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Creating and maintaining a thriving business depends on the success of sales performance. Essentially, the effectiveness of your sales team at generating revenue is directly related to the success of your business.
Keeping your sales team motivated and helping them maximize their performance can be challenging, but with the right tools and investments, you can help greatly improve sales strategy within your small business or startup.
Top investments to help sales strategy
If you’re committed to elevating your sales strategy, there are a variety of tools you should consider investing in that can work together to improve your sales teams, such as employee satisfaction, training, sales tools, finances and incentives.
Advance your sales team
Investing in your current sales team is one of the best ways to ensure growth and success. Don’t lose sight of who makes it all possible as you work toward increasing sales performance and strategy. Consistent employee recognition will greatly contribute to your success in the long run. When you listen to employees’ needs and invest in their continued education, it allows you to engage in new sales strategies and evolve with current trends and shifting markets with their support.
A single workshop or one day of training isn’t enough to keep your team enthusiastic. Engage your employees with continuous training or coaching programs. Providing opportunities for new skill development can help enhance your sales team’s performance.
Keep in mind that training isn’t just for sales reps, managers can also benefit from training that can strengthen their skills as mentors, so they can better lead and motivate their teams.
Continuous training ideas you can implement:
- Subscribe to a quality online training course.
- Bring in specialists for workshops and seminars.
- Send your employees to conferences and other events.
- Make sure your employees have the time in their schedule to train and be trained.
- Consider hiring top talent to help your sales team advance.
Financing solutions to help implement sales team advances
Your small business or startup can implement these new sales team advances with help from alternative small business financing. There are several options available to startups or small businesses that can help facilitate funds for training efforts.
Small business term loans can allow for flexible access to working funds. Term loans can offer businesses a lump sum of working capital upfront to help meet their unique business needs. Small business term loans can help with facilitating workshops and seminars or purchasing training courses or equipment, and so much more!
Regardless of how much working capital a business needs, small business loans can allow for easy access to working capital. If your business is looking for a loan with fixed payments, longer terms and higher dollar financing, a small business term loan could be a great option for your business.
Line of credit
A line of credit may provide businesses continuous access to working capital when they need it most. It works by approving a business for a predetermined amount of credit and granting them access to that amount through a streamlined process that allows easy access to drawing on the approved amount whenever they need it. The full amount does not need to be drawn all at one time. Rather, your small business can draw on the capital at its own convenience, up to the approved credit limit.
A line of credit is ideal for repeat cash flow needs, making this type of financing perfect for continuous training efforts. It could be used for hiring coaches, monthly training courses, or even subscribing to online training programs.
Upgrade your sales tools
You can pour endless hours of training into sales strategy, but without the latest technology, you’re holding back further sales advancement within your business. It’s essential to improve and upgrade your technology so your sales team can take advantage of the powerful capabilities of these digital tools. Not only can technology improve speed, but it can also streamline processes and allow your business to reach more clients and close more deals.
Consider updating your small business’ customer relationship management system (CRM). A CRM system is essentially a centralized software tool that allows businesses to store customer information and track data to manage client relationships. This helps businesses build relationships and create customer retention and loyalty.
Investing in apps that allow you to incorporate invoicing, billing and sales all in one place makes it significantly easier for your team to facilitate sales more quickly. This can also allow your small business to eliminate unnecessary paperwork, automate alerts and create a more streamlined communication process.
Simply updating your small business’ technology equipment can do wonders in terms of efficiency. Outdated tech can run slower and may not be compatible with newer software. It’s important to stay up-to-date on new apps, software, and technology so your business can constantly evolve and adapt to the latest technological advancements.
Putting these improved processes into action will help to maximize your business’ overall performance.
Financing to help upgrade your sales tools
While investing in new technologies is essential to the advancement of a business’ sales team strategy, it can be difficult for startups and small businesses to keep up with the ongoing expenses. This is where working capital loans and other financing options can come into play.
Take advantage of these financial tools to help purchase and integrate new sales technology.
Merchant cash advance
Merchant cash advances can assist with immediate business needs. They can help your small business plan for a successful future and get fast access to the working capital you need to grow your business.
A merchant cash advance (MCA) can give businesses access to capital so they can meet their business needs based on future credit card receivables. This type of funding works by giving businesses upfront access to a lump sum in return for a portion of the future revenue receivables at a discounted price. This allows the repayment time line to be tailored to the flow of business sales. If your business has high credit card sales, lots of receivables, or is seasonal, then a merchant cash advance might be ideal.
With upfront capital from an MCA, businesses can more easily access new technology and upgrade software systems quickly to stay on top of the latest technology.
A government-backed SBA loan can offer long-term flexibility. With lower interest and longer repayments terms, SBA loans can be a smart way for startups and small businesses to advance with help from the government.
An SBA loan is a loan program administered by the Small Business Administration and is partially guaranteed by the government. This program works with other financial institutions to help give small businesses access to working capital that otherwise might not be available to them.
While SBA loans are typically more difficult to qualify for, they offer longer terms and lower interest rates. SBA loans can be a great long-term solution for businesses that are looking to grow and invest in new technology.
Business credit card
Business credit cards are another tool to consider when looking to upgrade technology and sales tools. When used responsibly, business credit cards can help provide short-term startup financing to get your business the tech and software tools you need to help your business thrive.
Bonus: Business credit cards offer flexible payment options and can help build business credit!
Incentivize your team
Using incentives to motivate your small business’ sales team to achieve their highest potential through goals, recognition and bonuses are great ways to improve morale and performance.
Setting benchmark goals to evaluate performance and meet monthly targets is standard for most sales teams, but creating stretch goals helps reinforce best practices by encouraging employees to go above and beyond. Choose specific targets such as selling certain products or bringing in a specific type of customer. Reward these goals with prizes or bonuses.
Another great way to make your team feel valued is through contests and recognition programs that reward high-performing employees. A healthy dose of competition keeps employees engaged and promotes continuous improvement.
Financing to help incentivize your team
All of the strategies mentioned above are fantastic tools to help advance your sales team, however, they also come with financial demands.
Line of credit
A business line of credit is great for assisting with ongoing business needs, such as business incentives. A line of credit works by giving businesses access to working capital that they can use at any given time. Businesses can conveniently draw on this capital as they need it up to the approved credit limit.
The continuous extra cash flow that comes with a line of credit can be used to encourage your team with quarterly bonuses or prizes for meeting goals.
Business credit card
A business credit card allows for small recurring incentives to continue to motivate and encourage your team. Think team dinners, holiday gifts, and happy hour!
Investing in your sales team and strategy will greatly increase productivity and success. Not only will employees feel appreciated and want to work harder, but you can also equip them with the best training, software and incentives to succeed.
There are many great ways to invest in sales advancement as previously mentioned, such as employee training, updated tech, stretch goals, bonuses, and more.
Most of these sales investments come with a financial commitment, making loans and alternative financing solutions great options to facilitate these business efforts. A merchant cash advance, line of credit, business credit card and term loan are all excellent options to consider when deciding on the best avenue for your small business or start-up.
Hopefully, this article gets you to start thinking about more ways you can invest in your sales strategy today to help grow your business!