The average entrepreneur is likely used to putting out fires and overcoming obstacles in their way.
In fact, most forward-thinking entrepreneurs tend to forecast potential problems and find solutions before they affect a client or sale, but who could have predicted the spiralling impact COVID-19 would have on the global economy?
From start-ups to publicly traded companies, businesses around the world are taking up the fight against COVID-19, hoping to minimise the impact on sales and help the public cope in the interim. However, these same businesses must also cope with the threat or reality of budget cuts, a shift in resources, and the economic uncertainty of the coronavirus pandemic.
The current economy has left many entrepreneurs and business leaders with a sense of unease and loss of direction. The conservation of business-to-business (B2B) and business-to-consumer (B2C) spending makes it nearly impossible for entrepreneurs to do their job since they rely on consistent sales and other revenue for their companies to thrive. So how can you maintain the tenacious mindset of an entrepreneur during these uncertain times?
Albert Einstein once said that “in the middle of every difficulty lies opportunity.” While it’s up to you to identify those opportunities, I’ve developed some tips to keep you in the right mindset along the way.
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Take back control of your own destiny and never lose sight of the “North Star”
Regardless of what your current days look like, maintaining an entrepreneurial mindset is essential now more than ever. If you wish to move your business forward, you will need to roll up your sleeves, take back control of your destiny, and plan your rebound strategy. As vice president and general manager, EMEA, at LogicMonitor with a background in sales, I know first-hand that this mindset has helped me propel my career forward and achieve my company’s revenue goals.
Even if your business is experiencing some financial setbacks, you are still in control of meeting your sales goals, or what I like to call the “North Star.” Adjust your sales targets if needed, but you should never lose sight of the North Star. To stay on the right path, you must be dedicated to reaching your destiny or helping your company meet its goals by proactively seeking solutions instead of waiting for one to fall in your lap.
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Remember that sales is an art and a science
As an entrepreneur or someone with an entrepreneurial spirit, you should always think of your sales as an art and a science. Sales is an art because you should constantly be thinking of progressive and creative solutions to keep your sales targets on track. Sales is a science because you should still follow the steps of the traditional sales cycle, including:
- Identifying your prospects
- Connecting with your prospects and understanding their requirements
- Preparing your pitch
- Presenting your solution
- Closing on the sale
If you have lost sight of the art and science behind the sales cycle, then you’ve probably lost sight of the North Star. You can avoid future shortcomings in your sales targets by considering any potential risks in your sales cycle that may deviate you from the path of the North Star. Once you have identified those risks, finding a solution is imminent.
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Entrepreneurs need help too
Whether you are an owner of a startup or looking to get ahead at your job, at some point you will have to ask for help. That is ok. It is nearly impossible to meet your goals without the help of someone. If you have a team, use them, and trust that they will do whatever is necessary to help you and your business meet your end goal. If you do not have a team, consider hiring help or getting an outside perspective of your vision.
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If the customer wavers, remind them why they became interested in your product or service in the first place
Put yourself in your prospect’s shoes. Some of your prospects may be unable to afford your products or services right now due to our current circumstances. When connecting with your prospects, avoid using exploitative or insensitive language that may undermine your empathetic intent. Your messaging should demonstrate an understanding of what their immediate needs are in today’s environment, such as offerings applicable to a remote workforce or extended payment terms. While your prospects consider whether they will move forward with the sale, continue to provide helpful resources related to what you are selling to remind them why they took interest in your company in the first place.
About the author
Daniela Streng is VP and general manager, EMEA at LogicMonitor, where she is responsible for overseeing the company’s rapid growth in the region. Prior to joining LogicMonitor, she was the sales director at another Vista portfolio company, Datto, where she played a critical role in generating new revenue streams across Benelux, Germany and the UK.
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