We’re losing business because we’re not getting back to prospects and clients fast enough. We want to be careful that the right person follows up, and that we give out accurate information. All of that falls on my shoulders, and as the owner of the business I’ve got a lot on my plate. Not sure I can afford to add someone else to help me, but also know that if I don’t, we’ll never grow. Not sure who exactly to hire, or how much to pay that person, either. How do I get ahead of this problem?
Thoughts of the Day: Figure out what each new customer is worth. Build in a starting commission plan that incents your new player to deliver results. Use knowing what you want to accomplish this year as a yardstick. Look at what’s on your plate that you can offload to other people outside of sales, so you can focus on training your new sales support person.
A colleague asked if I was interested in buying her company. My curiosity is piqued, but I’m not sure. She says she wants to keep working to help insure a successful transition, and to have income for the next few years. While I’d be open to doing an acquisition, I’m also worried: If she came to work for us what opportunity is there for her to make a living? My gut says she’s considering selling because she can’t make enough money on her own. I don’t want to solve her need for income and leave my company on the short end of the stick. Suggestions?
Thoughts of the Day: Make sure you know what this business does for your company. Negotiate until you’re both clear as to the role can the seller will play in your company. Think about how easy or difficult it would be to take on the business. Can you make money by doing the deal?
I can see how hard it is to hire good people. Got any tips?
Thoughts of the Day: When searching, make sure every tool works well. Use interviews to find out if soft skills are present. Know your culture. Set aside plenty of time for getting to know the candidate. Avoid blamers. Look for drive and ambition.