7 Stages of Stagnation

September 24th, 2012

Businesses do not start to fail all of a sudden. Especially those firms that have found success over the years. Often, when a business starts to shrink or become less relevant it is more like a death of a thousand cuts.

Sometimes, this is only apparent in retrospect as often, while you are in the middle of all the activity, there is so much fire-fighting that one doesn’t always have the time to step back and analyse why business is declining.

When the ship starts talking on water, morale is generally lower, it’s hard to feel good and remain proud of a company on its way down. Typically, your best performers will pick up the signs earliest as they are more attuned to the success of the past. They may be more invested in the business being a great company and more sensitive to its current lack of growth. Part of who they are requires them to feel successful and to be associated with a successful business.

Should the declines continue, they may be among the first to brush up their resume and call their favorite recruiters.

What signs are there that the business may be starting to stagnate?

Look out and listen for these warning signs, when staff or management say things like:

  1. 1.   We’ve never done it that way.
  2. 2.   We’re not ready for that yet.
  3. 3.   We’re doing ok without it?
  4. 4.   We tried it once and it didn’t work out. I actually heard a Branch Manager telling Corporate that very statement when he was referring to sales, as if sales were an event, not a process.
  5. 5.   It costs too much, we can’t afford it.
  6. 6.   That’s really not our responsibility; and lastly
  7. 7.    It will never work.

If you hear words or thoughts such as these, it sounds to me, like you’ve got some co-workers, management or new hires that have excused themselves from all responsibility as if their actions couldn’t possibly have any impact or that there is no solution to the decline and they just have to stay afloat until general economic tides will raise all ships including their own.

These are serious warning signs and if these attitudes prevail what direction would you expect the business to take?

 At a certain point, you may have to take actions to preserve your job and your future if no one at your firm is prepared to take some bold steps toward improvement of the status quo.

 For more information on Staffing M & A or a complimentary confidential discussion, contact:

 Bob Cohen at 416-229-6462 or Sam Sacco at 910-509-0691. We can also be reached at bob@racohenconsulting.com or sam@racohenconsulting.com.

 Sam and Bob have successfully completed over 135 staffing industry transactions.

Visit our website for more articles and information a:  www.racohenconsulting.com

 

6 Interesting Sales Factoids

September 17th, 2012

If you are involved with selling to new or existing customers here are some interesting statistics that have held virtually constant for 3-4 decades now.

  • 80% of all sales are made after the fifth call
  • 48% of all sales people give up after the first call
  • 25% of all sales people give up after the second call
  • 12% of all sales people give up after the third call
  • 5% of all sales people give up after the fourth call
  • 10% of all sales people keep calling after the fifth call

 And to those persistent 10%  of all salespeople, go 80% of all sales.

 Why do we expect that prospects should buy from us after meeting us a few times? Then we give up if they don’t buy right away, thinking we are wasting our time and theirs.

 When you are buying something, wouldn’t you want to know that the sales person was committed enough to you and the business you can give them, to come back consistently and show some patience to earn your confidence and trust?

 To show some reliability and determination, to earn your business. Would they value it as much if they didn’t have to earn it by gaining your trust? There a lesson here, don’t give up so soon, hang in there for the rewards you seek.

For more information on Staffing M & A or a complimentary confidential discussion, contact: Bob Cohen at 416-229-6462 or Sam Sacco at 910-509-0691.

 We can also be reached at bob@racohenconsulting.com or sam@racohenconsulting.com.

 Sam and Bob have successfully completed over 135 staffing industry transactions. Visit our website for more articles and information at:

www.racohenconsulting.com

 

5 Growth Strategies for your Business

September 10th, 2012

Here are a few tried and true strategies to help your business grow.

Each will require an action plan to implement in order to achieve your goals, however, it doesn’t have to be elaborate, it just has to be measured at regular time periods to see if you are on target and if not, to help the person (s) that are responsible for taking those steps that are holding the plan back.

1.  Expand what you are presently offering in your present location.

2.  Introduce new lines or sectors of business in your present location. It could be a speciality or niche you can develop and be known for in your industry.

3.  Expand geographically-take what you are doing to new, nearby locations, preferably send a trusted and valued employee from your present operation to get it started properly, in your style and culture.

4.  Acquire smaller culturally adaptable firms to expand at your present location or to open new territories for your business.

5.  Merge or sell to a larger firm who has already made the investment to expand their infrastructure as long as they do business in a way you and your staff will be comfortable with implementing.

Clearly, there are a lot of ways to grow your business; here are just a few suggestions. Enjoy the growth!

For more information on Staffing M & A or a complimentary confidential discussion, contact:

Bob Cohen at 416-229-6462  or  Sam Sacco at 910-509-0691.

 We can also be reached at bob@racohenconsulting.com or sam@racohenconsulting.com.

Sam and Bob have successfully completed over 135 staffing industry transactions.

Visit our website and check out the Resources Tab  for more Blog posts, articles  and archived Newsletters:   www.racohenconsulting.com