Tip of the Spear Ventures

A Family Office that behaves like Venture Capital | Private Equity | Business Consulting

Sam Palazzolo, Managing Director

Sales Leadership: What Separates the Strong from the Weak? – 7 Tips!

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The Point: When it comes to Sales Leadership, we started asking ourselves here at Tip of the Spear Ventures “What separate good sales leaders from bad ones?” Consider the business failure and success that relies on sales (after all, does anything else matter?) If most leaders could rely on their gut/first impressions, perhaps your sales problems would be solved! So in this post, we’ll explore sales leadership regarding what separates the strong from the weak along with 7 tips… Enjoy!

Sales Leadership: What Separates the Strong from the Weak? - 7 Tips!

7 Tips that Separate the Strong from the Weak in Sales Leadership

Preconceived notions cloud the mind, and perhaps the most difficult “terrain” to conquer as a sales leader is the roughly 6-inches between the ears. The mind can play tricks on even the most logical thinkers! So what makes a strong sales leadership and weak sales leader (especially when considering those that hire salespeople in your organization?) High production of sales is the key to your business growth, as is good/strong sales leadership. With this in mind, here then are 7 tips or characteristics of strong sales leaders:

Tip #1: They have a consultative approach

Tip #2: They are recognized for their expertise

Tip #3: They create confidence

Tip #4: They ask quality questions

Tip #5: They bring their sales conversations to a high level of business

Tip #6: They solve problems instead of selling products or services

Tip #7: They are affirming themselves positively

So in my experience I believe that if you want to avoid weak sales leadership you have to put more emphasis on developing these 7 skills so as to change the results of the leader and salespeople under management.

Relational Competence

Strong sales leadership is more result-oriented in focus than the weak sales leadership. In this approach, unlike traditional applications, it is not only a question of identifying what makes the sales people perform, but also of seeing whether these factors are also present in the less efficient ones. This makes it possible to really distinguish the factors of success. The reflection of the sales-cycle that separates the strong sales leadership from the weak sales leadership therefore become evident.

The problem with an approach where the representative focuses on the relationship is that it is impossible to predict the outcome, or that they provide “excuses” for not achieving their sales goals (for example, “XYZ organization had a really bad summer… Too hot/humid for them to really achieve any sales of our products). Annual market’s result of your business to calculate the total sales is an action to utilize the more effective strategies. The sales are then purely transactional and based on price. In addition to preventing any form of sales forecast, selling in a transactional manner is accompanied by a lengthening of the sales cycle.

Influence when Recruiting Vendors

If you want to improve the quality for your sales recruitment, do not rely on the relational aspect of your process, bet on the predictive factors of success in sales instead. The each member of your team is the strength in your business development leadership, so make sure to produce the greatest returns on investment (ROI) for a stronger stability of your business in the future.

SUMMARY

In this post we’ve explored the sales leadership topic of what separates the strong from the weak, along with 7 tips or characteristics of strong sales leaders. While no application can be a guarantee of success focus, some productive business strategies and positive implementation can separate your business development leadership as strong sales leadership allowing for more sales accomplishments than misses.

Sam Palazzolo

PS – If you or your organization is challenged as a result of Sales / Business Development activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

 

Turnaround Management: Assessing Leadership – 3 Tips!

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The Point: The need for great leadership in turnaround management cannot be overemphasized. Leadership is actually what will determine the level of effectiveness of any action taken by the company. Leadership dictates talent management, which plays a significant role in the wellness of a company. You may intend to turnaround your company, or perhaps tried but been seemingly ineffective, and feel you need to assess your leadership to see if that is where the problem is coming from. In this post we’ll explore Turnaround Management: Assessing Leadership and provide 3 Tips (methods) for success… Enjoy!

3 Tips for Leadership Assessing during Turnaround Management

Tip #1 – Assessment Tools

It is required for holistic assessment to be taken, in order to scrutinize different aspects of leadership. Quite simply, there are various ways by which leadership can be assessed, but the problem is that none of them are accurate to the extent that they can be fully relied on. This is as a result that individual behaviors are highly sophisticated and dynamic (dare I say “chaotic”?) This method of using assessment tools may entail giving questionnaires, carrying out 360 degree evaluations, carrying out FIRO-B, setting interviews, reference guidelines, and so many more. Assessment tools can be very effective when various perspectives are sought so as to gauge leadership.

Tip #2 – Leadership Simulations

In traditional assessment centers, leadership is actually assessed with the help of multitudinous leadership simulation exercises. The way exercises can be used in talent management is the same way you can use simulation exercises to assess leadership. This method requires you to have physical (or virtual) locations, as well as various leaders and assessors that will be present for some time. What leaders typically see as drawback to this method is that it is not affordable and/or it takes significant time (Don’t get me started on the “reality” perspective either!) If your company can invest the same amount of money that has been invested for talent management and other managements to this method, this could be an excellent and shrewd decision. This is because leadership simulations methodology is intensely effective and expeditious. It also worth the money been as far as turnaround management initiatives are concerned.

Tip #3 Employee Engagement

Excluding direct observations of employees and arranging surveys of employees is another highly effective way to assess leadership for turnaround management. Companies can at any time develop questionnaires to gauge leadership effectiveness when it comes to employee engagement. This can also be done for turnaround management to see if leadership is the cause of the regression, or failure to achieve goal. This is effective for talent management in several different ways; It lets you know the employees that are improving. It also shares insight into prospective employees that might need additional support (new hires). Finally it could shed light on if resources are needed to increase employee engagement.

SUMMARY

In this post we’ve examined turnaround management and the opportunity for assessing leadership along with 3 tips. There can be various reasons why companies need to assess leadership, especially during turnaround management. Assessment tools, leadership simulations, and employee engagement are at the forefront.

Sam Palazzolo

PS – If you/your organization has challenges as a result of Turnaround Management activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

 

 

Sales Leadership: 7 Lies Your Sales Staff Tells That Will Get You Fired!

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The Point: Oh the joys of Sales Leadership… Typically, successful salesperson today becomes sales leader tomorrow. But are those successful salespeople the best candidates for sales leadership? And if they become sales leaders, are successful salespeople going to be able to work successfully with previous coworkers and new hires? In this post, we examine the ugly side of sales leadership: Lying! We’ll explore 7 lies your sales staff tells that will get you fired… Enjoy!

Sales Leadership: 7 Lies Your Sales Staff Tells That Will Get You Fired!

This is Nothing More Than Glorified Babysitting!

Meet Jane, Chief Sales Officer at an INC 5000 company. Jane’s been around since the organization formed and helped shape not only the many offerings that have been brought to market, but also the sales process/methodology currently in place (The company recently cracked the $100M Annual Sales level!) All should be good in Jane’s world, but it’s not… You see when the sales / business development department numbered 10 or less, Jane was able to effectively lead the team forward. However, now that the team borders on 25, she is finding her daily/weekly/monthly tasks of leader the team forward not as productive. “This is nothing more than glorified babysitting” Jane shared on a recent visit. At the heart of this glorified babysitting was the sales staff’s inability to NOT act like sales professionals and to act like little kids. “I understand not being able to achieve stretch goals… We establish them to drive the organization to stretch. But what I don’t understand is the lying that the sales staff members retort to when they can’t achieve stretch goals!” Sad to report that a brief 4-months after this conversation Jane was let go… let go by the organization that she helped found!

The 7 Lies Your Sales Staff Tells That Will Get You Fired!

Word to the wise Chief Sales Officer, Chief Revenue Officer, Chief Rain Maker, etc… If your sales staff is not producing so as to achieve stretch goals, you are probably in career double jeopardy! So herein are the 7 lies your sales staff tells that will get you fired:

Lie #7 – “Budget is NOT an Issue with This Customer”

Budget is always an issue… with each and every customer you strategically sell with! Salespeople that use this lie are not only lying to you, they’re lying to themselves!

Lie #6 – “I Don’t Need to Write My Goals Down… I Have Them Memorized”

If it’s not written down, it doesn’t exist… and if it doesn’t exist, then you’re probably going to have a hard time achieving it! I know that every dog has it’s day, and that a blind squirrel finds a nut every once in awhile, but even those that claim to be “that good” still can’t remember in sales.

Lie #5 – “I made 100 Cold Calls Today”

Sales funnels work best (i.e., result in sales) when there are prospective customers dropped into the top. Now a salesperson whose sales funnel is examined and identified that there are no prospective customers close to the bottom of the sales funnel have a difficult time explaining how their actions have resulted in such little progress. Bottom Line: I know Sales Cold Calls suck (I still do them!), but if you want a full funnel there’s no way around it!

Lie #4 – “We Lost the Deal Because We Don’t Have _____ (blank)”

Be it a competitor’s _____ (blank), lack of marketing department’s production of _____ (blank), or just anybody other than the salesperson… this is a blame game. In the level-playing field of sales, if someone else is selling your product/service you’d better figure out how they are (and how you aren’t!)

Lie #3 – “I’m a 2nd Half of the Month Salesperson”

Most sales occur at disproportionate times of the month. Typically, most sales are made at the end of the month. However, NEVER pulling sales forward (not even for repeat customers) is problematic in that relationships are not being built, pipelines are running empty, and don’t get me started again on sales funnels not being full!

Lie #2 – “We Lost the Sales Because of Our Price”

Selling on price is a losing proposition. While benefits that don’t resonate rarely lead to sales, price point selling is a losing game all the way around (Unless you are the industry volume leader!)

Lie #1 – “I’m Too Busy Doing Everyone Else’s Job!”

Sales is an all-in moment… As a sales professional you have all of your skin in the game (Hats off to those 100% commissioned sales professionals out there!) Stop whining… Start selling!

SUMMARY

There used to be an adage that goes something like “If a salesperson’s lips are moving… They’re lying!” While not all sales professionals are lyers, in this post we’ve explored a sales leadership dilemma of 7 Lies Your Sales Staff Tells That Will Get You Fired!

Sam Palazzolo

PS – If you or your organization is challenged as a result of Sales / Business Development activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

 

TURNAROUND MANAGEMENT: Do Your KPIs Tell You It’s Time?

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The Point: – The compilation and coordination of Key Performance Indicators (KPIs) are taken very seriously by numerous companies for good reason. They often determine the business strategy the company will accept, and the strategies that should be rejected. Their compilation acts as a tool that differentiates the company from other competitors. So if you ask some business owners, they will tell you that the essentiality of business KPIs can never be over-emphasized. When your company needs turnaround management, business KPIs can help you drive back your sales, profits, and even make your company’s growth surpass previous levels. Nonetheless, if they are not managed appropriately, they can be detrimental to your business strategy. So in this post, we’ll explore the topic of Turnaround Management: Do Your KPIs Tell You It’s Time?… Enjoy!

TURNAROUND MANAGEMENT: Do Your KPIs Tell You It’s Time?

DO YOUR KPIs TELL YOU IT’S TIME?

Your Key Performance Indicators (KPIs) tell you whether it’s time to make changes in your business or not. Basically, the reason why companies rely on KPIs is to know if the things that are being done in the company are having a real effect on the business, measuring performance in a variety of categories. You can invest all your time and energy in getting so many tasks done by your company, only for your business KPIs to tell you that your performance needs improvement. You may think you have the best business strategy, but unknowingly to you, it is not effective enough. KPIs can indicate to you that there is need for turnaround management before the problems of the company present themselves (And if you’re like most of the organizations I consult with, there typically are one or two problem areas present regardless of how smoothly run the operation is!) Companies that track their KPIs and take it with seriousness rarely face worst state issues.

IT’S ALL ABOUT BUSINESS STRATEGY!

Measurement of business’ KPIs indicates to the leader how much, or the number of something, there is and allows for compare/contrast analysis between the different measurements taken (i.e.. total revenue last month versus previous month, year-to-date average, last year same month, etc.) The metrics and measurements however tell managers that it is time to add something to the business strategy or remove something.

KPIs FOR BETTER PROJECT/RESOURCE/TEAM MANAGEMENT

A company that does not rely on business KPIs will find it more difficult to manage projects, resources, and massive teams, when compared to a company that tracks and measures KPI. This is the advantage of companies that rely on KPIS that makes them rarely face issues in the worst situations. Every business owner should see the measurement of KPIs as a perspicacious idea, and use it to decide “next steps” for their business.

WHO SHOULD COMPILE KPIs?

Since your KPIs tell you it is time to make changes in various aspects of your business, it should never be taken as a trivial tool. If possible, employ a qualified person that can measure KPIs with data integrity/consistency, and at the same time decipher it for you. Your KPIs will guide you positively in so many ways, so it should be measured regularly, and followed-up properly to avoid unnecessary and superfluous turnover of processes/procedures/management.

SUMMARY

In this post we’ve explored the Turnaround Management topic of KPIs, namely if they are telling you it’s time to move your business around. Your KPIs are a toolkit that shares a lot of important metrics by which you can drive your business forward with from analysis. Not measuring leads to not managing, and may cause you to miss out on important turnaround opportunities!

Sam Palazzolo

PS – If you/your organization has challenges as a result of Turnaround Management activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

 

 

Mergers & Acquisitions – Six Diversification Questions

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The Point: A standout amongst the most difficult decision an organization can face is whether to expand/diversify – rewards and dangers can be exceptional. There have been examples of success stories, and more similarly, numerous stories of infamous and exorbitant failures. What makes expansion such an erratic, high-stakes amusement-like game? A typical reason is that organizations, for the most part, confront the decision in an atmosphere that is not helpful for clear decision-making. The truth is that diversifying shouldn’t be such a roll of the dice. There is an abundance of literature about how to approach it! So in this post we’ll discuss Mergers & Acquisitions along six diversification questions that must be asked… Enjoy!

Mergers & Acquisitions - Six Diversification Questions

Six Questions Leaders Must Ask/Answer When Considering Diversification

If managers consider the following six questions, they can push their reasoning somewhat further to lessen the bet of diversifying. Note that the inquiries won’t prompt a simple Go/No-Go decision. However, the activity can enable administrators to survey the probability of successful achievement.

Question #1: What Can Your Company Do Better Than Other Competitors?

This question will help you decide on the nature of strengths accessible – which are, by and large, vital resources. When confronted with the choice for diversification, managers need to ponder on not only what their organization does, but also about what it does better than its rivals. Pinpointing vital resources is a market-driven way to deal with business definition and identify unique selling propositions.

Question #2: What Strategic Assets Are Needed To Succeed In The New Market?

The late 1970s diversification misfortunes of various oil companies highlighted that it is unsafe to go up against a royal flush when the total of what you have is a couple of jacks.

Just like the game of poker, the lesson for organizations considering to diversify is the same – You need to know when to hold them and when to overlay (fold) them. If an organization is holding just a couple of key resources in an industry where most players have a superior hand, there’s no reason for putting cash on the table.

Question #3: Can We Catch Up To OR Leapfrog Competitors With What They Do?

If a company is considering diversification without all the required strategic assets in hand, specific assets must be obtained by possible means. If this is not done, moving forward into new markets may backfire.

Question #4: Will Diversification Break-Up Strategic Assets?

This is where managers need to ask whether the strategic resources they plan to export are transportable to the new industry. Many organizations erroneously expect that they can separate bunches of capabilities or abilities that, only work because they are together, strengthening each other in a specific competitive setting.

Question #5: Will We Be Simply A Player OR Emerge A Winner In The New Market?

To accomplish a sustainable favorable position, diversifying organizations need to come up with something unique. An organization’s upper hand will be short-lived if rivals in the new market can emulate the organization’s moves more rapidly and cheaply.

Question #6: What Lesson Can Our Company Learn By Diversifying, and Are We Well Organized For It?

Managers who are forward thinkers, will not only be worried about accomplishment but just as similar to great chess players, they will also be thinking about few moves ahead. They will ask themselves about this last question while considering diversifying further.

SUMMARY

In this post we’ve explored the topic of Mergers & Acquisitions – Six Diversification Questions. Diversification is not an easy task, it is therefore important that managers examine their cards painstakingly. It takes shrewd players to know when it’s best to raise their wagers and when it’s best to fold.

 

Sam Palazzolo

PS – If you or your organization are challenged as a result of M&A activity, please don’t hesitate to drop me a line and request future post titles! Here are a few of the other M&A titles previously published/in the works:

– Will Your M&A be a Success of Failure?

– The Importance of a M&A Strategic Plan – 3 Tips!

– How to Successfully Survive Mergers & Acquisitions

– M&A: Creating Shareholder Value

– M&A: Should You Go For Stock or Cash?