Crisis Survival Kit: Always Be Closing Sales

Get Back To Basics -- Outbound marketing (telemarketing, direct marketing, etc.) is still very effectiveinbound marketing is not as effective as "common knowledge" dictates

Be Agile -- Constantly audit your marketing vehicles. If your marketing department is wasting precious dollars on ineffective non-sales-producing activities, then STOP them: seems simple, but may capture wasted valuable dollars on marketing activities with no ROI.

Go After The Big Fish -- 50-100 whale-sized prospects is better than a million sardines. It's about quality, not quantity.

Always Remember It's Not About Cost Per Lead, It's About Cost Per Sale -- A higher upfront cost will likely return a lower cost per saleyou get what you pay for.

Stay Unique -- Start your pitch with what sets your business apart - your unique selling proposition (USP). When you focus on what makes your business different, your pitch will be more memorable.

Focus On Solutions -- Every successful product or service solves some kind of problem. A successful pitch conveys this as a story with a happy ending provided by your business.

Provide Proof -- Interweave relevant facts into your pitch to support your claims, prove your benefits, and show your success.

Be Tangible -- Don't get caught up in jargon and clichs. Figure out how to express your businesses' benefits in a way that most everyone could understand.

Show Your Passion -- The perfect pitch appeals to the emotions, not the intellect. Think about what got you excited about starting your business -- that story can often communicate the passion you feel about your company.

Practice -- Spend enough time practicing your pitch so that is sounds natural. Run your pitch by as many different people as possible to get unbiased input.

Find Qualified Buyers -- Consider competitors, complimentary companies, and financial buyers.

Keep Your Customers -- Even if your customers are buying less, they should still be buying some. Your ability to show customer retention will go far in completing an acquisition. Remind the buyer that when the market comes back, business recovery is quicker if your customers are still in place.

Position Yourself For Growth -- Detail how you are positioning your business for growth. Perhaps the economy afforded you the opportunity to get a piece of equipment for a 50% discount. Sure, this hit your cash flow, but the upside is great: You are better positioned for growth. Another example: Maybe you were forced to lay off some employees, but you then restructured or streamlined your business process flow (the way you do things) to be more efficient. You are now positioned for greater profitability in the future, because you now have a company that's doing more with fewer people.

Turn Operational Tasks Into Profit Centers -- Look at each step in your operational flow to determine if any step can be turned into a profit center. This will demonstrate the true potential of your business by allowing you to grow horizontally. This is every buyer's dream.

Step Into Their Shoes -- Why would they want to buy your business? How are they going to benefit from the acquisition? Will they use your customers, your suppliers, your database, your distribution channels, your brokers? Understanding this will put you on better footing as you negotiate the deal.

Be Flexible On Payout Structure -- Instead of all cash, be more open to stock; companies traditionally will pay a little more if they can use stock as currency. Or consider an earn-out over time to warrant the sell price you covet. Earn-outs most likely would result in your keeping practical control of the decision making, which might allow you to protect your employees.

Be Positive -- A seasoned buyer can smell desperation a mile away and will use it as leverage against you. Even if you are truly desperate, fight the urge to reveal.

Be Visual -- Prepare simple but visually appealing charts, graphs, and diagrams that will communicate all the positive attributes of your business in simple terms. For example, prepare bar graphs showing year over year increases in customers, profit, locations, or database size to help the buyer quickly digest the good assets.

Brand, Brand, And Brand -- Write down all your processes, products, and services-which are most likely proprietary as they have evolved over the years-and come up with a name or acronym for each. Naming or branding these allows you to better communicate their value.

Downplay Your Role -- Fight the urge to self promote; it might kill the deal. Your ability to sell a "business" rather than "you" will prove much more effective. You can always negotiate an employment contract for yourself as a separate deal and at a much higher level if you have demonstrated the ability to build a team.

Do Your Homework -- Find out as much as you can about potential buyers. If they are a public company there will be volumes of information on past purchases filed with the SEC. If it's a small or private company, visit their website and talk to a couple of their customers.

Present A Solid Business Model -- A business model demonstrates specifically how-and in how many ways-your business makes money and maximizes profits.

Be Ready -- Get your business ready to sell. Create a business marketing piece communicating all of the positive attributes of your business. Also prepare financial statements for the past 3 years, and projections for the current year and the next 3 years.