Nikki’s Tip of the Week – week-ending 29th April 2017 & Upcoming Events
Like most things in life, we have come to the end of this particular series on “How to” manage cash flow, be it in your business or personal life, the same principles apply.
I trust that the information that I have shared will get you out of the mess, should you be in one and keep you out of the mess even if you aren’t in one.
I’d like to end off with a T. Harv Eker quote that is “It comes down to this. . . either you control money or it controls you. To control money you must manage it.”
Here’s the deal . . .
Please feel free to engage with me, or not. Please feel free to send me your own snippets of information, early warnings, appropriate funnies and what have you, to share with other like-minded individuals, entrepreneurs and start-ups.
I hope and trust that you will enjoy the journey with me.
This weeks’ Blog:
BUSINESS TIPS – How to Manage Your Cash Flow Crisis – Part 5
By Nikki Viljoen – Viljoen Consulting
In the last 4 articles we have looked at and dealt with the fact that there are only 3 reasons why you will find yourself in a cash flow crisis. To remind ourselves, there were:-
- You’re not making enough money.
- You are not getting your debtors to pay you and
- You are spending too much money!
We also looked at the first step that should be taken and that was to get clarity on what you owe and what is owed to you and we did this by means of a debtors and creditors aging analysis.
Then we looked at cutting costs, discussed putting a budget together and then making arrangements with your creditors to pay what you owe.
We have pretty much dealt with parts 2 and 3 from the list above and so today we look at your sales.
Here’s the thing – it doesn’t matter how well you collect the money or how you cut out all of the expenses, the reality is that if you don’t sell the product or service there will be no money coming in to collect!
So you need to sell, sell and then sell some more!
The fact that there is money to collect attests to the fact that you can actually sell. You just have to replicate what you did before when you sold and then just keep on doing that better and better.
The more you believe in your product or your service, the more “believable” you are and the more you will sell.
Make sure that the value of what you are selling is in line with what you say you are selling.
Make sure that you deliver on time and that you deliver what it is you say that you are selling or delivering.
Look at your product or service and see how you can do it better. Doing it better will also increase your sales.
Always ensure that you are giving your clients what they want and need rather than trying to sell them what you have or what you think that they may want or need.
Start with your existing clients and ask the question, especially the one that goes “Is there any other way we can help you?” More times than not, this will get you results and because the relationship is already there, the ‘selling’ will be a lot easier. So start there and then broaden your reach out into the open market.
Remember that you need to measure in order to manage, so it is very important to have a plan in place.
Some of the things that you need to look at or implement when you are putting your plan together are (but not limited to):-
– Plan a sales strategy
– Put a sales plan into place and this should include things like:-
- A list of all your products or services and how these are of benefit to your clients.
- A list of your target markets and your perception of “the perfect client”
- Your sales processes from cradle to grave
- Your sales tools
- Your sales scripts
- How to handle objections and how to turn cold leads into sales.
To delve a little more deeply into these aspects let’s break some of them down a little more.
We all need all the help we can get, so it is a good idea to invest in a basic sales tool and this should include the following:
– A Website – in this age of technology having, at the very least, a basic website is of paramount importance.
– Business Cards – besides telling clients and prospective clients who you are, they bring a certain level of professionalism to the table.
– Brochures – great for giving a visual aspect to your products or service.
– Presentation – always useful to help close a sale
– Templates or samples of your products or service
– Sales management systems or CRM’s or similar – as you grow the number of clients it becomes easier to lose track of where you are with clients. So this is very useful.
It’s always a good idea to have everybody doing the same thing in the same way. Having a documented sales process will ensure that not only does this happen, but also that certain requirements or important information is not forgotten about. Your sales process should also contain the following:
– Leads – how and when to make contact
– Prospect – exactly what product or service that they are interested in
– Presentation – has a demonstration been done for the client or is it still to take place and when.
– Objections received – what they are, were they handled by who and how.
– Negotiation – what will work best for the client and you – how will you go about getting the right balance so that a win/win situation is created.
– Finalization – have the authorizations been received, are contracts agreed to and signed off. How many sales were “won” and why (goes to replicating a successful strategy) and how many sales were “lost” and why
– Monitor – the sales process should be monitored carefully and updated on a regular basis. You need to know who many leads you have, how many have been contacted, how many have been converted into sales and exactly where you are in the process with each lead and sale.
Finally! Prevention is always better than the cure and I have no doubt that once you get yourself out of your cash flow crisis, you will never have any desire to get yourself back into this mess again.
Ensure that the measures that you have implemented to get yourself out of the mess are continued to ensure that you never go there again.
Measure and monitor what is taking place on a continual basis and then make the necessary adjustments as and when they are required.
Remember that according to Parkins’s law, your expenses will always rise to meet your income. So make sure that your expenses are always under control
Look what is happening at Viljoen Consulting.
Viljoen Consulting in conjunction with ROCCI (Roodepoort Chamber of Commerce & Industry) and Business Engage bring you the following workshop.
Starting a Business?
Want to know how to run a business?
Then This Is The Place to Start! A Large Percentage of New Businesses Fail, Learn Highly Practical Skills That Will Give Your Business a KickStart.
A Basic Practical Guide To Starting and Running A Business
- Get started in the right direction to ensure transition from wannabe to business owner
- Ensure maximum productivity and minimum effort.
- Get your processes and procedures in place to ensure your business is built on a strong infrastructure that will translate into a sustainable business.
- Address everyday issues that arise when stating a new business
- How to save you time, money and energy.
- How to effectively handle start-up administration, operational requirements and registration.
The Basic Practical Guide to Starting a New Business Will Include:
- Registered Company Vs Sole Proprietor
- Accounting Records & General Admin
- Banking Accounts
- Receipts and Banking
- Cheque Payments and/or Internet Payments
- Credit Notes
- Bank Reconciliations
- Petty Cash
- Control of Numbered Stationery
- Computerised Accounting
- Staff & HR Issues
- Money Laundering
- Stock Control
About the Facilitator: Nikki Viljoen is an Internal Auditor and Business Administration Specialist who has in excess of 35 years’ experience in this field both from a banking and Corporate perspective as well as almost 10 years as an Entrepreneur. Nikki is the founder of Viljoen Consulting, and is passionate about assisting smaller companies to establish controls and processes that will result in sustainable business structures. Nikki’s business blog was recently ranked 5th in the world in her category. Venue and Booking Info: Date: Wednesday 24th May 2017 Time: 08.30 to 3.30m. (Registration from 08.00 onwards). Please allow additional travelling time to combat traffic. RSVP: Please book by No later Than Friday 19th May 2017 Venue: ROCCI (Roodepoort Chamber of Commerce & Industry) Constantia Corner Office Park, cnr Christiaan de Wet &Ondekkers Road (entrance in Wattle Street, Florida Park. Roodepoort, Johannesburg. Cost: R1 495.00 (ex VAT) (Includes breakfast snack / refreshments and course material) – lunch can be purchase from several venues within walking distance of the venue Remember Standard Bank Voucher holders, ROCCI paid up members and Business Engage paid up members get a 20% discount. Hurry! Book Now Spaces limited ! Business Engage ( formerly Women in Finance) delegates please contact Colleen Larsen on email@example.com or 084-353-9865. Paid up Business Engage members get a 20% discount.
Paid up ROCCI members get a 20% discount
Look what’s happening at Business Engage
BOARD WALK INVITE
The Boardwalk is an initiative that has been created to nurture the development of aspiring directors who are currently in senior management positions within medium to large companies, to help them to unlock their future potential. It aims to expose these individuals to existing directors (both executive and non-executive) and partners during an interactive networking breakfast that will encourage meaningful engagement and dialogue.
While “The Boardwalk” paints the picture of a promenade or walkway, it holds an underlying meaning of the bridge that an aspiring director needs to cross to become Board ready, as well as the journey that needs to be embarked upon.
As they take their first steps down this path of opportunity, these aspiring directors will benefit from those already sitting in the higher echelons of corporate South Africa who will offer their guidance and share their insights and challenges.
Business and other leaders will be invited to host a table of between eight and ten people. The job of the host will be to impart knowledge, experience and words of wisdom to the table, while directing the conversation. The topics may be either specific or general as the host and the table pleases. Attendees will rotate tables twice during the breakfast, while the host remains at their table throughout.
NEXT EVENT :
Date : 10 May 2017
Venue : EY, 102 Rivonia Road, Sandton
Time : 07h30-10h30
Cost : R495,00 plus VAT per person
RSVP : firstname.lastname@example.org. Numbers are limited and are on a first come first served basis. Payment confirms the booking.
POWER OF PERSUASION
PURPOSE OF THE WORKSHOP
In today’s increasingly sensitive political and social climate in the workplace, emphasis is being focused on transparent processes and the rights of the individual; while informed media thrives on communicating to the public the successes and failures of prominent individuals. It is, therefore, becoming more essential than ever that high-profile individuals realise that their successes and legacies in leadership are depending less on their power and authority bases, and more on their skilled abilities in areas such as persuasion, communication, and negotiation.
INTERPERSONAL SKILL BASE (NEURO-LINGUISTIC PROGRAMMING) In the world of diverse interests, the person who is able to persuade others in an ethical and responsible manner to achieve desirable corporate objectives, is being set apart as an effective and indispensable leader. Although most will agree that “if one continues to behave in the same way in which one is accustomed, one will continue to get the same results”, many in authority continue to use their positional power in an attempt to achieve results; only to then bemoan the repetitive “undesirable” results that they get from their subordinates. These ineffective “patterns of behaviour” by both managers and their subordinates can be changed in order to achieve productive outcomes, provided that the leader learns and exercises skills particularly in the power of persuasion; as well as how to detect and re-channel the unethical persuasive manipulation of others into positive outcomes.
Advanced interpersonal skills, based on the recent transformational technologies, such as NEURO-LINGUISTIC PROGRAMMING (NLP) and TRANSACTIONAL ANALYSIS (TA), can empower you to identify ineffective incompetence’s in both yourself and others; and, by implementing the practical techniques of persuasion, rapidly facilitate you in effectively transforming these into desirable, competent and lasting results. WHAT YOU WILL GAIN FROM THE POWER OF PERSUASION WORKSHOP 1. A practical understanding of how “Positional Power” and “Personal Power” influence communication; and how to apply techniques of persuasion to obtain successful outcomes.
- A practical understanding of the “Process of Transformation”, i.e. moving from unconscious incompetence to unconscious competence, in order to unlock personal excellence, and facilitate others in this transformational process.
- A practical understanding of how a person’s criteria and perceptual filters influence perceptions and how they sort information; and how to utilize these fundamental elements in the process of persuasion. 4. Practical techniques for building trust and rapport with another person in order to reduce perceived differences in any interpersonal situation, so that you can persuade that person to achieve desirable outcomes. 5. The language paradigm of persuasion; and structured communication skills: 5.1 Active listening skills – in order to gather relevant information from others; 5.2 Structured questioning techniques – in order to elicit precise information, and reduce misunderstandings;
5.3 Sensory acuity – in order to detect the non-verbal signals from another person, especially regarding resistance and unproductive manipulative behaviours; and how to effectively and respectfully re-channel these behaviours into productive outcomes.
5.4 Language patterns for giving information and instructions in a clear and precise manner, in order to maximise results; and for giving meaningful and comprehensive feedback to others, in order to ensure adherence to required standards of behaviour.
5.5 Linguistic techniques for facilitating others in changing their non-productive patterns of behaviour, and expanding their behavioural alternatives – e.g. by dissociating from and reframing inappropriate behaviours into appropriate responses, in order to achieve desirable outcomes. 6. Skills for designing structured outcomes with others in order to reduce misunderstandings, increase the arena of agreement, and ensure the achievement of required results.
- The enhancement of thinking skills, especially in the areas of linear and lateral thinking, expanding paradigms, and the logical levels of thinking; in order to improve your ability to manage complexity and conflict, and negotiate mutually beneficial outcomes with dissenting parties. 8. Skills (based on NLP and TA techniques) for dealing with undesirable behaviour (such as emotional outbursts, aggression, apathy, sabotage, etc.) in order to channel it into worthwhile outcomes and improved interpersonal relations. DURATION OF THE WORKSHOP
Two full days of in-house training.
A half-day follow-up session about two weeks after the training in order to provide delegates with the opportunity to give feedback regarding the effectiveness of the training; and to receive further guidance in dealing with various problematic situations. Date to be agreed.
DELEGATES OF THE WORKSHOP
The Power of Persuasion Workshop is primarily designed for managers and leaders of others.
No more than 12 delegates per workshop so that each delegate has ample opportunity to practice in work-groups the techniques being taught; and to discuss relevant issues concerning persuasion in their unique daily environments. WORKSHOP: Date : 8 and 9 May 2017
Venue : Northern Suburbs, Gauteng
Time : 08h30-16h30 both days
Date : 22 May 2017
Venue : Northern Suburbs, Gauteng
Time : 08h30-13h00
COST R4850 (including VAT) per person. Limited to 12 delegates for event. Payment secures your booking.
RSVP email@example.com PROFILE : MIKE MATULOVICH
2017 – 1996:
Oxygen For Life S.A. (Pty) Ltd: Mike is currently the chairman of Oxygen For Life S.A. (Pty) Ltd, a wholly-owned South African company that imports nutritional and environmental products from America, and packages and distributes them to various countries in Africa, Asia, Europe and the Middle East. Mike started the company in 1996; and in 2006, received the Mogale City Chamber of Commerce & Industries Independent Entrepreneur Achiever Award; with Oxygen For Life being the overall winner of the Business Achiever of the Year Award.
Mauritius: During the past 7 years, while developing the Oxygen For Life business in Mauritius, Mike invested in two property development companies there, and still manages interests in one of them.
2016 – 1983:
Interactive Dynamics CC: Before he started Oxygen For Life S.A. (Pty) Ltd, Mike was the sole owner of a consulting and training organisation, Interactive Dynamics Close Corporation, which he started in 1983. Mike specialises in the fields of Neuro-Linguistic Programming, Personal Development, Communication, Negotiations, Mentoring, Stress Management, and Industrial Relations; and still conducts select top management workshops for some of his long-standing clients. Prior to 1983:
Prior to starting his own company, Mike specialised in human resource development, holding positions in management consultancies, such as that of Managing Director of Gemini Industrial Relations Training Systems (Pty) Ltd, and senior consultant and shareholder of FSA-Contact (Pty) Ltd; and being a part-time lecturer at the Business Schools of both UNISA and the University of Pretoria.
Mike holds a Bachelor of Arts degree and a Master of Business Leadership degree, both from UNISA, and studied post-graduate psychology at UNISA for a further two years after obtaining his BA degree. He is a registered Training and Development Practitioner with the South African Board for People Practice, and with the Mauritian Qualifications Authority; and a Master Practitioner in Neuro Linguistic Programming (NLP), registered with the North American Association of Neuro Linguistic Programming, and the International NLP Training Association (INLPTA) based in U.S.A. Mike has spoken at various conferences throughout Southern Africa and internationally (Venice, Las Vegas, Tokyo, Amsterdam, and Mauritius); has published articles and a book on NLP; and has lectured in Organisational Behaviour on the Managerial Advancement Programme (MAP) at the University of the Witwatersrand, and on the Management Development Programme (MDP) which was underwritten by the University of Pretoria. Throughout the years, Mike has conducted numerous courses in Neuro-Linguistic Programming; has counselled many people; and is still the personal mentor to various people, including senior executives of corporations, top sports people, and senior members of government (as a result of his involvement in the Peace Accord in the 1990s).