Become a More Impactful Veteran Business Owner by Learning Sales Acceleration Strategies
Center: Drayton Florence Co-founder of National Invest In Veterans Week
If you are a veteran small business owner needing to increase revenues for your company this year significantly, it is imperative you strategically approach growth. If you're going to accelerate your company's profits this year, integrate the following five simple steps into your sales plan-of-action.
Assess Team Strengths
The first task you must complete is to assess the individual sales strengths of your current team members. Understand which team members excel at customer interactions and which ones are superior product specialists. Develop detailed reviews of your employees to understand better your staff members' overall sales strengths (and weaknesses). Don't forget to review your management team's sales strengths as your employees likely look to management to lead by example.
Review Performance Environment
Once you have assessed the sales strengths of your team, review their past performance. Discover who was on your payroll during exceptionally good sales years and who were the culprits when sales declined. When you review your team's past performance, you get a clearer idea of which attributes lead your team to sales victories and which ones caused morale to decline. By assessing team strengths and reviewing past performance, you get a better overview of where your small business team currently stands in terms of its ability to increase growth rates.
Analyze Competitors
The next simple step in developing a sales acceleration strategy for your small business is to analyze your competitors. Are there local competitors nipping at your brick-and-mortar sales? Are e-commerce behemoths like Amazon, Walmart, and Alibaba annihilating your online sales? The more energy you put into learning your competitors and the tactics they are using to acquire customers, the better prepared you will be to use those same strategies to grow your small business.
Create Buyer Personas
Creating buyer personas is essential if you want to increase your small business' sales rate this year. You might assume you know your customers well enough that there is no need to document personas for your customers. Nothing could be further from the truth. Creating buyer personas for your small business isn't just about getting to know your customers better. Creating small business buyer personas helps you identify your ideal customers and discover opportunities to connect with potential brand loyalists for your small business.
Review Marketing Initiatives
The final step in creating a sales acceleration strategy for your small business is to review your marketing initiatives to date. Which tactics are you using to grow your company, and which tactics have proven to offer a worthwhile return-on-investment? Combine the data you get from analyzing current and past marketing initiatives with the data you accumulate from analyzing your competitors' growth tactics.
Keep these strategies in mind to increase the impact of your veteran owned business.
