Posts tagged with: add value

Value of Your CRM in Exit Planning

What is CRM?

Your CRM system is about how you/your company do business with someone else/some other company. It’s about nurturing the relationship between you and the customer/prospect. It gives you a 360 view to better retain every customer. CRM is a tool to cultivate relationships between people.

Effective use of your CRM system as well as the data reports you can generate from it – both add value to your business that a buyer will pay for. Keeping your CRM system up to date and using it for all sales, marketing and support communications provides substantive, client-specific data to back up the forecasts you use in negotiating a price for your business.

  1. Choose the CRM tool that is right for your business – customize it so that it fits your company’s needs/objectives. There are many tools out there like ACT!, SageCRM, Saleslogix, MS CRM
  2. You have to use it to get the ROI from this tool like any other.
  3. Make sure that the data in the CRM software is as up to date as possible – garbage in is garbage out
  4. The relationships are key!  -Really get to know your customer so that you have a 360 degree view of their needs, likes and dislikes

Why use a CRM system and why study the tracking and measuring reports a CRM system can generate for you?

It helps automate and streamline:

  • Building your list
  • Building relationships with prospects
  • Keeping relationships with clients
  • Integrating marketing strategies, such as
    • Email campaigns
    • A-B testing
    • Newsletters/offers/incentives
    • Telephone outreach

Tracking and measuring data can be exported from a CRM system and be used in many systems to build a strong foundation for massive growth.

You Need:

  • Systems
  • Strategy
  • Processes
  • Structure

Do you want to stay a little business, Without a strong, deep foundation?

Do you want to grow a much larger, robust business, With a strong, deep foundation.

Your Business Foundation MUST Have all four:

  • Systems
  • Strategies
  • Structure
  • Processes

in order to grow into. You want to buy, train, install, and apply systems and tools that your company will not outgrow in the next 5 years.

 

Information + Experience = Knowledge

When you decide to exit your business, and walk away from the business you built that you’ve owned from inception, you need three pillars to your foundation to make a successful exit.

They are your:

  • Mindset
  • Skill Set
  • Knowledge
Let’s talk about that third pillar this week.

Knowledge

Here’s a definition of knowledge in the context of the three pillars we are discussing: Mindset, Skill set and Knowledge.

Knowledge of your business is the combination of information you have or acquire, which is applied through the filter of your experience and expertise in your profession or industry.

Information + Experience = Knowledge

Knowledge + Insight =  Wisdom

Attitudes/mindset are often ignored in what is needed to learn to achieve your goals. Your attitudes are the most important of all learning components because your attitude/your mindset is the gatekeeper that determines how well you acquire, master and apply any skill set and knowledge.

From all your experience and expertise in your own industry, you have amassed a body of knowledge that likely puts you in the category of a master.

When you integrate your knowledge with the insights gleaned from all your experience and research, you have built up unrivaled wisdom in your specialty.

Now, however, in terms of your Knowledge, do you experience any of the following in your business?

  • The whole business is in your head – only in your head.
  • Don’t know how to plan, when to plan, when to find time to plan
  • No marketing plan, sales plan, financial plan or operating plans – except in your head
  • Don’t know how to automate or outsource
  • No operating procedures
  • No contingency plans
  • No exit strategy in place
  • Keep all expertise in the owners/ executives heads and private files

If even one of these is true for you – it is a flag of what is holding back your business from all it could be.

Indeed, in the real world, it is hard for your business to serve clients and make a profit, and address all these challenges at the same time. It’s even harder if you are still wearing all the hats in your business, because the ‘day to day doing’ – gets in the way of focusing on and making time for the visionary, strategic leadership tasks that are essential to your long term goals.

In each area where you are not an expert you always have two choices:

  1. Do what is necessary to acquire the mindset, skill set and knowledge to effectively deal with those obstacles or gaps.
  2. Hire someone to do the job for you.

When you decide to exit your business, you have the same two choices. You can take the time to become an expert in all facets of how to sell a business (very costly, time consuming and unrealistic) or hire a team of experts to make it happen so you can get out

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