Hiring the Right Salespeople
Training for Results
The Fundamentals of Organizing Your Sales Force to Maximize Results
Introduction to Effective Compensation Packages
The Basics of Sales Planning, Forecasting, and Expense Budgets
THE PROVEN FORMULA
Successful entrepreneurs understand the importance of targeting, differentiation and market segmentation. They are able to focus resources and customize their offering by understanding where their firm has an easily definable, quantifiable, competitive advantage which allows them to create customer switching costs and competitive barriers to entry.
Successful entrepreneurs are agents of change who take advantage of change, manage change and change people�s behavior. Successful entrepreneurs are innovators who see every problem as an opportunity.
The proven formula for success demands that the entrepreneur target customers, differentiate products and services, segment markets, manage change and create an efficient, effective marketing and sales strategy to reach target customers at a cost which represents a proper percent of the sales dollar.
The proven formula for entrepreneurial success involves pricing products and services at what the market will bear based on competitive advantage in features, benefits and image; and also the type of customer and product being sold. Are the customer�s leaders or followers? Are the products homogeneous or heterogeneous?
Successful entrepreneurs properly plan and manage the financing of their enterprises by accurately analyzing the amount of money required over the next five years, the best sources, and for equity funding the rounds involved.
Successful entrepreneurs institute proper controls and measure the proper metrics. We manage what we monitor and the entrepreneur must decide the key control points for his or her business. Key control points include monitoring sales forecasts, contribution margins, labor utilization rates, line item expenses, accounts receivables, quality control, customer and employee satisfaction.
The proven formula for success involves selecting and implementing information technology which makes the entrepreneurial firm look larger and act competitively. Technology allows the smaller firm to seamlessly integrate with larger customers and reduce head count.
The proven formula for success involves leveraging limited human and financial resources which includes cross training of employees, contracting out select functions which can be performed better and less expensively by third party providers and using appropriate performance pay to reward superior results of key employees.
The proven formula for success includes operational excellence. Sales are made on the �street�, but profits are made from "operations". In creating operational excellence the entrepreneur must examine each step in the process between first customer contact, delivery of the product or service and after delivery expectations. The entrepreneur must consider what he/she can do at each step to lower costs, plus increase customer and employee satisfaction.
Successful entrepreneurs must be able to act, implement, execute and take risks. For entrepreneurs good analysis is important but correct action is essential.
From "Entrepreneurial Management, The McGraw-Hill Executive MBA Series" by Robert J Calvin