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Here’s a question entrepreneurs ask me all the time: “What is the best way to compensate a sales person: salary or straight commission?”

My answer is this: How often do you want to train new people?

I’ll admit the answer isn’t exactly black or white. There are a few things you should consider when you hire sales people.

First, how much do you want to (or can you) invest in your company?

Paying a sales person a salary plus commission can feel like a strain on your bottom line. And it can make you nervous about their performance. Maybe even make you question how hard the person is going to work … after all they’re receiving a steady paycheck.

However, the amount of money you invest in a salary can result in an incredible amount of loyalty in return. Sales people who have a regular income as part of their compensation feel like they are part of a company instead of just a contractor. This person is likely to work harder to produce the results you want. They care more about th [...]

Can we talk a little math today?  It's important. 

Too many businesses, either product or service based, still struggle with making a profit.  Not to mention, creating consistent cash flow.  You probably already know that.

I think some of the problem lies in mis-understanding business math.  And, how important ALL parts of the equation are to realizing a profit.

Your profit...the one you get to retire on or use to create your own paradise.  Let me show you want I mean.

Having a business = customers + sales

Having a healthy business = Ideal customers + sales volume that exceeds expenses

Having a wildly profitable business = Ideal customers + repeat customers + new revenue streams + sustainble sales volume that is repeatedly profitable

If the math is that clear, why is this such a BIG problem?

Because most of us focus our business efforts, energy and expenses on "getting" new customers without an equal balance of emphasis on mastering the selling process.  That could look [...]

Did you ever notice that some sales people in certain stores hover?  My husband and I were recently shopping for a specific piece of furniture.  When we entered the store, a woman said hello and started following us around.

The more we moved away from her, the more she took short cuts through the store to magically appear ready to “help”. (it felt more like sell)

We couldn’t get away from her fast enough and yet, she always found some “reason” to be within hearing distance of us.  What we really wanted was some privacy to discuss our options without her waiting to pounce should we give the slightest indication of a buy signal.

Needless to say we got the heck out of there and our ability to think about what we wanted and needed was hindered.  So we didn’t buy anything and haven’t been back since.

Knowing if we give off the right vibe could mean the difference between making sales and losing them.

According to the dictionary hovering means to “wait or linger close at hand in a tentat [...]

It's long been thought that extroverts were more successful at business than introverts.

Not so, according to a new study from the Wharton School. It found that introverted businesspeople outpace their extroverted peers when they're able to lead others who are highly proactive.

There are three easy ways to add flair to your customer pitch without having to be super outgoing, wildly charismatic, or aggressive:

1.  Show your customer  that you "get" them. Do this by listening carefully and being empathetic.

2. Spice up your word choice so they're intrigued about how you can improve their life.

3. Humanize your pitch by helping them understand why you care so much.

I got so much positive feedback about this article, I thought I would share it here with you.

If you are like most of my clients, you are asking yourself, “Where is my next BIG breakthrough in my business”?  Or, you are wondering how to be discovered and noticed by the right customer on a grander scale.  Or, you think what you are doing is great but a little too small for you, you are not alone.

The truth is we are all asking ourselves that question. 

And, I think summer is a great time, while sales are naturally slower, to recalibrate and position ourselves better when the fall comes.

I have seen this cycle repeatedly over my 30 years in big business.  That is why there are a great many summer sales and companies like Apple release new versions of their most coveted products (the iphone) at slower times of the year.  They are outsmarting the cycle and attempting to spark sales when they are typically slower.

I want to challenge you to use this time for something else.  [...]

Can we get real for a moment? (I hope you can hear the emphasis in my voice when I say this!) Since I was at Rock the World, something has been keeping me up at night. I addressed it during my presentation, but I want to say it again:

Business is defined by having money. In fact, it really means to have more than you need. Not less than you need. Not just enough.  More than you need.

Big business thinks breaking even or being broke is highly unacceptable. Instead of hoping to change things, they get into action. Quickly! They rally the troops and the entire organization refocuses itself to turn things around.

So why do entrepreneurs think a constant cash flow struggle is OK?

I work with many brilliant men and women who all have something truly unique to share with the world. The difference between those who skyrocket to success and those who fail to launch isn’t talent. Many of these brilliant and gifted people are broke. I also know plenty of average Joes who have tons o [...]

I’m often asked if there is a magic pricing formula.  Sorry … there isn’t one. 

However, I do have some opinions about pricing and how it should be set with an eye towards profitability.  Profitability means two things.  First, your price allows you to retain a reasonable portion of the money for yourself.  Second, your price should leave you emotionally happy and not feeling any resentment toward your customers about what you are getting paid. 

A lot of entrepreneurs run into a common problem when it comes to price setting: They ask themselves what they think customers will pay instead of evaluating what the result of their product or service is worth. And this method lets entrepreneurs avoid selling. But selling isn’t defined by whether or not your prices make it easy for a customer to purchase.

While this is a popular practice, it isn’t always fruitful.  You got into business to make money, right?  You have to think about your prices as a way to recoup expense [...]

Did you create your Money Map? If so, SELLEBRATE!! If not, be sure to read my last blog before you read this one.

Once you have your map in hand and you start working your plan, you will need to do what most big businesses do: compare your estimated sales to actual sales generated.  OK, I know. Before you roll your eyes ask yourself how committed you are to making that number you wrote down in Step 2 of the Money Map plan.

This step will make the difference between wishing you could make that much and making that much. 

Each month, look at your plan and compare what you planned to sell to what you actually sold.  When you do this, you become mature in the way you run your business.  You start to notice where you are in the overall scheme of creating money.  Even better, you start to find new fruitful ways to nurture your business and overcome slumps. 

Another thing your comparison tells you is where you need to correct your course.  As you examine your numbers, consider [...]