor they should be able to produce x times 4 in a day producing y. In one week multiplying y by 5 they would now know that the salesperson should be able to produce z every week, week after week. Now how many salespeople do you need to reach your ultimate goals?

Marketing is also key to this process. Even good salespeople need to be supported with some marketing tools. There needs to be sales materials in their hands and branded items to work with. There should be some kind of funnel that is bringing in warm leads through networking events and/or online marketing efforts. Somehow those leads need to be pre-qualified to be sure that they fall into the targeted demographics as much as possible. This makes sure that the sales people are getting in front of the right people and it affects the numbers of their success.

Sales is simple mathematics.

Kerry George is the owner of the Canadian Imperial Business Network which is currently the largest business network in Alberta and rapidly expanding across the country. She is a serial entrepreneur/author and speaker with a zest for life and a passion to help others succeed in increasing their potential and their bottom line. Kerry has several publications and blogs that you can follow and welcomes most interaction online.

Twitter

@createloyalty2U

@CIBNtweets

@yycbiznetwork

Blogs

http://loyal2u.blogspot.ca/

http://calgarybiz.net/blog-3/

http://kidsincowtown.wordpress.com/

http://loyal2u.ca/category/social-media-2/linkedin/

Nov 19 2013

10 Blog Tricks to Increase Holiday Sales

We are now in the 2013 Holiday Season and many small businesses want to know how to increase sales without increasing the budget. You can use your blog to help increase sales with these 10 easy tricks.

1. Create A Holiday Promotion

Choose a service or product and offer a holiday promotion. You can rebrand the name to include a holiday keyword such as “Christmas SEO Savings”. Then you may offer a discount to sweeten the deal.

2. Give back

Create a promotion where you donate a certain percentage of sales to a local charity, like Big Brothers. Everyone likes to give back, so make it easy for your customers to do so. For your holiday charity promotion you can specify all product sales or a specific product and kickoff with an awesome blog post. Also try to get the charity on board as well.

3. Add a Call to Action to Your Blog Posts

You are already adding a call to action to your blog post now do it with “Holiday Cheer”. At this time of year your focus is increasing sales so make sure your call to action reflects that: “Buy this Gadget this Holiday Season”

4. Link to Product Pages in Your Blog Posts

This is a great way to showcase benefits of your product or service then link to the page.

5. Holiday Upsells

Consider offering a promotion where a customer receives a gift card in addition to a certain order price. A great way to get customers to come back for example is if a customer spends $50, they receive a $5 gift card. You can add value with an add-on bonus service with purchase. Or go the traditional route and show what products can be purchased together even offer holiday bundle discounts.

6. Create A Shopping List Post

This is a great opportunity to provide a how-to post and link to your product / service pages. Try to get them to see the expanse of your offerings and be able to purchase all they need from you.

7. Feature blog content on your website product pages.

If you have created product related blog post why not add a short excerpt on your product page that links back to it. This is a great opportunity to showcase your product knowledge.

8. Create Urgency

Create a time-limited promotion and use your blog to get the details out. You can also place a countdown on your landing pages and homepage that indicates how many days are left until important holidays or the end of the promotion.

9. Decorate Your Blog

Add “Holiday Cheer” to your blog such as Christmas lights, holly etc. Be sure to set a date as a deadline to have your holiday design changes removed from your site.

10. Use Social Media

Don’t forget to use social media to spread “Seasons Greetings” and promote your holiday promotions.

It’s very easy to use your blog to increase sales this holiday season. Plan your sales objective for the holiday season and let your blog help you do the work and make it a success. Happy Holidays!

Dwainia Grey is an online marketer at Awesome Biz Online. She creates awesome websites and blogs for businesses as well as working with
companies to optimize their websites with Search Engine Optimization and Social Media. She can be reached at Awesome Biz Online or by phone at 647-799-1090 x 104. You a can also follow her on Facebook to get the latest on online marketing.

Stay Social with Canadian Small Business Women: