You might dream of being the CEO of your own business someday. Maybe you’re already living that dream! Or maybe, you’re one of the many people with no interest in entrepreneurship?
You might love being a part of a big corporation that provides you stability, support, and an expense account. The truth is, a vast majority of salespeople work for a larger organization, and you only have to worry about closing deals.
The bad news—that perspective is holding you back.
You are employed by a company, but you should be running your business like you’re the owner.
As a salesperson, you’re in charge of how much commission you make. Only you know what needs to be done to accomplish your goals! No matter who you work for, you need to run your business as if you’re 100% in charge of your success.
So, how can you manage your business like a CEO? Do what a CEO does:
- Invest in your business
- Make time for your business
- Understand how to get results
- Build quality relationships that drive the business forward
Invest In Your Business
If you’re working for a company, you might get a specific budget for marketing and promotion. Great! But how do you know that’s the right amount?
If you’re just following what your marketing or sales department tells you to spend on your business, you could be missing out—without even realizing it.
My rule of thumb is that 10% of profits need to be reinvested back into the business.
But there’s another rule that goes along with this! Don’t just spend 10% of what you make now. To get ahead, you need to invest 10% of what you want to be making.
(Okay, I know you really want to make $3 million a year, but keep it reasonable!)
The more you reinvest into your business, the more dividends come back later.
You are in charge of growing your business, so you need to be in charge of what’s being done to grow it. So how should you spend this money? Advertising and nice client gifts are a good start, but that only goes so far. It’s crucial to invest in yourself. This includes:
- Personal Development
- A Sales Coach
- Education & Books that will help you grow your business
You didn’t get a college degree in “How to be a Salesperson.” Many successful salespeople don’t have a degree in anything! That doesn’t mean sales education isn’t essential—it means it’s even more of a priority. If you want your sales career to grow, you need to be learning and growing constantly.
Make Time For Your Business
Investing money into your business is crucial, but you also need to invest your time.
It’s simple. When growing a sales business (or any business!), you’ll have to put in more time.
Entrepreneurship doesn’t equal tons of free time—that’s really just a pipe dream. Most business owners work way over 40 hours a week. They put in the time because that’s what their business needs to survive, grow, and thrive!
Put the extra hours in. This includes growing your sales practice and all the time you spend on yourself—learning about new products, researching new methods, and expanding your capabilities.
It can feel challenging, but you’re laying the groundwork for a bigger future. A farmer who wants a bigger harvest has to first put in the extra work—planting new fields, learning new techniques, nurturing growth. The time you invest into your business will pay off!
Understand How To Get Results
A lot of sales professionals know the exact results they want. Unfortunately, many sales professionals don’t know how to get there.
It’s crucial to understand the relationship between your sales activities and your results!
If you don’t have the habits or activities to support your desired result, you’ll never get there. That’s why you have to examine what you’re doing—and what you’re not doing—and be honest with yourself.
Once you have a handle on your sales goals, ask yourself if you’re putting in the effort you need to reach them. Are all your sales activities enough to support your goal? What needs to improve?
Build Quality Relationships That Drive Your Business Forward
Speaking of activities supporting results, let me ask you a question: Do you have enough referral sources?
Next question: Do you have enough quality referral sources?
A business can’t grow by itself! Your sales business needs to be fed with fresh prospects just to stay alive. If you want more business, you’ll need more prospects than you currently get.
For most sales professionals, relationships with referral partners are the most important ones you have. But not all referral sources are alike!
Quality referral partners are people who have the power to drive your business forward.
Too many salespeople get caught up in “how many” referral sources they need and ignore how good their sources are. Quality beats quantity. Twenty-five shallow relationships might give you enough business, but imagine the kind of business you’d get from 10 or 15 very deep relationships.
What do you need to do to deepen your relationships? How can you find better partners for your business? How can you build and grow their trust in you?
As the CEO of your career, you owe it to yourself to answer these questions!
Act Like A CEO!
I have provided sales coaching and consulting services for hundreds of people over the years. 50% of our sales coaching clients pay for their own coaching. Even though their company doesn’t cover the cost, they understand the value of personal development. They’re investing in their own business.
They know investing their time and money (and building deep relationships) is the only way their business will grow. And that’s why they’re smashing new goals while others are stuck on the same plateau year after year.
If you want to take charge of your sales business, I’d love to help. Drop me a line. If you could use some free advice, subscribe to my updates! I cover sales techniques, time management tips, and ways for sales professionals to stay motivated and keep their heads in the game.
Until next time—go sell some stuff!