September 2020

Ramon spoke with two money experts — Carol Roth and Tricia Taitt — about how to handle finances and money during COVID-19. If you’re a business owner, then you know first-hand how rapid the changes in cash flow have been.

Did you prepare for something like this? Probably not, but that’s ok! Most businesses didn’t. The below tips should help set you in the right direction if you’re still having a hard time managing your money right now.

The Big Picture at Present

Carol explains that there are multiple small economies happening at once right now, all in part to COVID-19. There are big companies and the stock market hitting all-time highs while small businesses are doing everything they can just stay afloat. Some people are doing really well and are appropriately positioned. They’re providing the services that are in need. And then there are many service-oriented businesses, especially personal services, that are really struggling. They shut down and in some cases they’ve had other issues to contend with as well such as trying to get employees back to work, not seeing the same kind of foot traffic, and having to deal with COVID protocols. 

Money Advice

“You want to be investing when everybody else is scared. You’re going to be greedy when people are scared and then you should be scared when people are being greedy.”

Carol said that many people get it backwards when everything’s going well. But when we’re about to head into a recession, that’s when there is the confidence to get going. And when things go poorly, that’s when they retreat. If you look at the way business cycles happen, that’s doing it backwards. So now is a really good time, as small business owners are very uniquely positioned, to take advantage of the ability to connect with and form bonds and relationships with customers.

Tricia then explained that businesses grow through five stages. They grow from startups, survival mode, where the whole focus is on cash flow. And then they move into a stability mode where they’ll focus on sales and start making a profit. And then they get into a space where they’re focused on maturity and expansion. They’re focused on mitigating risk and protecting the entire business. What the pandemic has done and what the recession did in 2008 and 2009 is refocus everybody back to the cash flow stage. 

The Numbers of It

Tricia told us that CPA’s are overloaded right now, and not just because tax time got pushed back. Besides taxes, many of their clients are coming to them with all kinds of financial questions about PPP, EIDL loans, etc. When there is a crisis, people tend to look at their numbers. When there isn’t a crisis, they don’t look at them at all in many cases. Tricia meets with $10 million businesses that are a mess with their financials. So she encourages people to really lean into the numbers, get intimate with it, and find opportunities to lower costs in a strategic way. 

“I don’t believe that business owners should just look at their bank account or even rule with their gut feelings. I really encourage people to get intimate, even if you feel uncomfortable, don’t put it at arm’s length, don’t run to your CPA for everything.”

For example, if you have a lot of credit card debt, find some zero or some lower interest credit cards. This allows you to pay the minimum for a few months without interest piling up. 

Cash Flow Yoga

Carol introduced us to the idea of cash flow yoga: You take the cash in very quickly, and you put it out slowly. So this means looking at your customers and saying, is there some other way that I can bring more cash into the business? Maybe it’s selling gift cards, special bundles, future services, or some sort of a retainer. Whatever it is, it helps get more cash into your business today. 

People understand that others are struggling right now. Many people who connect with small businesses are happy to show support. They understand the benefit of you being in business over the long run. 

“So you may be able to negotiate better terms, a longer payment cycle, or maybe a discount for paying upfront. And so you shouldn’t be fearful of having those discussions. It costs you absolutely nothing other than a few minutes of your time to ask. And the worst thing that could happen is that they say no.” 

2 Ways to Save Money in Business

Besides looking to create new revenue streams and get cash in the door, you always want to save money. Below are two tips on how to save.

• Many things are negotiable: Tricia reminds us that many things we might not normally think of can be negotiable right now. If you’ve had a long relationship with a vendor, a landlord or a credit card company, let them know.
• Cut the extra: Look at all your recurring expenses and see what’s not needed right now. Maybe your business has changed because of COVID-19 and you don’t need all the subscriptions you’re paying for. Or maybe you have some nice “extras” that you can pause for a while.

There’s a lot more information on this topic, but unfortunately, we could only fit so much into one article! Check out other interviews here.

 

The post Money Management During COVID-19 appeared first on SmartHustle.com.

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Layoffs, furloughs, and cutbacks. You might be thinking that now would be a great time to consider a new career in sales—and you should.

Could you make it in sales? While not everyone is suited for a sales career, it is possible—even if you have to make the transition from a different career. Here is how to successfully interview and land your first job in selling.

Consider it your first sale

You might think that only people who have sales experience will be considered for a sales position. That might be true. But your job, if you’ve never sold anything, is to start selling yourself for this selling position.

Think of your job interview as your first sale. You are the product. Tasks that people perform in other professions are also required in selling: The ability to work with others. Being able to communicate new information. Organizing and controlling activities during the work day.

Come prepared to the job interview

You will be judged on how you prepare for your sales interview. The amount of preparation that you put into your interview will demonstrate your approach to selling. Unprepared candidates are not going to get hired. Knowledgeable, prepared candidates will more likely be judged as having the skills that can transition to successful selling.

Research everything you can about the company—its products, its customers, and its competition. Know whether its industry is in decline or on the upswing. If you’re Googling for information, make it a deep dive and go through 10 pages of Google results. Prepare your questions. Just be sure that what you ask is something you could not have learned before the meeting.

Be able to prove you have selling skills

One question you can ask is what kind of skills the company is looking for in a candidate. You may hear things like flexibility, high energy, a willingness to learn, a person who’s a self-starter. Once you know what the company wants, your work begins.

Your job now is to demonstrate how any relevant experiences you may have translate to the skills they are seeking. One example could be how you enrolled in an online class to learn a skill that would enhance your job performance at the time. Taking the class wasn’t required, but you recognized the need for improvement and that the enhanced skills would make you a better worker. You also took the class at night by rearranging your schedule. Enrolling in the class demonstrates your high energy, your being a self-starter, and your flexibility since you rearranged your schedule. You don’t have to have selling experience to be considered for selling—you just have to be able to prove you have selling skills.

Other Articles From AllBusiness.com:

• The Complete 35-Step Guide for Entrepreneurs Starting a Business
• 25 Frequently Asked Questions on Starting a Business
• 50 Questions Angel Investors Will Ask Entrepreneurs
• 17 Key Lessons for Entrepreneurs Starting A Business

Act like a successful salesperson

Successful salespeople are great listeners, so during your interview demonstrate that you are a good listener. Asking for clarification of a question demonstrates this. Don’t assume you know what the interviewer means by certain questions. “Tell me about yourself” can be answered a lot of different ways. Answering with “Would you like to know more about my business success or something else?” shows you want to give a targeted answer. It shows you are listening.

Arriving at the appointment 15 minutes early is another way to demonstrate you may have the skills to be a successful salesperson. Bring a folder, portfolio, or something that looks neat to hold your list of questions. You could also have your questions on a tablet or cell phone. With your list of prepared questions, you want to demonstrate that you are organized and you can efficiently and effectively handle a sales call.

I also like to end each sales meeting with this question: “Was there any question that I should have asked that I didn’t?” Here you sometimes will learn some piece of useful information; other times, you will hear, “No, you have asked all that I can think of.” Either way, this shows you were prepared.

Should you be in sales?

Sales is a fabulous career. Too many people have misconceptions about selling so they won’t consider it as a likely career choice. Selling is about helping customers make great buying decisions—it’s not about manipulating and coercing people. And you can prepare yourself for a sales career. What’s stopping you now?

RELATED: Why More Women Should Consider Careers in Sales

The post Ready for a New Career in Sales? How to Ace Your Sales Job Interview appeared first on AllBusiness.com. Click for more information about Maura Schreier-Fleming. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

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