profits – Bada Business

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/.

6 Things You Must Know About ESOPs Before Signing-up!

Have you come across employee stock ownership plans? Are you being offered one by your organization but are not sure what it is? Whichever is the case this article will tell you everything about ESOPs?

What exactly are employee stock ownership plans?

ESOP is the term that offers employees a chance to have ownership in the firm. It recognizes the best-performing employees and rewards them with an equity stake or cash based on an equity stake. If you have been offered ESOPs in your current organization, it means that the company values your contribution and they wish to make you direct custodians of the company`s long-term growth.

The definition of ESOP was originally introduced in the Companies Act, 1956, which underwent a complete change in the Companies Act, 2013.

There are two types of ESOPs- selective plans and all-employee plans. While the selective plan is only for the senior executives, all employee plans provide the same facility to all employees of the company.

Key Factors you must know before you Sign-up

a). Grant Price- One of the main benefits of getting access to ESOPs is the discount between the grant price and the fair market value, at the time of exercising ESOPs. The lower the grant price, the greater profits you can make while exercising ESOPs.

In the case of startups, the grant price is decided at the face value of the unlisted stock or as value by a Sebi-registered merchant bank. For companies that are listed, the grant price is decided based on the average stock price for a certain period before the issue date.

b). Vesting or lock-in period- ESOPs generally come with a vesting or lock-in period before you become eligible to exercise your option to purchase the stock. The structure varies, depending upon the organization and employee profile. Hence, it is essential to understand what the vesting rules are for the stocks offered to you.

Startups often offer a 1+4 vesting period, which is treated as a minimum period. It maximizes the contribution of an employee in line with the value of ESOPs offered and improves employee retention.

c). Exit Options- When an employee leave the organization before the lock-in period, they lose their right to gain ownership of the ESOPs at the discounted price. If you have vested a certain portion of the ESOPs, they will be held in trust and will be available only after maturity.

However, various myths and facts are revolving around ESOPs need to be addressed. Here are 3 facts every employer and employee must know about ESOPs:

1. ESOP is for Every Organisation

ESOPs are for every organization that is generating profit to support the annual costs of maintaining the ESOP. The profitability of the company is more important than a company`s size. In a profitable ESOP organization, the tax savings alone can be enough to offset the annual costs.

2. Offering ESOPs Does Not Effect Operations

Many company owners feel that after establishing an ESOP, they will have to consult their employees on regular basis regarding the company`s operations. However, the matter of fact is that the management remains in control of the company. Even when the ESOP owns a majority, there is no loss of control of the company.

3. Disclosure of Finances Is Not Required

An ESOP is a qualified retirement plan. Hence, the participants must be provided with the annual statement demonstrating the number of shares and the value for their benefits. No other financial disclosures are required by the organization to its employees who are share-holder.

The companies offer ESOPs to attract more qualified employees. They do it in a phased manner and provide stocks at the end of the financial year to reward their impressive performance.

Many companies startups and companies that can`t provide high packages, offer ESOPs to their employees. We hope we have shed some light on the current trending term- ESOPs.

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