Does your company invest in business development? By the way, do you know what commercial development is? We can summarize the strategy as a set of actions designed to optimize processes and offer customers a high quality service.
Therefore, actions with this focus can be present in all stages of the sales funnel, from marketing to after-sales.
If you are interested in the subject and are looking for tips to incorporate best practices into the company's routine, you've come to the right place.
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Throughout this article, you will find out in detail what business development is, 5 ways to insert it into operations and a bonus tip to maximize results in the company. Good reading!
What is commercial development?
Commercial development is a strategy whose essence is the continuous improvement of the sales force. For this to be possible, companies need to carry out multidisciplinary work, involving professionals from different areas.
In general, a business development team is composed of:
Every professional plays an important role in business development. While leaders identify opportunities for improvement and prepare their teams to incorporate new processes and tools, HR is responsible for providing training and updates.
Likewise, the IT and marketing sectors support the feasibility of strategies, whether by acquiring new software or designing a new system, or by preparing support actions and dissemination of new practices.
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How to put commercial development into practice? 5 steps
As an intrinsic strategy to the sales force's routine, commercial development can be seen in several activities of the company. See some moments in which it is possible to identify commercial development policies in companies.
1. Reformulation of internal processes
Paying attention to how processes are carried out and showing openness to their optimization or modification is one way of putting business development into practice.
Companies with mapped and available processes are more likely to perform better in sales than others. This is because the processes act as guides for the team.
So, if a company is constantly looking for business development, monitoring the team's modus operandi and periodically reformulating them are fundamental activities.
2. Commercial team development actions
Betting on training for the sales team and their leaders is, without a doubt, a way to put commercial development into practice.
According to the Selling Power portal, providing sales training can help increase teams' success by up to 29%. Is it or is it not an effective way to promote business development?
In addition to reinforcing operational practices (so-called hard skills), behavioral training, mentoring and lectures are excellent opportunities to develop soft skills. This is the name given to personal skills and competences that can be used in the work routine, making the performance of professionals differentiated.
Here are some examples of the skills of high-performance sales professionals:
3. Adoption of new technologies that integrate areas and optimize routines
Including new technologies in the routine is a way to bring constant commercial development to the company. This is because the designed solutions streamline processes, integrate sectors and directly impact the quality of service offered to customers.
CRM and ERP are some examples of technologies and tools that have come to revolutionize commercial routines. While CRM (Customer Relationship Management) helps manage the customer base and helps manage the sales force and business, ERP (Enterprise Resource Planning) is a set of unified software that manages the organization's processes as a whole. His focus is on resource planning and how to increase the efficiency of these processes.
4. Encouraging internal collaboration and working in partnership
Integration between sectors is one of the trends of companies that bet on commercial development to leverage their businesses. And this is directly linked to the value given to the customer experience.
Consumers can no longer stand to find disconnected services in the company and, for them, repeating information over and over again to get an answer is a nightmare.
To get around this obstacle, companies have found internal collaboration a powerful tool to offer more synchronized and complementary services. According to the Resourceful Selling portal, 91% of companies with exemplary performances use collaboration between all departments to close large contracts.
With synergistic teams and with the help of good tools (such as CRM, which we mentioned above), it is possible to manage the consumer's journey in an integrated way, accessing their interaction history and understanding what they want without a constant need for repetition .
5. Experiences with new work management formats
The digital transformation presented us with a true revolution in work models. With the new coronavirus pandemic, incorporating digitization into the routine has become imperative for many companies.
And, despite representing an initial blow to many corporations, the new work models imposed by the need for social isolation also accelerated some ways of achieving commercial development, such as:
How to invest in your company's commercial development?
Throughout this article, you noticed how business development can be present in different activities of a company, right?
Investing in continuous improvement in a broad and organic way is, without a doubt, one of the great secrets for business growth.
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Everything that is boring and repetitive, bothers you when doing it. We postpone, procrastinate, leave it for later...
But in the case of financial control of a company , this is an even more serious mistake than in relation to other tasks.
If you don't really enjoy this type of activity, it's no use complaining: if you want your business to prosper, you'll have to learn how to control a company's finances.
Prepared?
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Rest assured: we will show you that this job can be less tedious than you might think (in addition to being fundamental to your success).
Learn more: Adopt a financial control program now and stop losing money
How to do financial control of a company in a practical way
1- Annual budget
Does just hearing that name make you want to run?
Hold tight! Who said that entrepreneurship was a piece of cake?
The advantage of making an annual budget is that some monthly expenses that we think are "insignificant", such as R$ 50.00 for an extra landline, or R$ 30.00 for a few more megs in the data plan, if transform into R$ 960.00 in one year.
This helps to get a better sense of expenses that can be cut.
So, set up a 12-month spreadsheet and write down all your average monthly expenses for each item.
One way not to forget anything is to pull a statement from your checking account and write down all the payments on the spreadsheet.
Don't forget about other bills, such as taxes, salaries, rents and everything in between.
Entrepreneurs often have a fright when they see how much they need to earn per year just to tie the game.
This first step will open the eyes of many people!
2- Cash flow
Yes, you will create another spreadsheet, but this time, in addition to expenses, you will also include your income.
But it's not to make a year-round spreadsheet, just like that.
Start with the first month and write down everything that goes in there, on the date it should be paid, and everything that goes out of the box as well.
If you do it right, you'll always know how much you're coming in and how much you need to pay your bills. If the difference is negative, it is a sign that something needs to be done.
On this link you will find a Cash Flow Spreadsheet Template prepared by SEBRAE
See also: Find the best financial manager for your company by answering 7 questions
3- Working capital
There are several financial indicators of a company . But one you always need to keep an eye out for is working capital.
Many entrepreneurs who want to learn how to financially control a company are a little confused by this concept.
It's right: it is really complicated…
Working capital is a cash reserve that you need to have in order to pay your bills while you haven't received it from your customers.
After all, most sales are made on credit or credit card.
I'm sorry to inform you, but to find out, you have to do some pretty boring accounts.
First, you add up all the resources you have available to spend, such as cash, the balance of current accounts, financial investments that you can withdraw in the short term and accounts receivable.
Then you determine what you have to pay in the short term: suppliers, water bills, energy, rent, salaries, loan repayments and more.
The difference between these two sums is working capital.
If it's negative, it means you'll have to take out loans to keep your business going.
4- Indebtedness
There is no way to control a company's finances without thinking about how to finance your business.
Contrary to what many people think, it is not always bad to raise capital to make your business grow.
If so, no angel investor or investment fund would lend you money to set up your startup , do you agree?
The problem is when it turns into a snowball.
So keep an eye on working capital, which we mentioned above.
When you realize that it is increasingly difficult to keep you positive, take cost- cutting measures , such as outsourcing, negotiating with suppliers, adopting the home office , among others.
5- Beware of prepayment of receivables
Anticipation of receivables could be in the debt topic, it turns out that many entrepreneurs do not see this practice as a way to get into debt.
Yes, by anticipating credit card receipts you are promising to pay in the future (a higher amount, by the way) what the bank is lending you today.
So, if you see the prepayment of receivables as something commonplace and normal, be aware that this is another indicator that your working capital is in trouble.
If you really want to know how to control a company's financials, take action as soon as you notice that you are using prepayment of receivables too often.
Also check out: What does a good corporate financial program need to have?
How to make financial control easier?
Using apps and financial spreadsheets is already an excellent way to make your life easier when it comes to financial control of the company.
But if you integrate multiple tools, it can be even more practical and agile.
A simple example:
Remember we talked about building a cash flow spreadsheet?
What if instead of having to fill out each entry by hand, every time your payment method approves a receipt, it's automatically included in your cash flow sheet?
This is just one of the many examples of automations you can do by integrating the tools you use into your daily life, such as marketing automation software and CRM, among many others.
Source: PropertyNews
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