Picture yourself relaxing on a beach somewhere “south of the border” after you have just sold your business for a Gazillion Dollars! Impossible? There may be things you can do now or in the near future that can make it a reality!
Do you believe that a solid contact management system that is utilized properly is a huge business value builder? In previous blogs we have reviewed the positive attributes of having a database (and backup of course) where a natural disaster has occurred (Flood, hurricane, fire, power outage, mudslide etc.). Moving forward from obvious need to have backup and detailed records of your business assets (i.e. Customers, vendors, contracts, financial figures, strategic plans) we will explore the “not so obvious” positive impact of a superior database management system.
A. You have probably heard the old phrase, ”awning calls”, in reference to outside salespeople’s “fake activities”. These calls are drive-by customer visits that never happened, but show up on those old yellow ledger-size paper call report forms! As a business owner or manager, you need to know the detailed activity of as many of your sales channels as are feasible. (distributors, sales reps, employees, independent contractors and inside sales, etc.).
Now that communication and synchronization with the “mother ship” can be done instantaneously, it is easier to have a clear picture of real time activities, quotes, history, prospects, and sales. Today your company’s ACT! database can be updated on an iPad, iPhone, Android Phone/Tablet or Blackberry (and more). This way your entire team will be on the same page relating to your clients and prospects status, needs, pending issues and more. The importance of an updated database becomes critical to the survival of your business when one or more of your super sales staff leaves your organization to work for a competitor, starts their own competing business, retires, or dies. At EBS we have witnessed all of the aforementioned circumstances and more! These are just a few of the reasons why businesses have lost an enormous amount of value because of ill-conceived or unreliable data records. Transparent, synchronized, useful, and detailed contact information is your best hedge against huge business losses!
B. As a business owner or manager, in the old days it was called “management by walking about” or TCB (taking care of business). Today, most businesses have become very high tech, allowing many to do business anywhere on the Globe! This impacts both who you do business with and who your employees/contractors are. But the old underlying reason for KNOWING your business environment/industry and truly UNDERSTANDING what is GOING ON is still valid. Whether you are mining information from your database or performing research, it now must be attained in a more detailed and updated fashion! Engaging in Social Media through links in your ACT! database can be powerful in this regard.
C. Let’s look back to the original statement depicting you relaxing after selling your business. You may able to run your business without having this powerful contact management tool mentioned earlier. However, when someone is performing due diligence prior to buying a business, you need detailed, current, organized, and transferable tools to enhance the dollar value of your business!
You worked hard to develop your passion or dream, but when you want to reap the financial benefits from your years of hard work, your longtime PERSONAL INTUITION is not near as important as MARKETABLE and TRANSFERABLE assets!
Let Effective Business Solutions show you products and procedures to help make the items A, B, C above a reality. (WOULD YOU LIKE A LITTLE UMBRELLA IN THAT TROPICAL DRINK ? !)
Kathleen Vanden Broecke – ACT! Certified Consultant & Trainer
Effective Business Solutions – 719-538-6015 – www.actcolorado.com