Are your salespeople sabotaging your business?

Saboteren jouw verkopers jouw bedrijf?
BLOG

Are your salespeople sabotaging your business?

If a salesperson does not have the right sales skills, they can potentially talk a customer out of a sale.

Here are seven signs that could stand in the way of a sale:

1. You get objections.

Objections mean that during the conversation you did not give them an opportunity to bring up what are important points for HIM, or that you did not listen when they tried to get more details about certain aspects. Simply stop talking and start listening.

2. You follow your own agenda, rather than theirs.

Follow them. If answers to your questions point in a different direction, follow them.

3. You will be asked for your CV or a testimonial.

This means selling yourself, rather than solving their problems.

4. You have a success score ('closing rate') of less than 50%.

If customers agree to see you after filling in a questionnaire or after half an hour on the phone and more, it is clear they are interested - but you lose them as soon as you actually meet them.

5. You lose customers

You lose customers within the first three to six months of getting them. There can be many reasons for this, but ultimately it is because they are not getting the results they expected.

6. You think your impeding thoughts are real.

"I need to know more! I don't have enough experience. I need to be more! " you say to yourself. You don't win a marathon - or a client - by being more. You win by training more, running more and working harder.

7. You stop following up too soon

After two or three times you give up. Most customers only buy after at least five contacts and as long as they don't clearly say 'no', you can feel free to keep approaching them. The persistent often wins.

A good salesperson makes a difference

Especially in this day and age, it is crucial to build an excellent sales force. Customers know what they want and, thanks in part to the internet, are well-informed and will not settle for less.

Precisely because almost everything can be bought everywhere, a good salesperson can make all the difference. With tact, the right questions and good listening, a potential customer can be guided to the right solution for their needs.

Being skilled at dealing with objections without being the 'pushy' salesperson is a skill that can be learnt where lots of practice and honing is crucial.

How we help

ActionCOACH can help optimise your sales process, can train you and your team in the right 'mind set' and skills to sell professionally and successfully.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

10 TO-DOs to make your business Corona-proof

10 TO-DO's om jouw onderneming Corona bestendig te maken
BLOG

10 TO-DOs to make your business Corona-proof

As an entrepreneur, you have a great responsibility. You have to provide security and lead your team during this period. It is not obvious, but it is certainly achievable. How is your company dealing with the virus and its effects?

Train not only your team in sales, but also your customers

As an entrepreneur, you have a great responsibility. You have to provide security and lead your team during this period. It is not obvious, but it is certainly achievable. How is your company dealing with the virus and its effects?

Based on the figures from the recent crisis, we can conclude that 1/3rd of companies go out of business, 1/3rd survive and 1/3rd come out stronger.

Which part do you belong to? Those who ACTIVELY bet on all possible opportunities now and adapt to market demands will emerge stronger from this crisis. Surround yourself with experts and the right advice!

Here are 10 to-do's to get ahead of your competition!

1. First things first, don't panic

Stay calm and take your time to sort everything out; Read these to do's carefully and then shoot into action. Don't keep thinking for too long and step into ACTION. In any crisis situation, it is also important to communicate clearly what you are going to do. Keep every employee (and your customers) informed of your plans.

2. Don't argue about the facts

It is true that a pandemic is underway, but there are a lot of messages going around via the (social) media. Whatever one says or whatever one does, there is no point in commenting on it.

The focus should be on your business. Many rules will be added or changed and there will always be people who do not follow certain rules.

3. Think of yourself

Your own health is important! Make sure you are healthy physically, mentally and financially. You are responsible for your people and you cannot help anyone if you are not well yourself. Don't underestimate the importance of this! Besides, you wouldn't want to infect others, would you?

4. Do you need to change your distribution model?

During this difficult period, you may have to change the way you distribute. What you sell or what you deliver may also become different. You may even have to deliver the product or service through a different form.

Think of a fitness coach who could now digitally offer a coaching package with videos. Don't wait until the customer has found the alternatives with the competition. Act on this NOW!

5. Change the source of your stock

Need to find products elsewhere than from previous sources? In many situations, the original source for products or stock can no longer offer the quantity or deliver on time. This can be an opportunity to make a change that was actually needed before.

6. What is your weakest link?

Take a step back and look closely at your entire organisation. Where is the biggest issue causing a negative impact? For some, it is the sales. For others, it's making the product or delivering a service and for still others, it's making sure the team is doing the job effectively.

Can modern technology solve this? Or is there another solution to eliminate or reduce this biggest failure point?

7. Financial challenge or financial opportunity?

In some cases, you have the option to finance debt at a lower rate. That means this pandemic could actually still be useful. Refinancing debt at a lower cost is a unique opportunity that could be a huge benefit.

A reduction in cash flow due to slow payments (higher debtors) could mean higher use of debt capital. A disaster like this, or any other situation (e.g. prepared by local or national governments) often releases large amounts of cash to keep the economy stable.

Whether it is a hurricane, a tornado, floods, forest fires or a pandemic, look at finance as an opportunity that is rare, but a definite possibility... at least if you are well prepared.

8. Your team's morale must be high!

People will always continue to buy products and services. Taxes will be due, restaurants will be open and travel will take place, even if it is now in limited quantities.

There may even be growth in certain sectors. Those who do better at marketing and bet on sales, than their competition, will be the winners in the long run. And those who think 'out of the box' and innovate their services will also be rewarded for their efforts.

This is an opportunity to attract customers from the competition to you. You may even need to change your marketing messages to help customers continue to do business with you. You may want to help your customers understand now that this is even a great opportunity to do business with you.

Does this opportunity present opportunities you can use to increase your marketing and sales efforts? Look for the bright spots. There will certainly be some!

9. Stay committed to marketing and sales

People will always continue to buy products and services. Taxes will be due, restaurants will be open and travel will take place, even if it is now in limited quantities.

There may even be growth in certain sectors. Those who do better at marketing and bet on sales, than their competition, will be the winners in the long run. And those who think 'out of the box' and innovate their services will also be rewarded for their efforts.

This is an opportunity to attract customers from the competition to you. You may even need to change your marketing messages to help customers continue to do business with you. You may want to help your customers understand now that this is even a great opportunity to do business with you.

Does this opportunity present opportunities you can use to increase your marketing and sales efforts? Look for the bright spots. There will certainly be some!

10. Proactivity

React quickly. Prepare for extreme situations. How will your business survive if you only generate half your current turnover?

What should you save on first and how do you communicate this to your team without panic? Quick action and communication are key to success (and survival).

Only, make sure you act from a well-thought-out action plan! You're not alone As an ActionCOACH, I can help you properly evaluate the whole process and make the right decisions.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

3 Steps to attract and retain the ideal employee to your company

3 Stappen om de ideale medewerker aan te trekken en te binden aan je bedrijf
BLOG

3 Steps to attract and retain the ideal employee to your company

Have you ever said that you just can't find the right people? Or that when you train them, they leave and even take over clients at their next job? Or that they just don't have a work ethic like you do?

If that is the case, you are like many people we know. Still, why is it so difficult to attract and retain great people?

Until the crisis, we had the lowest unemployment ever in Belgium. That meant that the people you wanted were already working for someone else. You really had to go find them and show them why they should choose exactly YOU.

Those days are sadly over. Ask yourself: Are you treating the recruitment process like filling a position? Or are you instead treating the process like a marketing campaign? And is your company really a company they WANT to work for?

You know how much money and time it takes to fill a position, so let's look at some key aspects to increase your chances of doing well:

1. Who or what?

To search for people for a particular position, I recommend writing three pages on the following topics:

Job content (content)
Start with a page on job content.

What are the responsibilities of the job? Think from A to Z about every aspect of the job content. This is immediately a good exercise for your existing employees. Visit them and have them figure out and write down what they think their top 10 priorities are.

You do the same and then compare the lists. If you notice that they differ, then you have someone who is not sufficiently productive.

The type of person (target group)
Second, ask yourself who is the ideal person you want for the position. Just as you take a targeted approach to finding the right client, you should also take a targeted approach to finding the right employees.

Who do YOU want for this position? Who do they currently work for? Where do they currently live? What education have they received? What personality profile do they ideally have, etc.

Think like you would run a marketing campaign where you also summarise your target audience as sharply as possible. Be as clear as possible.

Expectations
On the third page, write what is specifically expected. Or what logical content looks like in your eyes. This is important for the interview.

That way, you give them a clear picture of what you expect from them during the time they work for your business. Recruiting the right people is not just putting up an ad with 'vacancy: new employee wanted'.

It is about finding the BEST person for that job. It is not about finding people who do not have a job, but finding someone who already has a job.

We don't want someone who just wants any job. We want someone who likes to come every day, be productive, AND stay. It's about de-selection.

2. Marketing

You want to reach people who already have a job. After all, many working people are on the lookout for a new job. Create a web page and you, the company owner or manager, will tell more about the job and its content there.

There is space at the bottom of the page to apply. On this page, also discuss the company's vision: where do you want to go?

Aim to inspire readers. Imagine, you come across 2 job offers and the first wants to become the biggest in their industry and train their employees to be experts.

The other had no vision, which one would you choose? Link this webpage to all social media channels such as Facebook, Twitter, LinkedIn, Instagram, etc.

Share wherever you can - make sure your suppliers, friends, employees and customers can share it. Be a true 'recruiter' and not a 'job poster'.

You will have to do enough marketing to find them. Use Facebook ads if necessary.

TIP: Use a job video for this purpose!

3. Schedule 3 to 5 interviews

Remember, you want them to actually de-select themselves. That's how you end up with the ideal candidate.

Group interview
For the first interview, schedule a group interview. Have all candidates answer these three questions in the group:

1. What are your 3 strongest attributes?
2. What are your 3 biggest success experiences?
3. Why do you think you are suitable for this position?

At the same time, bring in your team to observe them and take notes. They can also mingle with the interviewees, talk to them and get a feel for them. After all, they will have to work with them.

Panel interview
You can also do a panel interview. Each member of your team gets to ask questions. This provides variety and takes the pressure off yourself.

Personal interview
Then plan a 1-on-1 interview. Let the candidates talk and make sure there are at least two difficult questions in the "Tell me about a time you..." section.

Question
Devise questions based on your company's core values and mission. If you have experienced team members not being a match for the company in the past, chances are their core values did not match yours.

Trial day
It is a good idea to give them a job interview - and then immediately invite them to come and work for half or full days.

This will allow them to spend time with you and the team and also give you feedback. You are not alone If it is a high-level position, take an interviewee out to dinner and ask them to bring their partner.

You want to hire someone who can get you where YOU want to go. As an ActionCOACH, I can figure out how to get what you want for your business!

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

6 Indispensable qualities of good managers

6 Onmisbare eigenschappen van goede managers
BLOG

6 Indispensable qualities of good managers

Good management is essential for the evolution of your business results. What employees and employers expect from a manager has changed enormously in recent years.

New management styles are needed now and it is important to help your managers develop so that they are at their best.

Nowadays, there are so many possible styles. You have a hard approach, a soft approach, an approach where there is more letting go, etc.

If a manager is able to build trust with his or her team, retention, productivity and engagement can increase.

I have therefore listed 6 indispensable traits to chart the path to professional management.

1. Top managers do NOT micromanage

Successful managers don't try to lord over every detail. If you are invested in the success of your team, you might fall into the trap of feeling you have to guard every detail.

Micromanaging can undermine employee initiative and damage employee motivation. A good manager can let this go.

Make sure they have a sense of responsibility and also give them a chance to grow in their qualities.

2. Top managers build a work culture of mutual trust

Trust is a key element in professional leadership. After all, productive teams know that mistakes are just milestones on the road to innovation. You need to be open to employees coming up with risky experiments.

3. Top managers have fantastic communication skills

Managers who are excellent communicators are good listeners and give others time to speak. They have a clear understanding of the organisation's vision and share it with their team in a way that motivates them. They also keep their team informed about what is happening within the company.

4. Top managers help develop employees' careers

A management study by Google shows that identifying opportunities for employees to master new skills increases the strength and depth of a team. At the same time, you convey a powerful message that you care about the personal well-being of your people.

5. Top managers can handle pressure well

One of the most important qualities of a manager is being able to handle pressure well. There will be days when you feel you are a target for everything and everyone, and you will be held accountable for the performance of others.

Emotional stability is therefore an essential trait for successful managers. Your ability to take care of yourself and withstand work pressure ensures that you remain clear-headed in times of stress.

6. Top managers recognise and reward good work

Giving rewards and recognition to employees is a golden opportunity for managers that is often overlooked. Employee recognition not only increases individual employee engagement, but it has also been shown to increase company loyalty and productivity. Recognising people for their good work is an extremely powerful message to the recipient and their team.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Are you coachable?

Online verkopen - wat anderen je niet vertellen
BLOG

Are you coachable?

A business coach is like a sports coach. A sports coach encourages an athlete to achieve optimal performance, also offers support when exhausted and teaches the athlete to execute tactics that the opponent will not expect. A sports coach makes you run more than you want to. A sports coach does not mirror things better than they are. And a sports coach listens.

The role of the business coach is to coach entrepreneurs to improve their business through guidance, support and encouragement.

A business coach helps the owners of small and medium-sized enterprises (SMEs) with their sales, marketing, day-to-day management, team activities and so much more.

Like a sports coach, your business coach will let you focus all your attention on the 'game' itself.

"We are Business Coaches, not business consultants..."

What is the difference? It's actually quite simple to explain.

Your ActionCOACH will do more than just tell you what to do. Your ActionCOACH will be there for you when you need it most. As soon as an idea is formed, when challenges come your way and more importantly; when you are not sure what your next step is.

We are there with you every step of the way to help, guide, support and motivate you to achieve your goals. Your ActionCOACH is an experienced entrepreneur who has received world-class training and is supported by extensive international resources.

Together with your accountant, lawyer or banker, your ActionCOACH will keep you focused on your goals, holding you accountable and supporting you through ups and downs.

Our coaching system has proven itself for more than 27 years, with tens of thousands of SME entrepreneurs worldwide in more than 80 countries.

Want to showcase your business in a positive way? Then make sure it continuously evolves with the times. Therefore, regularly ask yourself the following questions:

  • Do our offers still meet the market?
  • What can we do to reach more customers?
  • How can we positively differentiate ourselves from our competitors?
  • What can we do to sell more?
  • How can we make our processes more efficient?
  • What can we do to cut costs?

Continuously innovating your business keeps it flexible and more resilient to unexpected market changes. This makes selling your business a lot easier.

The question now is: Are you coachable?

Circle the mark that best indicates how true the statement is for you at this moment. Add up your score using the total score table at the bottom of this page.

It is essential that you determine whether you are in the place in your life and business where you are coachable.

This index helps your coach and you discover how coachable you are... right now.

The Coachability Test

Fill in for yourself on the scale 1 = Less true, to 5 = More true...

TOTAL SCORE
(add up all the numbers to one total)

14-28: Not very coachable at the moment. Perhaps an ActionCOACH seminar or workshop would be most suitable for you. See our offer here CLICK HERE

29-42: Coachable, but make sure basic rules are followed.

43-56: Coachable

56-70: Very Coachable, ask the Coach to ask a lot of you.

De coachbaarheidtest

Sell business tip 5: Appoint someone as director

When your business structure is in place, your processes are efficient and your team knows perfectly well what needs to be done and can also execute it independently, you can take a step back as an entrepreneur. By appointing someone else as director, you can completely remove yourself from your business.

Thanks to the good functioning of your business with clear responsibilities, there is probably a good candidate to be found in your current team. Now everything is ready for a successful business sale.

By giving the reins to someone else, you achieve a higher level of personal pleasure and financial rewards. This is how you realise the power of true freedom.

Want to get your business ready for sale?

Want to sell your business so you can live the life of your dreams? ActionCOACH helps entrepreneurs and business owners how to get their business ready for sale. With our individual coaching and mentoring programmes, we help you tackle all the challenges successfully.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Learn, do, succeed. Are you a MASTER in entrepreneurship?

action coach
BLOG

Learn, do, succeed. Are you a MASTER in entrepreneurship?

Successful overnight... 

Wouldn't it be great if we learned something and were immediately good at it? Take one piano lesson and you could play Mozart or Beethoven. Take one drawing lesson and you would be able to design a high-end building. Kick a ball once and become a professional footballer.

If it were that easy, everyone would learn something new every day. The truth is that learning requires practice, and practice requires both refinement and repetition. Mastering a skill is often a lifelong journey, even for the most talented among us. 

The human brain consists of two hemispheres. These independent but interconnected parts of the brain help control the human body.  

Think of them as your 'hard drives'. They collect information and store our experiences and images as we learn and grow. This intricate network prompts voluntary and involuntary actions and reactions as we learn. 

Interestingly, people can still function when one side of the brain is damaged, but they will never be as effective again. We have to use both sides of the brain to master any skill. 

Both sides of the brain 

You have probably taken an online quiz to determine which part is more dominant. Those who call themselves "RIGHT BRAIN" are generally more logical and methodical.

Those who identify as "LEFT BRAIN" are more creative and instinctive. Science continues to evolve on this topic. This concept is called neuroplasticity. 

  • Analytical 
  • Logical 
  • Detail- and fact-oriented 
  • Numeric 
  • Probably thinking in words 
  • Creative 
  • Freethinking 
  • Able to see the big picture 
  • Intuitive 
  • Probably visualising more than thinking in words 

Regardless of how you identify, your brain involves both sides when we learn. It has to process information, manage visual input and interpret audio at the same time. Engaging both hemispheres of the brain is crucial for understanding.

Learning a new skill 

When you first start learning a new concept or skill, the two hemispheres of your brain compete for 'power'. Within seconds, your brain starts receiving and deciphering the new information.

This encryption does not always go well and people often experience confusion when learning something new. This is when the right and left sides of your brain conflict over the information because it does not match what you already know. This confusion can shift to anxiety or disruption, which is both unsettling and beneficial to the learning process. 

Disruption

Disruption and confusion force both hemispheres of the brain to work together. This merging of new inputs increases interest.  

This interest or curiosity, if nurtured properly, can translate into deep learning and ultimately lead to mastery.  

But we will not be able to master any new skill unless we practise and act on what we have just learnt. To perpetuate learning, repetition is crucial. Repetition not only helps form connections in memory, it also allows us to make the skill easily accessible.  

You see this in immersive language teaching. Exposure to a language in the classroom is never as effective as using language in a living environment.

In a living environment, you are forced to communicate by trial and error, and if you are successful, you remember the information more easily. The satisfaction you get from learning naturally gives us an incentive to 'repeat' the behaviour.  

In business, we are often rewarded for mastering, or being proficient in, skills. Regardless of how easy or difficult it was to achieve a level of mastery, we strive to duplicate the feeling and rewards as we continue to learn to progress. Learning also has side effects, as can also be read in this article at Inc.com 

Learning makes you happier

Several studies have shown that the more ambitious the goals we set, the happier we are. And when we set our own goals, our happiness does not depend on others.

We choose how many hours we practise, and we take responsibility for what we achieve. Personal development is a way of ensuring our inner peace.

You remain humble

If we want to learn as much as we can, we are less likely to appear arrogant. Real charmers make sure they don't seem the smartest themselves; they make others seem smart. And when people see that you are trying to learn from them, it becomes much easier to be liked.

You become a coach 

As the leader of your organisation, you need to make learning a part of your corporate culture. One way to start doing this is by teaching others what you have learned over time. You want to become such a great teacher that your company can run itself without you. When you have achieved that, you have truly reached the state of MASTERY. 

the more you learn, the more you earn

How much are YOU learning as an entrepreneur?  

As a business owner, you learn at lightning speed because you need to master all aspects of your business. Some skills you learn easily, others you learn through costly mistakes.  

To minimise failure costs, you need consistent and continuous learning. The more you learn, the more you will want to put into practice. Action is the result of learning and without action, information tends to disappear and fade away.  

This is why top athletes practise individual skills, surgeons receive continuing education to learn new techniques and, as entrepreneurs, we need to keep learning to really master entrepreneurship!

First learn, then remove the L

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Who is the best Business Coach in Flanders?

action coach
BLOG

Who is the best Business Coach in Flanders?

Every year, we at ActionCOACH meet hundreds of entrepreneurs in Flanders regarding business growth and business coaching of enterprises.

And because so many business owners know our thoughts and feelings (from this website) about all things 'business coaching', they often ask us who some of the other coaches and competitors we have in the area are.

We never shy away from being blatantly honest with regard to 'competition' and we want our customers to be as informed as possible.

Here is a list of some of the companies with a solid history of business coaching in Flanders.

1. Kurt Vervloet

Kurt Vervloet is a leading business coach in Flanders, specialising in entrepreneurial coaching, executive coaching and as a CEO mentor. With his proven CEO framework, he helps entrepreneurs, managers and business leaders achieve sustainable growth and structure. His no-nonsense approach has already earned him several awards. More information: www.takeaction.be

2. Jarno De Smet

Jarno De Smet guides you in transforming your business. Focusing on companies with up to 20 employees, he teaches you what to do to optimise and maximise your business.

3. Businesslab 

Businesslab deliberately targets small businesses (0 to 5 employees). They learn how to double business profits several times over. They learn about how to create more income and more free time.

4. Carl Van de Velde 

Carl Van de Velde has been a business and entrepreneur mentor since 1996. The courses are for entrepreneurs who want to make a business breakthrough. His company specialises in organising business seminars.

5. Nicolas De Bruyn 

Nicolas De Bruyn is a business coach who has been an entrepreneur for almost 20 years. He addresses self-employed entrepreneurs, business owners, sole traders, directors and company directors who want to grow.

Conclusion

So there are at least 4 companies to consider if you want to engage a business coach in Flanders. All with a different focus and expertise. Inform yourself well and choose what suits you.

Finally, we thought you would like to know more about our Business Coaching capabilities with a no-obligation strategy session so you can experience the benefits for yourself rather than basing this huge decision on a piece of paper or a computer screen.

It is only a 1-hour investment and almost everyone finds it worth the trip.

Let's schedule a moment to help realise your goals!

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

How marketable is your business?

Hoe verkoopbaar is jouw bedrijf?
BLOG

How marketable is your business?

The main reason to start a business might be to sell it one day. It is the way to become really wealthy; buy (or build) businesses, make them further big and then sell them.

In general, you won't really accumulate much wealth if you only have one business. You will have to buy, build and sell a business several times to become truly wealthy.

Ideally, the only time you would want to keep a business should be if you wanted to turn it into a franchise or licensing model. However, this is a completely different situation, with different considerations, processes and requirements.

A good strategy is to hold on to your first business for the passive income it generates while you buy and build your next business. At this point, your first business should be at such a level that it runs successfully without your presence.

This then generates passive income and eases the pressure when selling, allowing you to take your time to find the right buyer and negotiate the best possible deal.

It is important to understand that you need to be a good negotiator if you are going to sell the business yourself. You are aiming for the best possible price and to achieve this, the business needs to be at a point where it is fully 'up and running'. In fact, the buyer can just move in and start earning right away.

Five key factors

There are a number of factors that affect the ability to sell your business and the price buyers will be willing to pay for your business.

These factors are as follows:

Strong consistent cash flow

One of the most important factors influencing the company's sales is its ability to generate a high percentage of repeat purchases. A regular customer base that buys from you with regularity is very valuable.

Owned assets

Here, a potential buyer will look at what assets the company owns. Be it products, registered trademarks, investments, stakes in other companies that are also part of the sale and the physical assets (movable and immovable).

People, processes and systems

Every business needs systems and good people to make sure you have a commercial, profitable business that works without the business owner.

Scalability of the business

The buyer will always want to ensure that the business is scalable so that it can get more value out of the business after the business is bought. If there is no scalability built in, the buyer has bought additional revenue but no future 'leverage' with the acquisition.

Culture of the organisation

This is often an area that is overlooked. Research shows that around 80% of acquisitions fail due to the inability to fully integrate the respective teams into one cohesive operational unit.

Start from the beginning

The key to making sure your business is marketable is to work on the above five areas from the start and develop them over time.

Too many entrepreneurs wait until the moment they want to sell and only then start analysing how 'marketable' their business is.

The reality is that many acquisitions happen when you least expect them. Or when the entrepreneur wants to transfer or sell the business because he or she wants to 'retire' and has never consciously worked towards this.

It is therefore important to work towards a sale with your business from the start. Then you will be much better prepared when a buyer presents itself and you will be able to maximise the sales price.

How we help

The ActionCOACH approach focuses on helping you build a business that can work without the business owner. Our '6 Steps to a Successful Business' model is all about this. In all our coaching programmes - both individual and group - we work with you towards this.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

The 5 ways: a formula for exponential growth

actioncoach
BLOG

The 5 ways: a formula for exponential growth

Entrepreneurship can be learned! At ActionCOACH, we introduce you to the key formula for entrepreneurship. 

We work with "The 5 Ways" formula to exponentially multiply profits in your business.

5 Ways

ActionCOACH shows that there are just five components that can grow a business exponentially: 

  • Leads 
  • Conversion rate 
  • Repeat purchases 
  • Average order size
  • Margins

Leads (1)

Leads multiplied by conversion equals the number of customers. Who or what are your leads? These are potential customers, those who have contacted you. 

Conversion (2)

Conversion is the percentage of leads you turn into customers. These are the ones who have actually bought from you.  

Repeat purchases (3) & Average Order Size (4)

When you then multiply the number of customers by the number of transactions - which are repeat purchases - and the average amount per order or sale, that gives you your total sales, total revenue. 


Margin (5)

If you multiply your total sales by the margins you use, you arrive at your total profit. 

Many recruitment agencies also operate as employment agencies. This way, you can also test an employee to see if they ultimately meet your expectations.

So what about Customers, Profit and Turnover?

People usually ask about customers, turnover and profit. But above, we don't mention them and they are in red in the image below. Why? They are the least important! 

Instead, it is the results of the other five key metrics. The key factors you can work on are the number of leads, your conversion rate, your repeat purchases or number of transactions, your average order size and your margins.

Let's enter a few numbers for clarification (or watch the video at the very bottom of this page for the maths): 

Suppose you had 4,000 leads in your business year last year and you sold to one of the four, or 25%. Then that means you had 1,000 customers in your business. Now suppose they came back twice a year on average to buy something from you.

Some came 100 times, some once and some never again, but the average was twice. We multiply that by the average sales amount. For this example, let's take €100 as the average sales amount.

Doing this sum gives €200,000 in sales in this SME - 1000 (customers) x 2 (repeat purchases) x €100 (average expense) is €200,000 in sales. If we then use a profit margin of 25%, for example, you take home €50,000 profit.  

Now we are going to work on the five factors. We are not going to try to double them, nor are we going to do any hocus pocus. We are going to improve them each by 10% and then by 30%. See the numbers in the image below? Those are rising tremendously. 

tabel

 Now for you, you may be increasing 10% in one area and in another area 20% or 30% or even more... Real results for growing your business are achieved by working on these '5 ways'.  

Let us help you make the 5 Ways work for your business and grow your profits! 

Contact us. 

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

The power of gratitude

De kracht van dankbaarheid
BLOG

The power of gratitude

We all clearly remember our parents or a grandparent saying to us, "What is the magic word? Usually it meant "please". But there is another transnational magic word, namely, "Thank you". Who would have expected simple words to have so much power? Showing appreciation and acknowledging gratitude in others can be purifying.

Since ancient times, philosophers have praised the benefits of living a life of gratitude. But you don't have to be Socrates to understand that being grateful and showing appreciation contributes to overall well-being.

Harvard Medical School states "Gratitude is a grateful appreciation of what an individual receives, whether tangible or intangible" (Health.harvard.edu, 2020). 

Whether thanking you for something a particular individual has done or showing gratitude spontaneously, it is about that ability to live a more positive existence. Further validation in the articles explains: "Gratitude helps people feel more positive emotions, enjoy good experiences, improve their health. tackle adversity and build strong relationships.

Being grateful without intention, however, can come across as insincere and empty. So it is important that gratitude and expressions of thanks become natural and natural to your personality. 

This does not mean thanking people for expected behaviour; it means being aware of critical moments that call you to send and receive the benefits of gratitude. Ask yourself a few check-in questions ... 

  • Do you send a handwritten thank-you note to a colleague, supplier or employee? 
  • Do you keep a gratitude journal in which you commemorate your gratitude? 
  • Do you mediate or find time to be calm and help centre your thoughts and feelings? 
  • Do you actively and mentally show gratitude for accomplishments or goals achieved? 
  • Do you celebrate the small victories and small steps forward in your life and business? 

Different people need recognition in different ways. Find unique and different ways to show appreciation. Customers, employees and family members all need different levels and forms so that gratitude is received for optimal results. 

In times of crisis and as life returns to a new normal, gratitude will be a useful skill and mindset to help us move forward. The fear and uncertainty of the pandemic have led many to forget to be grateful for what they have and instead long for what we have lost.

This becomes the fiction circle. The less satisfaction or appreciation for the new state, the less positive results you will attract.

Finding something to be grateful for when your business is closed, when bills are rising and when the future is uncertain may seem insurmountable. You may have to dig deeper to find little things you are grateful for.

Suspension of bankruptcies and government support for wage costs are both things companies can be thankful for, but like most habits that stick, you have put it into words.

Say it out loud: "I am grateful for the resources available during the pandemic to get my business reopened and restarted".

Becoming more grateful or allowing more grace into your life can have the following results: 

  • Improves well-being, better physical and mental health 
  • Deeper relationships 
  • Improves optimism 
  • Increases happiness 
  • Stronger self-control 
  • Greater physical fitness 


Happierhuman.com also outlines the benefits of gratitude beyond your personal life. Companies and careers can see tangible improvements by being more grateful. Here are a few benefits: 

  • Become a more effective manager 
  • Helps you network 
  • Helps you achieve and maintain your goals 
  • Improves your decision-making ability 
  • Increasing productivity 

Find ways to bring more gratitude into your life. Celebrate the smallest achievements and share that gratitude with those in your circle. Spread gratitude, add a thank you and remember to appreciate life's opportunities to bring you more abundance in return.

 Brad Sugars, the founder and CEO of ActionCOACH, also explored the power of gratitude in a recent Drive Time video:

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.