Performance Management Surveys

The purpose for a business to be involved in a Performance Management Survey (Mystery Shopper) is to get feedback on how customers perceive how you really treat them. Having used this program before with other businesses, I have always found this is the best way to learn what we can  improve, that will lead to a direct effect to increasing your bottom line.


Generally speaking most businesses greet people well and handle the enquiry politely, however there are three areas everyone needs to work on to turn the opportunity into a converted customer.

Questioning Skills
Closing the sale
Follow up


So in your qualifying questions, did you show interest in them and ask:

..... for their business card? (Then you know their name…and remember to use it)
Ask questions about their business (possible up-sell opportunities, add on’s etc). If they are looking for a footpath sign why wouldn't you offer them vehicle graphics for example.

Is there anyone else involved in deciding whether your proposal is acceptable?
When were you looking at getting this done? Did you ask them how they found out about you?
Was it the current high profile marketing or were they just walking/driving by and noticed your great signs and came on in? Or, did a satisfied customer tell them they should go see you because you are the best in the business? How do you really know if they came in because they were aware of your current promotion?



So even after doing all this, is our job now done? I mean they only wanted a price after all? They never said they were ready to consider purchasing did they? So after going through the above scenario with a customer and you have got all the right answers why wouldn’t you just happen to ask “would you like us to get started on this for you?
You know  "closing the sale"

It never ceases to astound me how many people think they just wanted a price! As we all know price is just a small part of the buyer’s decision , so this is where your question skills need to make sure that $$ don’t walk out the door to your competition.

Finally, many businesses just give a price and then sit back and wait for the customer to come back to them. If you haven't asked enough questions they WILL NOT have made up their mind!

You will have a much stronger bottom line if you pick up the phone and ask your customers when will they be ready to buy from you! "What else do you need to know before you can make a decision?"


ALWAYS FOLLOW UP!

Performance Management Surveys will identify all these areas and more. Use these reports as a tool to improve on how you are really perceived by your customers.

Greg Longstaff
Business Development Consultant
Franchise Network Specialist
greg@salesmarket.co.nz
+64 021.677.992

Are You Buying A Business?

Craig Weston Inspired Director

If you are contemplating buying a business, there are numerous matters to be considered.

The numbers:

• copies of financial accounts for the last 3 years 
• schedule of sales, on a monthly basis, for the last 3 years
• reasons for any large credit notes processed after 31st March
• trading terms for the business
• recent Debtors' Aged Analysis

People and Systems:

• If you are taking over employees, obtain:
• –  an organisation chart and all position statements
• –  all employment agreements
• –  a schedule of employees’ entitlements
• Is there a systems manual for the business? Is it current?

Who you deal with:

• customers' list
• suppliers' list

IP

• Details of patents, trademarks, trade secrets and intellectual property systems

What and Where:

• methodology for valuing stock
• a copy of the business' lease agreement. 

Check:

• option period
• reinstatement conditions (painting, new carpets etc)
• business uses permitted 
• can the lease be reassigned?

Other issues to be aware of:

• Never sign a contract until you have had legal and accounting advice
• Make sure you are buying the business in the appropriate entity
• Keep full records of everything that is said or given to you by the vendor or vendor's representative
• Do your own due diligence and check all the information supplied to you
• Is the location satisfactory for your business?
• If you would like a copy of our Guide to Buying a Business, please contact Craig Weston.

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Read more, download the full copy of businessforward Issue 51, click here.

Article Source: www.buyabiz.co.nz

Do I really need a Shareholders Agreement?

Lizandra Bailey at Fortune Manning

If you are thinking about becoming a shareholder in a company with others – the answer is usually yes.

Many people think that a Shareholders Agreement is not necessary because they are not likely to have any issues. Well if you use the analogy of a relationship – you may start off in love but when there are issues it can be very expensive to sort them out. In this way you can think of your shareholders agreement as your prenup.

Another reason people think a shareholders agreement is not required is because of that piece of legislation called the Companies Act 1993. Surely that provides the rules that we need? Wrong! The Companies Act 1993 only has very limited provisions which deal with what happens when things go wrong.

A shareholders agreement not only deals with what happens if there is a problem between the shareholders but it can also be helpful for other reasons:

• It can provide a process for the sale of shares by a shareholder – who can a shareholder sell too, must the shares be offered to an existing shareholder and for what value? There may also be a period during which shares cannot be sold.
• Restraints of trade – a shareholders agreement can contain provisions which prevent shareholders from competing with the company both during and after the period during which they are a shareholder.
• Minority shareholders may want to have additional rights – for instance there may be certain decisions which the company can only make if all shareholders agree.
• The shareholders agreement can contain provisions which deal with the company’s future funding requirements – what happens if personal guarantees are required from the lender, who is required to give these?
• Shareholder advances – the agreement can document these, any security that the company provides to the shareholders for the advances and the terms of repayment.
• If the company is obtaining life insurance in respect of its shareholders/directors then the agreement can contain the provisions around the requirements to have the insurance and what happens to the proceeds.
• The agreement can record the agreement of the shareholders in relation to the distribution of profits.
• The shareholders may want special provisions which apply if a third party wants to buy a shareholder’s shares – for instance, the third party can be required to purchase all of the shares in the company if the other shareholders require this (tag along rights). It can also provide that if a third party wants to purchase all
• of the shares in the company than all of the shareholders must agree to sell their shares to the third party (drag long rights).
• Other types of provisions which can be included are call options – where one shareholder has the right to buy another shareholder’s shares or put options which require a shareholder to sell their shares in certain circumstances.
• The shareholders may want to have control over who is going to be a director and the agreement can contain limitations on the rights of the shareholders to appoint and remove directors.
• If a shareholder/director plays a vital role in the operation of the business the agreement can provide what happens when that shareholder/director leaves – do they have to sell their shares? Can the other shareholders sell their shares or require the business to be sold?
• Decision making – the agreement can contain specific provisions as to who makes what decisions.

There is no one sized fits all Shareholders Agreement. A shareholders agreement must be tailored to meet the circumstances of your company. Think of your shareholders agreement as an investment – an investment which could save your shareholders money.

Contact Lizandra Bailey at Fortune Manning if you would like more information about Fortune Manning's Fixed Price Packages for Shareholders Agreements.

Article Source: BuyaBiz