How much time do we actually spend making money?
We all strive to make more money, but do we have the right structure in place?
This is achieved by increasing our time spent selling to new clients and up selling our existing ones. My experience of working with large and small businesses is that they all find it hard to reduce their firefighting time, often taking out large portions of day to service client queries with little or no financial gain.
To better manage our time we need to:
-Firstly, increase our client’s knowledge of our product/service
-Secondly, set up a realistic standard level agreement
-Thirdly, profile and continually build on our relationship with the client
-Fourthly, understand the true costs associated with acquiring and servicing our existing client’s v the revenue generated from sales.
We all sub consciously prioritise our big spending clients, but are they truly the most profitable? After factoring in the cost of acquiring the client plus long term servicing costs v the revenue generated what number do you come to?
Time management is a hard skill to learn and implement, our hectic daily schedules make it near impossible to concentrate on the tasks we deem most important. The prospect of spinning many plates at once, not getting our set tasks completed and missing important deadlines is a common battle we face.
I leave you with these very important questions to ponder:
-How many of us can honestly say we have the strong balance of client servicing and sales time to increase our profit margins?
-Are we fully aware of the costs associated with servicing our clients compared to lost sales opportunities?
-Do you conduct your business in an efficient and profitable manner on a daily basis?
-How often do you miss deadlines due to lack of time and resources?
-Are your clients over expectant of the service they signed up for?
-Who has most of the power in the relationship? You or the client?
-Do you know your most and least profitable clients?
-Are you targeting the right clientele?
-Are you promoting your business, your services and your products the right way?
Produced by Matthew Scott
Senior Commercial Sales Manager
Email: [email protected]
Mobile: +353 (0)874641388