The Levels of Selling

The different levels of selling a product or service What you sell and the way that you sell often determine whether a person or another business will buy from you. When it comes to selling, especially to businesses, there are four levels, the first three of which on their own usually risk delays in decision-making and sometimes complete failure to buy.  By ensuring you do not ignore the fourth element you will increase your chances of success.  The first three alone are not enough, including the fourth almost always works – for both parties. Here they are: Selling your company. You attempt to convince the customer to do business with you because your company’s management is so smart, based upon executives biographies and the business successes they’ve had in the past. Potential Effect: The customer thinks: “Right, these guys have a track record but are a bit full of themselves.” Selling your products. You attempt to convince the customer to buy your products because they have valuable features and functions that are obviously superior to the features and functions available from your competitors. Potential Effect: The customer thinks: “Hmmm…, what does that mean to me, do I need these features, what will they do for my business?” Selling a solution. You work with the customer to uncover and clarify problems. You then propose a customized solution that can solve those problems, based upon the products and services you provide. Potential Effect: The customer thinks: “Okay, but is this a priority right now – have we really identified the pain?” Selling results. You show the customer the benefits of how you can help them to address their pain; for example, achieve their financial or market growth goals by making them better able to sell to, and provide support for, their own customers and potential customers.  Think about the benefits that a commercial relationship can bring to the customer, starting immediately. Potential Effect: The customer thinks: “Great! How soon can we start?” By combining all four levels of selling we will ensure that we put across our credentials AND address the customer’s pain by demonstrating the results they can achieve with the help of your products and...

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Lots of interesting news in our Autumn 2016 Quarterly Tax Update

Chorus Accounting – Tax Newsletter – Autumn 2016

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Purpose Drives Profit

Businesses with A Strong Sense of Purpose Are More Successful Want to make more money? Make sure your employees feel like they’re working for something greater than just profit. You may have already noticed that companies with a clear sense of purpose do better than those without one. A study from Deloitte confirms it: organizations that focus their energies beyond pure profit do better than those without a “culture of purpose.” And yet, the survey also reveals that most business owners, managers and employees think that businesses aren’t doing enough to create this kind of culture. Furthermore, a survey of the most profitable UK companies revealed that they did not actually set out to be the most profitable – to paraphrase, they simply had a purpose to be the very best that they could be, in all areas of the business, and the profit followed. The Deloitte survey, which sampled 1,310 adults, found that 90% of people who believe their organization has a strong sense of purpose also report a strong financial showing in the business over the past year. They also report high employee and customer satisfaction. Only 65% of respondents who say they work for an organization without a strong culture of purpose report a good financial performance in the company. Customer satisfaction is relatively low (63%) and employee satisfaction is dismal (19%). There’s a disconnect, though, between how employees and managers view their organizations. While 64% of owners and senior managers believe their company has a strong sense of purpose, only 54% of employees think the same thing. Just 59% of employees think that their company’s business strategy goes hand-in-hand with providing products that are good for society–but 73% of executives share that belief. “The disconnect is that there is a difference between intent and actual execution. It’s not just enough to talk about a culture of purpose,” says Punit Renjen, Deloitte’s chairman. Dunder-Mifflin, the fictional paper company portrayed in The Office (RIP), is the perfect example of a company without a culture of purpose. Employees are directionless, managers provide no mentorship, most workers are apathetic about the product they’re selling, and they don’t do much for the community. Deloitte, believe it or not, thinks it has a strong sense of purpose–and that it creates a meaningful impact for clients, the investing public, and the surrounding community. “For clients, we’re helping them achieve the goal they’ve...

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Mental Preparation

Mental Preparation It’s the Rio Olympics this summer, so here’s a sporting analogy which can definitely apply in any business situation: Scenario 1 Richard spent 20 minutes stretching then got in the water for an easy warm up followed by pace work. He is now adjusting his goggles waiting to be called up to the blocks. He has reminded himself of his hard work in training so his confidence is high. His focus is on exploding off the blocks, maintaining his stroke rate and holding his streamline on turns. He is in lane 1 but doesn’t care because all he is thinking about is HIS race and what he needs to do to have a great race. Scenario 2 Michael spent 20 minutes stretching then got in the water for an easy warm up followed by pace work. He is now adjusting his goggles waiting to be called up to the blocks. He trained hard all season but questions whether he did enough to prepare himself. He is in lane 1 but is worried about swimming well from there because he needs to keep an eye on Roy, who is in lane 5. Roy beat him last month and he doesn’t want it to happen again. He is so anxious about winning that he can’t seem to remember HOW he is supposed to swim. In comparing Richard and Michael, it seems that both are physically prepared to race. They have trained hard all season and have readied their bodies to race by going through their physical warm up. Are both going to race well? NO THEY ARE NOT. While Richard is both physically and mentally prepared to race, Michael has not taken control of his mental preparation. Put another way . . . when a swimmer steps up on the block to race both his body and mind are with him. When I last checked, we hadn’t figured out a way to disconnect the mind from the body. Because of this, athletes had better make sure both their body and mind are prepared to race. And, guess what… The same need for mental preparation applies to everything we aspire to do or be. “Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.” Thomas Jefferson, 3rd US...

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Problem-Solving and Decision-Making

Solve Problems and Take Decisions Decision-making is a key management task which, for many of us, is approached in many different ways across the full range of business and management functions.  We do this almost every day – sometimes problems can be solved simply and decisions taken in a straightforward way against well-defined procedures, experiences and criteria. Occasionally, however, owners and managers are required to show their leadership qualities in tackling serious problems and taking significant decisions which have an impact across their whole business. Here is a series of steps which you can take to help solve problems and arrive at well-thought-out decisions which cover most of the angles and approaches. It also acts as a checklist to ensure you have taken everything into account as you work your way through to a successful outcome. 1. Recognise and assess problems 2. Agree the decision objectives 3. Understand the problem 4. Identify options 5. Evaluate options 6. Make recommendations 7. Make a choice 8. Check your decision 9. Communicate the decision 10. Implement the decision 11. Monitor progress 12. Evaluate/measure results over time How effective is your decision-making process?  How good are you at solving business problems?  Why not share your experiences and methods, especially if you have a technique which works particularly well for...

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Business Finance Jargon-Buster

Financial terms and ratios – a layman’s guide to the jargon These definitions are for the most commonly used UK financial terms and ratios and may help to break down the mystique around the language of business. They are based on UK Company Balance Sheet, Profit and Loss Account, and Cashflow Statement conventions. Certain financial terms often mean different things to different organisations depending on their own particular accounting policies. Financial terms may also have slightly different interpretations in different countries. So as a general rule for all non-financial business people, if in doubt, ask us for an explanation – you may be the only one to ask, but you certainly will not be the only one wondering what it all means. Don’t be intimidated by financial terminology or confusing figures and methodology. Always ask us for clarification, plus you will find that most financial managers and accountants are willing to explain. Here at Chorus Accounting we’ll be happy to assist with any queries you may have. The following list is in alphabetical order and is not exhaustive – please let us know if there are more terms you would like explained. annual accounts Your company’s annual accounts – called ‘statutory accounts’ – are prepared from the company’s financial records at the end of your company’s financial year. You must always send copies of the statutory accounts to: • all shareholders • people who can go to the company’s general meetings • Companies House (unless you send abbreviated accounts) • HM Revenue and Customs (HMRC) as part of your Company Tax Return You have different deadlines for sending your accounts to Companies House and your tax return to HMRC, but you may be able send them at the same time. Statutory accounts must include: • a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year • a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year • notes about the accounts • a director’s report You might have to include an auditor’s report – this depends on the size of your company. The balance sheet must have the name of a director printed on it and must be signed by a director. Your statutory accounts must meet either: • International Financial...

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