Financial matters can be a big cause of stress on a relationship. Often times, the discussion is avoided, or minimally addressed between partners. The great news is, that it does not have to be that way. There is a new trend that is changing the game for those in a relationship. A financial date night. These date nights are a pre-set, special time, to come together and get on the same page when it comes to money matters, and you can make it fun too!
The key to setting up a financial date night is that it is a planned out, scheduled time. By pre-scheduling your night, you will be more likely to stick to the topics at hand, and your time will be more productive. This is a good time to talk about your financial goals and how you plan to achieve them.
If you and your partner somewhat regularly talk money, you may want to go more in depth with your discussions. If you are a couple that tends to minimally address money matters, then you may want to start small. Decide what is most important to you, and you both bring those topics to the date.
Once you have set a date and added it to your calendar or planner, it’s time to make the financial date night fun and interesting. Plan out a fun meal or order your favorite take out or delivery to enjoy. Set up a fun space to go over your financial topics that is comfortable. Pour a favorite drink and have your agenda ready to go. With the promise of making it a fun evening, you will be more likely to stick to your plan.
Decide how often you want to hold your financial date nights in order to meet your financial goals. Depending on how intricate your personal circumstances are, you may want to start with more frequent money talks, and once you have a clear understanding of your direction, you can have them less frequently. Topics that you can cover include:
You can choose a specific topic for each date, or touch on all the subjects. Customize your date to be just right for you and your partner! Before you know it, you will have a new confidence about your financial situation, and have peace of mind that you are on the same page.
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates, and adjust to the economic impact of the pandemic. Now look ahead to the future — what further changes lie in store for 2022 and beyond?
One hopes the transformations your company undergoes in the months ahead are positive and proactive, rather than reactive. Regardless, the process probably won’t be easy. This is where change management comes in. It involves creating a customized plan. This plan ensures that you communicate effectively and provide employees with the leadership, training and, coaching needed to change successfully.
Employees resist change in the workplace for many reasons. Some may see it as a disruption that will lead to loss of job security or status (whether real or perceived). Other staff members, particularly long-tenured ones, can have a hard time breaking out of the mindset that “the old way is better.”
Still others, in perhaps the most dangerous of perspectives, distrust their employer’s motives for change. They may be listening to — or spreading — gossip or misinformation about the state or strategic direction of the company’s future.
It doesn’t help the situation when certain initial changes appear to make employees’ jobs more difficult. For example, moving to a new location might enhance the image of the business or provide more productive facilities. But a move also may increase some employees’ commuting times or put them in a drastically different working environment. When their daily lives are affected in such ways, employees tend to question the decision and experience high levels of anxiety.
Often, when employees resist change, a company’s leadership can’t understand how ideas they’ve spent weeks, months or years carefully deliberating could be so quickly rejected. They overlook the fact that employees haven’t had this time to contemplate and get used to the new concepts and processes. Instead of helping to ease employee fears, leadership may double down on the change, more strictly enforcing new rules and showing little patience for disagreements or concerns.
It’s here that the implementation effort can break down and start costing the business real dollars and cents. Employees resist change in many counterproductive ways, from intentionally lengthening learning curves to calling in sick when they aren’t to filing formal complaints or lawsuits. Some might even quit — an increasingly common occurrence as of late.
By engaging in change management, you may be able to lessen the negative impact on productivity, morale and employee retention.
The content of a change-management plan will, of course, depend on the nature of the change in question as well as the size and mission of your company. For major changes, you may want to invest in a business consultant who can help you craft and execute the plan. Getting the details right matters — the future of your business may depend on it.
Businesses have had to grapple with many changes over the last couple years, with more likely in store for 2022. When a company implements change, the process is rarely easy. Some employees might think it compromises their job security or status. Others could distrust the motives behind the change, a particularly dangerous mindset. Meanwhile, you and your leadership team may quickly grow frustrated and tighten enforcement of new rules. But doing so often reduces productivity, worsens morale and increases turnover. To change successfully, learn about change management. It can help you communicate more effectively and provide employees with the support needed to change successfully.
In the year ahead, businesses will need to continue transforming in response to public health and economic developments. Change management can help your company handle the challenge. If you need help developing a management plan make sure to contact David Mills CPA!
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights:
Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans. As well as for Salary Reduction Simplified Employee Pensions (SARSEPs). The annual limit will rise to $14,000, up from $13,500, for Savings Incentive Match Plans for Employees (SIMPLEs) and IRAs.
Catch-up contributions. The annual limit on catch-up contributions for individuals age 50 and over remains at $6,500 for 401(k), 403(b) and 457 plans, as well as for SARSEPs. It also stays at $3,000 for SIMPLEs and SIMPLE IRAs.
Annual additions. The limit on annual additions — that is, employer contributions plus employee contributions — to 401(k)s and other defined contribution plans will increase from $58,000 to $61,000.
Compensation. The annual limit on compensation that can be taken into account for contributions and deductions will increase from $290,000 to $305,000 for 401(k)s and other plans. This includes Simplified Employee Pensions (SEPs) and SARSEPs.
Highly compensated employees (HCEs). The threshold for determining who is an HCE will increase from $130,000 to $135,000.
Key employees. The threshold for determining whether an officer is a “key employee” under the top-heavy rules, as well as the cafeteria plan nondiscrimination rules, will increase from $185,000 to $200,000.
Participation in a SEP or SARSEP. The threshold for determining participation in either type of plan will remain $650.
Business owners, along with their HR and benefits staff or providers, should carefully note when the new limits and thresholds apply. Sometimes the answer isn’t obvious. The 2022 compensation threshold used to identify HCEs will be generally used by 401(k) plans for 2023 nondiscrimination testing.
Review your employee communications, plan procedures and administrative forms, updating them as necessary to reflect these changes. Whether your company offers a 401(k) or another type of plan, we can provide further information on the tax rules.
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Businesses that offer a qualified plan, such as a 401(k), should take careful note. For example, the annual limit on elective deferrals will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for SARSEPs. The annual limit on compensation that can be taken into account for contributions and deductions will increase from $290,000 to $305,000. However, the annual limit on catch-up contributions for those age 50 and over will remain the same at $6,500. We can provide further information on the adjusted amounts.
Business owners: If your company offers a qualified retirement plan, such as a 401(k), you need to know how the IRS recently adjusted many of the key dollar limits and thresholds related to plan administration.
Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year-end, here are four red flags to watch out for:
Too often, companies create a budget by applying an across-the-board percentage increase to the previous year’s actual results. Clearly, the pandemic showed us how an unexpected event can wreak havoc on a budget. However, even without such an event, this approach may be too simplistic in today’s complex business environment.
Historical results are a good starting point, but not all costs are fixed. Some are quite variable based on various factors, such as the supply-chain disruptions we’ve seen in 2020 and 2021. Certain assets — such as equipment and people — have capacity limitations to consider. Prepare accurate forecasts of revenue and expenses on a department-by-department basis using up-to-date technology to capture timely data.
Your finance or accounting department shouldn’t complete the budget alone. Seek input from key employees in every department and at various levels of management.
For example, your sales department may be in the best position to estimate future revenue. A production or service manager may offer insight into unanticipated expenses or necessary investments in equipment upgrades. The product development team can help forecast revenue and expenses related to new products and enhancements to existing products.
In addition, soliciting broad participation gives employees a sense of ownership in the budgeting process. This can help enhance employee engagement and improve your odds of achieving budgeted results.
Good budgets encourage hard work to grow revenue and cut costs. But the targets must be attainable, based on your company’s history as well as economic and industry trends.
Employees will likely become discouraged if they view the budget as unachievable or out of touch with what’s actually happening on the ground. If budgets repeatedly fail, employees may start ignoring them altogether. Tying annual bonuses to the achievement of specific targets can help encourage budget buy-in.
Even if expected revenue is forecast to cover expenses for the year, production and cost fluctuations, as well as slow-paying customers and uncollectible accounts, can lead to temporary cash shortages. Of course, more significant events can have an even bigger impact.
An unexpected shortfall can seriously derail your budget. So, look beyond the income statement and balance sheet. Forecast cash flow on a weekly or monthly basis. Then create a plan for managing any anticipated shortfalls.
For example, you might need to contribute extra capital from cash reserves. Or you might need to apply for a line of credit at the bank. Alternatively, you might consider buying materials on consignment, revising payment terms with customers, or delaying payments to suppliers (if a penalty won’t apply).
As you’ve no doubt experienced in 2020 and 2021, the environment in which your business operates is constantly evolving, so budgeting needs to be an ongoing process. We can help you develop a reasonable annual budget and monitor actual results throughout the year.
Creating a comprehensive, realistic budget enables businesses to identify potential cash shortages, constraints on their capacity to fulfill strategic objectives, and other threats. Here are four red flags to watch out for when creating or reviewing yours: 1) It’s based on last year’s results, historical data is a good starting point, but many costs are variable; 2) It lacks companywide consensus, seek input from managers and employees who are on the front lines; 3) It’s unrealistic, targets must be attainable, based on current economic and industry trends; 4) It ignores cash flow, an unexpected shortfall can seriously derail your budget, so be sure to forecast cash flow weekly or monthly.
If you have any questions about your budget and need professional advice be sure to contact us!
It’s understandable to want to focus a marketing campaign on the strengths and benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from the competition. Competitive intelligence is the process of legally and ethically gathering and analyzing information on your competitors.
Making this distinction isn’t as simple as, “We’re better because we say so.” When you can present prospective customers with accurate data and solid reasoning behind why your products or services will fulfill their needs better than other options, you’ll stand a much better chance of turning those marketing dollars into revenue. This is where competitive intelligence comes into play.
Competitive Intelligence can help you collect valuable data on their:
This information enables you to not only recognize your competitors’ strengths and weaknesses but also better identify and anticipate market trends. As a result, your marketing campaign should emphasize what customers need, how you can deliver it, and where the competition falls short.
Gleaning intelligence is relatively simple. At the most basic human level, chatting with customers and prospects, bank reps, financial services providers, and other business contacts can help keep you in the know about what’s going on in the marketplace. You might encounter these individuals in the regular course of business or seek them out at trade shows, conferences, and networking events.
Relying on fortuitous conversations alone won’t get the job done, however. You (or an employee) will need to gather information regularly. Scan major news providers — as well as relevant business publications — for updates on your competition or industry in general. Your competitors’ brochures, catalogs, press releases, annual reports, and other collateral also contain valuable information. And, of course, don’t forget to regularly visit their websites and blog and their public social media accounts.
In addition, there are a variety of powerful search engines and online resources that can boost competitive intelligence efforts — though some do charge for a subscription. For example, Dun & Bradstreet offers industry, market, and company-specific intelligence for both public and private businesses. The Securities and Exchange Commission (sec.gov) provides free financial reports on public companies.
Be sure to fact-check and verify any information you find. Inaccurate data can skew your observations, negatively affect your business decisions and hurt your reputation in the marketplace.
To succeed at marketing today, you need to make a strong case based on accurate and timely data relevant to your company’s purpose or industry. Competitive intelligence can help you find this information and integrate it into marketing campaigns. Contact our firm for help evaluating your marketing efforts from a return-on-investment perspective.
A marketing campaign should focus on the strengths and benefits of the products or services in question. But don’t overlook pointing out how your offerings are superior to those of competitors. That’s where competitive intelligence comes in. Competitive intelligence is the process of legally and ethically gathering and analyzing information about competitors. This includes their financial positions, business practices, and products and services. To gather such data, you can actively network, scan news sources, visit competitors’ websites and social media pages, and collect collateral such as sales brochures and annual reports. The end result: a more fine-tuned marketing message.
Business owners, you can sharpen your marketing efforts through the effective use of competitive intelligence. If you have any questions be sure to contact us!
Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest businesses could see their reputation ruined by a data breach. At the same time, larger companies could have their sensitive data taken hostage in a ransomware attack that costs millions to resolve. A cybersecurity assessment can help ensure that your business is taking the proper steps to protect itself. It can also give you a competitive edge by demonstrating to customers and prospects that you take data privacy seriously.
Many of today’s companies are taking advantage of technologies that allow them to analyze customer and financial data. This includes software for mission-critical activities such as payroll, accounts receivable and payable, supply chain management, HR and benefits, and on-site security.
These systems are often cloud-based, meaning the information is stored online so users can access it remotely at any time. The convenience and analytical power are breathtaking, but they also create a tempting target for cybercriminals and raise the stakes of exposure exponentially.
In truth, the risk of a breach goes far beyond the disclosure of confidential, personal, or financial information. It also raises serious concerns about potential personal injuries, property damage, and work stoppage. Imagine the harm a hacker could cause by tampering with a building’s security or fire systems, or remotely manipulating vehicles or equipment.
Conducting a formal cybersecurity assessment helps you:
An assessment can also enable you to develop an incident response plan to mitigate the damage of a breach.
There are several recognized cybersecurity standards and frameworks available to guide these efforts. This includes those developed by the National Institute of Standards and Technology and the International Organization for Standardization. The U.S. Small Business Administration also offers cybersecurity assessment tips and best practices on its website.
If you’re particularly concerned, you might want to shop around for a qualified IT consultant to conduct a customized risk assessment. This may make sense if you’re in an industry subject to specific risks.
Cybersecurity is essential for every size and type of company. It may be comforting to think that the bad guys only go after the big guys, but hackers don’t always go after businesses with deep pockets. Sometimes they attack the easiest target. Make sure you’re well-protected.
The convenience and analytical power of today’s cloud-based business technology are breathtaking, but it creates a tempting target for hackers. A cybersecurity assessment can help ensure that your company is protecting itself. A properly conducted assessment involves taking inventory of hardware and software, identifying potential vulnerabilities, and implementing internal controls and other protections. It can also help you develop an incident response plan to mitigate the damage in the event of a breach. There are various free frameworks for conducting a self-assessment but, if you’re particularly concerned, you could engage a qualified consultant to conduct a customized assessment.
Business owners: Cybercriminals are on the prowl right now for your sensitive data. That’s why you should seriously consider a cybersecurity assessment. Contact us to find out how we can help!
When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required, many small to midsize companies find it a beneficial risk-management tool. When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? For various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs.
Specifically, stop-loss insurance protects the business against the risk that healthcare plan claims greatly exceed the amount budgeted to cover costs. Plan administration costs generally are settled in advance. An actuary can estimate claims costs. This information allows a company to budget for the estimated overall plan cost. However, exceptionally large — that is, catastrophic — claims can bust the budget.
To be clear, stop-loss insurance doesn’t pay participants’ healthcare benefits. Rather, it reimburses the business for certain claims properly paid by the plan above a stated amount. A less common approach for single-employer plans is to buy a stop-loss policy as a plan asset, in which case the coverage reimburses the plan, rather than the employer.
The threshold for stop-loss insurance is referred to as the “stop-loss attachment point.” A policy may have a specific attachment point (which applies to claims for individual participants or beneficiaries), an aggregate attachment point (which applies to total covered claims for participants and beneficiaries), or both.
If you choose to buy stop-loss insurance, it’s critical to line up the terms of the coverage with the terms of your healthcare plan. Otherwise, some claims paid by the plan that you might expect to be reimbursed by the insurance might not be — and would instead remain your responsibility.
Properly lining up coverage terms isn’t always straightforward, so consider having legal counsel familiar with the terms of your healthcare plan review any proposed or existing stop-loss policy. In particular, watch out for discrepancies between the eligibility provisions, definitions, limits, and exclusions of your plan and those same elements of the stop-loss policy.
Because stop-loss insurance isn’t healthcare coverage, insurers may impose limits and exclusions that are impermissible for group health plans. For example, a policy can exclude coverage of specified individuals or services. Or it can impose an annual or lifetime dollar limit per individual.
You’ll also need to look carefully at the stop-loss policy’s coverage period. This is the period during which claims must be incurred by individuals or paid by the healthcare plan to be covered by the insurance. Specifically, determine whether it lines up with your plan year.
After buying stop-loss insurance, be extra sure to administer your health care plan in accordance with its written plan document. Any departures from the plan document could render the coverage inapplicable. We can help you determine whether stop-loss insurance is right for your business or whether your current coverage is cost-effective.
Many businesses opt for a self-insured (self-funded) healthcare plan rather than a fully insured one. Although stop-loss insurance isn’t required for self-insured plans, companies often find it beneficial. Why? It protects the business against catastrophic claims that greatly exceed the amount budgeted to cover costs. Stop-loss insurance doesn’t directly pay participants’ benefits; it reimburses the company for certain claims properly paid by the health care plan above a stated amount. Therefore, it’s critical to line up the coverage terms. We can help you determine whether stop-loss insurance is right for your business or whether your current policy is cost-effective. Contact us for more information! Also, check out our Facebook Page for updates!
Employers offer 401(k) plans for many reasons, including attracting and retaining talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features.
Under a 401(k) plan, you have the option of setting aside a number of your wages in a retirement plan. By setting cash aside in a 401(k), you’ll reduce your gross income, and defer tax until you cash out. It will either be distributed from the plan or from an IRA or other plan that you roll your proceeds into after leaving your job.
Your wage will be reduced by the amount of pre-tax contributions that you make — saving you current income taxes. But the amounts will still be subject to Social Security and Medicare taxes. If your employer’s plan allows, you may instead make all, or some, contributions on an after-tax basis (these are Roth 401(k) contributions). With Roth 401(k) contributions, the amounts will be subject to current income taxation, but if you leave these funds in the plan for a required time, distributions (including earnings) will be tax-free.
Your elective contributions — either pre-tax or after-tax — are subject to annual IRS limits. For 2021, the maximum amount permitted is $19,500. When you reach age 50, if your employer’s plan allows, you can make additional “catch-up” contributions. For 2021, that additional amount is $6,500. So if you’re 50 or older, the total that you can contribute to all 401(k) plans in 2021 is $26,000. Total employer contributions, including your elective deferrals (but no catch-up contributions), can’t exceed 100% of compensation for 2021, or $58,000, whichever is less.
Typically, you’ll be permitted to invest the number of your contributions (and any employer matching or other contributions) among available investment options that your employer has selected. Periodically review your plan investment performance to determine that each investment remains appropriate for your retirement planning goals and your risk specifications.
Another important aspect of these plans is the limitation on distributions while you’re working. First, amounts in the plan attributable to elective contributions aren’t available to you before one of the following events: retirement (or other separation from service), disability, reaching age 59½, hardship, or plan termination. And eligibility rules for a hardship withdrawal are very stringent. A hardship distribution must be necessary to satisfy an immediate and heavy financial need.
As an alternative to taking a hardship or other plan withdrawal while employed, your employer’s 401(k) plan may allow you to receive a plan loan, which you pay back to your account, with interest. Any distribution that you do take can be rolled into another employer’s plan (if that plan permits) or to an IRA. This allows you to continue the deferral of tax on the amount rolled over. Taxable distributions are generally subject to 20% federal tax withholding, if not rolled over.
Employers may opt to match contributions up to a certain amount. If your employer matches contributions, you should make sure to contribute enough to receive the full match. Otherwise, you’ll miss out on free money!
These are just the basics of 401(k) plans for employees. For more information, contact your employer. Of course, we can answer any tax questions you may have.
Interested in participating in a 401(k) plan offered by your employer? Under a 401(k), you have the option of setting aside a certain amount of your wages in a retirement plan. By making this election, you’ll reduce your gross income, and defer tax on the amount until the cash (adjusted by earnings) is distributed to you. It will either be distributed from the plan or IRA that you roll your proceeds into after leaving your job. Your elective contributions are subject to annual IRS limits. For 2021, the maximum amount permitted is $19,500. If you’re age 50 or older, you can make additional “catch-up” contributions. For 2021, that extra amount is $6,500.
Run a business for any length of time, and the importance of cash flow becomes abundantly clear. When payroll is due, bills are piling up, and funds aren’t available, blood pressure tends to rise. For this reason, being able to forecast cash flow accurately is critical. Here are four ways to refine your approach:
Many businesses are cyclical, and their cash flow needs vary by month or season. Trouble can arise when an annual budget doesn’t reflect, for example, three months of peak production in the summer to fill holiday orders followed by a return to normal production in the fall.
For seasonal operations — such as homebuilders, farms, landscaping companies, and recreational facilities — using a one-size-fits-all approach can throw budgets off, sometimes drastically. To forecast your company’s cash flow needs and refine accordingly, track your peak sales and production times over as long a period as possible.
Effective cash flow management requires anticipating and capturing every expense and incoming payment, as well as — to the extent possible — the exact timing of each payable and receivable. But pinpointing exact costs and expenditures for every day of the week can be challenging.
Businesses can face an array of additional costs, overruns, and payment delays. Although inventorying every possible expense can be tedious and time-consuming, doing so can help avoid problems down the road.
As your business expands or contracts, a dedicated line of credit with a bank can help you meet cash flow needs, including any periodic shortages. Interest rates on these credit lines can be high compared to other types of loans. So, lines of credit typically are used to cover only short-term operational costs, such as payroll and supplies. They also may require significant collateral and personal guarantees from the company’s owners.
Of course, a line of credit isn’t your only outside funding option. Federally funded small business loans have been offered during the COVID-19 pandemic. These loans may still be available to you. Look into these and other options suitable to the size and needs of your company.
For many businesses, the biggest cash flow obstacle is slow collections. Be sure you’re invoicing promptly and offering easy, convenient ways for customers to pay (such as online). For new customers, perform a thorough credit check to avoid delayed payments and bad debts.
Another common obstacle is poor resource management. Redundant machinery, misguided investments, and oversized offices are just a few examples of poorly managed expenses and overhead that can negatively affect cash flow. For help reducing expenses and more effectively forecasting cash flow, please contact us.
For business owners, being able to accurately forecast cash flow is a mission-critical activity. Fortunately, there are ways to refine your approach. First, track your peak sales and production times over as long a period as possible. Know your busy season! Also, engage in careful accounting to anticipate and capture every expense and incoming payment. Note the timing of cash inflows and outflows as well. Keep a careful eye on additional funding sources, such as a line of credit or federally funded small business loan (if you qualify). Above all, stay on top of collections and always be on the lookout for ways to run leaner. Contact us for help with cash-flow forecasting and check out our Facebook Page.
Everyone loves a story. It’s why movies are still big business and many of us spend hours on the couch binge-watching our favorite television shows. What’s important to keep in mind — and to remind your sales team — is that effective storytelling can also drive sales.
This doesn’t mean devising fanciful, fictional tales to entice customers and prospects into buying. Rather, it involves learning the customer or prospect’s story, putting it into words, and then demonstrating how your company’s products or services can add a happy chapter to the tale. Think of it as a three-act play:
Act I: Set the scene. Building rapport is key in sales. Find out from your sales manager(s) how much time sales staffers are spending with customers and prospects. Ensure they’re not rushing through initial contact. Salespeople should take the time to provide a concise overview of your business, telling its story and emphasizing its capabilities.
Act II: Build the plot. Salespeople should generally ask a series of prepared questions that prompt responses outlining the customer or prospect’s needs and goals. The potential buyer should do most of the talking. The more that salespeople listen, the better chance they’ll have in identifying and filling out the plot of the customer’s story and, one hopes, making the sale.
At this point, the sales staffer also wants to uncover any objections the customer or prospect might have about doing business with your company. These “subplots” can often go overlooked and ultimately ruin the ending of the story for you.
Act III: Resolve the problem. The final scene should be a climactic one. The salesperson needs to summarize the customer or prospect’s story — identifying the key needs revealed by the questions asked. Then, the sales staffer must present a viable solution to meeting those needs and emphasize your company’s ability to efficiently fulfill the products ordered or provide the necessary service(s).
When executed properly, the three acts above should increase the odds for an encore (or a sequel, as the case may be). Buyers who know that your business understands their story will be more likely to become return customers.
Although using storytelling as a sales tool may seem simplistic, it’s a tool that needs sharpening from time to time. We can help you evaluate your sales process from a financial perspective so you can implement changes as necessary.
Effective storytelling can drive sales. That doesn’t mean devising fanciful tales to entice customers. Rather, it typically involves learning the customer’s story, putting it into words, and demonstrating how your products or services can add a happy chapter to the tale. Think of it as a three-act play. First, set the scene. Sales staffers should take the time to provide a concise overview of your business. Second, build the plot. Salespeople need to ask insightful questions to learn the details of the customer’s story. Finally, resolve the problem. The salesperson needs to retell the customer’s story and present a viable solution to the needs identified.