Tag: best corporate trainer

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Sales

These 5 Best Sales Secrets Will Boost Your Profits

These 5 Best Sales Secrets Will Boost Your Profits
These 5 Best Sales Secrets Will Boost Your Profits

Selling is an art and it has its secrets. Want to increase your business sales? Read this article till the end.

Be it a service or a product, we all are selling solutions. It generally requires interaction with someone or something.

Given the increase in competition across all the startup ecosystems, entrepreneurs can be seen fighting for their market share. So, given the cut-throat competition, what is the unique idea that will make you stand out? How can you shine without going out of your budget and still thrive?

Here are five sales secrets that will increase your profits and boost your business:

1. Your Customer Is a Human Being

Well, this should not come as a surprise! However, many businesses often forget this absolute fact. Humans buy from other humans. So, while you may work for your own company, you are its face, and you will have the first experience of being a sales lead.

Many people often forget about their customers, and only when they work with a business motivational speaker do they realise that keeping customers in mind is vital for business growth. So when you are making sales strategies, always remember that human relationships are the first and most important element. It not only help you to increase sales, but also boost profit.

2. Be Curious, Ask Questions

It is very important to ask questions. The only catch is to ask the right one! You may have a great product or a great service, but why should a customer purchase that product from you? What are the unique features that you are offering? Why should a customer not purchase it from your competitor? This will provide you with insight and help you understand the client’s requirements. Building a relationship with your customers is essential to ensure that your products and services are relevant to them. It will encourage them to purchase your products and eventually increase your revenue.

3. Recognize Your Product

Product knowledge is the key! You can only sell what you understand completely. If you are selling a software platform, you should know what problems it is solving. Do you know your products and toolsets well enough to give your customers the solution they are looking for?

Knowing your customers as well as your products is so important. It is a crucial part of the sales process. You need to be passionate about your product as well. If you buy your product and believe in it, it will undoubtedly show in your conversation with your customer.

4. Get in-depth industry knowledge.

Always keep industry knowledge ready! You should know how your competitors are performing and what they are offering to your target customers. While relationships are crucial, so is the value you bring, especially if you know your client is researching their options. You can hire the best corporate trainer to understand the industry norms and help you come up with strategies according to your target audience.

5. Follow Through

Last but not least, don’t forget to follow up! Selling your great product to clients is awesome. But you know what creates the long-lasting effect? Clients want to feel the same enthusiasm and interest that they received before they made a business transaction with you.

This simple gesture will not only ensure the client’s loyalty but also help to upsell in the future. It will also create great feedback and potentially word-of-mouth advertising for your solutions.

In short, place your customers at the centre of your sales. Your sales efforts will bring great results if you have a genuine interest in their requirements.

The idea of managing a business is easier said than done, and we completely agree with you. This is why, to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with foundation courses, specialised courses, and value-added courses.

To find out more about our courses, visit: http://www.badabusiness.com/.

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Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

The idea of managing a business is more straightforward said than done, and we agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more, visit: www.badabusiness.com

Categories
Motivational

How to Build a Winning Team at Workplace?

How to Build a Winning Team at Workplace
How to Build a Winning Team at Workplace?

Be it a cricket match or an organization; a high-performing team is at the core of every successful business. When a group of independently talented people comes together in which they can merge their skills, the results are remarkable.

When the employees work together towards a common goal, everyone wins! One of the best and easiest ways to get things done in any business is to build a great team. The creativity and productivity of the employees will be increased, and their loyalty and engagement will also be significantly improved.

The value of a high-performing team has long been recognized. This is probably why every organization wants to hire and retain the best employees. Many companies employ motivational speaker to motivate and inspire their employees.

According to a McKinsey report published in 2017, when the team members of a high-performing team work together towards a shared vision and achieve a common business goal, the organization’s financial performance increases by 1.9 times. Ambitious, energetic, capable, and talented people are always a plus, but they often represent distinct functions, geographies, backgrounds, products, resources, and many other factors.

Here are five strategies for team composition and team dynamics that have long proved their worth:

1. Hit the Right Number

Team composition is the first step toward building a high-performance team with an essential skillset and a creative mindset. It is just like adding a cherry to your sumptuous cake. Just like the quantity of the salt has to be balanced to make the dish taste delightful, the team needs to be kept small- but not too small.

A small team that consists of around six to seven members is likely to result in poorer decisions because it lacks diversity. A small group will also lead to slower decision-making because of a lack of bandwidth. Hence, keeping the correct number of team members can be a great start towards building a winning team.

2. Team Dynamics

A team will deliver productive results only when they start working together. Once the character of a team emerges shaped by team dynamics, only then will they be able to overcome challenges and achieve great things. You can hire a business coach or the best corporate trainer to help your employees work in a team.

3. Create Team-oriented Organization

Don’t just talk about teamwork! Instead, build your company values around collaboration. Put a clear focus on self-managing, self-sufficient, and empowered teams to make decisions. Also, show your employees your commitment by enabling teams with authority to get their jobs done on their terms.

4. Assign Team Goals

Assign your team with important projects and assignments. Rope in all the team members when looking at innovative and new market trends. It is vital to keep a fresh perspective on the market trend, so keep asking different team members for their opinions. Ask them to challenge the status quo and the conventional approach. This approach will help your company to stay ahead of the game.

5. Respect your Team Members as Individuals

A business needs to have a fresh and creative approach toward its goal of prospering. You want your employees to be a part of your team at work, but you also need a perspective. Every individual team member has a story of his own. He/she has come far in life without your company and has presumably a rich and varied life post-work. Hence, it is important to rope in the new team members when making an important decision—a whole team blossoms only when every member is respected and honored for his unique skills.

Want to know more about team building? With our ‘ Business Coaching Program,’ you can learn to bring together people with diverse capabilities to work towards a common business goal.

Categories
Startup Strategy

5 Powerful Growth Strategies To Grow Startups

5 Powerful Growth Strategies to grow startups
5 Powerful Growth Strategies to grow startups

Scaling and expanding your business is some different ball game. It is extremely difficult, but having your own startup business is all worth the pain. Being an entrepreneur initially means wearing multiple hats, sometimes all at the same time. At the end of the day, this tiring process will drain all your energy. However, if you want to scale and grow your business, there is still light at the end of the tunnel.

So what is that one thing that can help you sustain your startup business in the market for a longer duration? The only answer to this question is by creating a growth strategy. If you want to be a successful entrepreneur then having a growth strategy is paramount. Having just a profitable business is not an achievement and is not sufficed to continue it for long.

Though, there are many existing startup strategies, here is a list of 5 strategies that will add fuel to the fire and grow your business:

1. Stay Unique

There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product? Creating a unique experience for customers is necessary in the business world.

How your product will solve the burning challenges of the consumer in the market will make the ultimate difference. Sell the benefits and not features. Tell your target customer how their life will be changed after they will purchase your product. Consumers want to know the stories behind your product, and not about your product.

2. Identify your Niche Market

You want to start a business with a certain product or a service because you saw an opportunity to make a profit from it. You might have also identified the type of audience. But are you sure that your target audience will be your ideal customer? If yes, where are you going to find this audience? Where is your potential customer and who is it?

Well, make a list of your ideal customer and then make a network through which you can let them try your product or services. You can take their feedback to determine if they are your potential customers.

3. Analyze Your Competition

“Keep your friends close, and your enemies closer”. Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

4. Review Business Model

It is very important for entrepreneurs to make a dedicated section in their business model to check if they are achieving your goals and assumptions. It is very important to review your goals and analyze if your business has made any progress or not? Always make a revised business model. If you think that they are becoming outdated, update, and upgrade them.

Employee training is another thing that you must conduct on a regular basis. Keeping your employees upskilled and upgraded with the trending technology and skills will help you to achieve your organizational goals. You can hire the best corporate trainer to bring in a new perspective and strategies in your company.

5. Update & Upgrade Marketing Strategies

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

Most of the business growth hacks state with a simple idea that emerged in the conversations. These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.