Business121 Small Business Newsletter #31

In this week's Business121:

1. 7 Tips to remove the fear and failure from cold-calling
2. How to find out people's business secrets
3. 50% of small businesses hire without seeing a full CV
4. One in three companies do not confirm their credit terms in writing
5. The secret to securing a start-up loan
6. New Business Link guide - Improving your Business Performance
7. Get £250 for filing your PAYE Return online by 19th May Deadline
8. Small business ignored by Blair in cabinet re-shuffle

7 Tips to remove the fear and failure from cold-calling
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Most small businesses tend to operate with a pretty meagre marketing budget. So with little money to spend and big sales targets to reach, every small business owner is looking for ways to generate sales at low cost.

One of the most effective ways to drum up new business for very little investment is to, "directly contact potential customers".

When you put it like that, it's hard to work out why every small business isn't eagerly "directly contacting potential customers". But when you phrase it as "cold-calling" the penny suddenly drops.

When it comes to cold-calling most people are beaten before they even pick up the phone. Their dislike - even fear - of making an unsolicited call means that they're in a negative mindset and have virtually convinced themselves that they will fail.

To make sure that you don't fall into this trap, here are 7 tips to help you to take the fear and failure out of cold-calling;

Get your mind right first
The most important aspect you need to get right is your mind. Have confidence in yourself and your product. Try visualising yourself making the sale as you're dialing. This can help to focus you on the goal and to give you that extra bit of confidence. I actually make most of my calls standing up because I find it gives me a little bit more 'stature' and confidence during the call.

Research your prospects
Find out as much about your prospect as possible before you call. This knowledge will help you to create an interesting and personal opening statement.

If you've gone to the trouble of doing some research it will be much easier for you to engage with your prospect and they will be impressed by your knowledge and professionalism.

Your opening line is your most important
Your first statement is crucial - get it right and you'll immediately 'hook' your target, get it wrong and it's almost impossible to recover. Work out what would get your target's attention and interest and develop an opening that focuses on these. In time, you'll find out what works for you and your market.

Never open with an apology for calling, this immediately puts you in a subservient position, from which it's impossible to gain control over the conversation. Remember, your time is as valuable as your prospect's.

Prepare 'scripts'
You should prepare a variety of 'scripts' for your calls. Before you call write down a list of possible questions and objections you might encounter and spend some time preparing good answers that address these positively, for example, by highlighting a lesser-known benefit of your product.

You shouldn't read from your scripts 'parrot-fashion' but knowing that you have a ready-made answer for most questions and common objections will put you in control of the situation and give you that little bit more confidence.

Focus on your immediate goal
Don't have unrealistic expectations of cold-calling. You'll very rarely make a sale on your first call. As a general rule the bigger the cost the longer the decision-making process.

Your initial cold-call needs to focus on achieving a realistic goal, such as qualifying the prospect and seeking permission to send a sample or more information with an agreed follow-up.

Listen
If you've prepared properly, you could talk for hours about your product, but that's a sure-fire way to failure. Remember, you should be listening more than you're talking.

Use the conversation as an opportunity to learn more about your prospect and what's important to them. You can then feed this information into tailoring future conversations and proposals with this potential customer.

Don't take things personally
If a call doesn't go to plan. Don't worry about it and don't take it personally. If somebody is rude or dismissive to me, I simply put it down to the fact that they're having a bad day, and move on.

Finally, if you'd like to get some face-to-face coaching on how to cold-call confidently and successfully, make sure you come along to our Sales for Non-Salespeople workshop on Saturday June 3rd; http://snipurl.com/_Sales_Training_Day

As well as cold-calling, the workshop gives you intensive coaching on all aspects of sales. You'll learn everything that's involved in making a sale, from the initial contact to negotiating and closing the deal.

If your sales are falling short of where they should be then Sales for Non-Salespeople will help to get you back on track.

If you have any questions about the workshop, simply call Rebecca Sutherland on 0207 702 3003 or email rebecca.sutherland@naturaltraining.com and she'll be pleased to help you.

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How to find out people's business secrets
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If you want to find out what your competition would rather you didn't know, read these handy tips;
http://snipurl.com/get_competitor_info

50% of small businesses hire without seeing a full CV
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A survey of small and medium sized businesses has revealed that almost half of firms do not insist on seeing a proper CV before hiring a new member of staff. By doing so, you are risking costly and embarrassing tribunals by failing to ask for even the most basic documents before hiring new staff;
http://snipurl.com/_no_CV_for_half

One in three companies do not confirm their credit terms in writing
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Small businesses are being urged to spring clean their credit management procedures. By not agreeing terms up front, you are putting your cash flow at risk of abuse from late payers;
http://snipurl.com/agree_credit_terms

The secret to securing a start-up loan
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Every week hundreds of would-be entrepreneurs meet their bank managers in the hope of getting a loan to start a business. Only about half of them succeed. So how can you tip the odds in your favour? This great article from Times Online gives you 10 top tips to getting your new business startup loan;
http://snipurl.com/startup_loan_10_Tips

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SMALL BUSINESS NEWS
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New Business Link guide - Improving your Business Performance
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Business Link has launched a new guide, Improving your Business Performance, aimed at helping businesses meet their goals and achieve success;
http://snipurl.com/business_performance

Get £250 for filing your PAYE Return online by 19th May Deadline
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HM Revenue & Customs (HMRC) is reminding employers that they must file their Employer's Annual Return by 19th May 2006, and can do so online. You can also claim £250 tax free for doing so!
http://snipurl.com/_file_online_get_250

Small business ignored by Blair in cabinet re-shuffle
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The FPB has reacted angrily to the Prime Minister's cabinet reshuffle, which once again snubbed small business;
http://snipurl.com/_reshuffle_anger

** For the latest Small Business News, visit http://snipurl.com/Bytestart_News **

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(c) Business121.co.uk 2006