Every business thrives on selling a product or service and the topic on ‘Sales’ is frequently discussed on many platforms. Companies in the service industry more than ever require employees with professional sales skills in order to be profitable and succeed in the marketplace.
Here are 3 mistakes that salespeople do and which negatively affect their performance.
Not Following the Sales Process
The Sales process is important, as it is a professionally tried and tested process of building rapport, generating interest, presenting customized solutions, overcoming objections, creating urgency, asking for commitments for new business and creating relationships along the way.
Sales people who do not follow the Sales Process fail to excel as they overlook important aspects of the process e.g. not analyzing the marketplace to target clients who will benefit from their product or service or failing to uncover the needs of the potential clients etc
It is important to keep in mind that “Telling isn’t selling”. It is only a step in the Sales process.
Ignoring The Importance Of Building a Pipeline
In the quest of achieving targets and handling their day-to-day activities, many sales people ignore the critical activity of building a pipeline. Poor planning erodes any gains that would have been realized by excellent face-to-face relationship building and good problem solving.
In order to get lasting, steady and predictable business, a Sales person needs to pay attention to planning as it is critical to his/her long-term selling success.
Not Developing Their Business Network
Today’s business environment is not only complicated but also very competitive. The reality is that ‘no man is an island’ and individualism limits a salesperson.
Therefore, to a Sales person networks are a very valuable and if you want to improve your flow of prospects, you should focus on widening your business network. This could include gaining membership and becoming an active member in various professional associations, clubs, churches and other social organizations. Through this type of networking, sales people can develop strong relationships that prove valuable for business prospecting.
It is also important to ensure that you get the most out of your business networks.
Finally, it is important for Sales people to acquire skills on the real selling process and not only on the detail and structure of individual company sales policies.
Sunday, 8 January 2012
Monday, 7 November 2011
The AITEC East Africa ICT Summit
The recently concluded AITEC East Africa ICT Summit held in Nairobi was a huge success. The theme this year was ‘We Have the Bandwidth. Now What?’
The summit attracted a wide range of exhibitors and attendees who included both local and international companies, individuals in the ICT industry, banks and other service providers who participated in the three conference streams viz; data security, cloud computing and mobile applications.
In marking the launch of the AITEC ICT summit, Mr. Paul Kukubo, chair of the Kenya ICT Board, highlighted the ICT board’s role and successes. He confirmed that the board had made huge strides developing the Kenyan ICT market. The ICT board’s efforts are set to reach a milestone when the Konza technopolis is operational. He envisaged Kenya being a leading ICT hub in the region especially with improved bandwidth, mobile penetration and the development of cloud services.
Julius Opiyo, Seacom Kenya’s Sales Manager East and North Africa described ICT as the backbone of the continents infrastructure and a vital component driving economic growth in Africa. He highlighted this through data that indicated that governments of the East African Community (EAC) governments were investing over US$400million in their respective national backbone infrastructure.
Delivering growth, managing risks and cost control.
Several innovative solutions were showcased. Corporate and SMEs participants were educated on the possibilities opened up by improved bandwidth and cloud services.
Temenos, a leading provider of versatile banking solutions presented global perspectives in enterprise level banking and how their services and those of their partners were able to deliver growth, manage risks and control costs for these institutions. As they described their solutions for the Banking and Micro-Finance sector, it was clear that cloud computing for banks and non-bank financial institutions was inevitable in the near future.
Subsequent sessions at the summit dealt with topics that ranged from ICT security solutions and trends, Business Intelligence, as well as insights as to how businesses can leverage readily available cloud applications. All these will go a long way in delivering sustainable financial services in emerging markets.
The AITEC East Africa ICT summit has successfully established itself as a ‘must-attend’ forum for individuals and corporate service providers within the ICT industry. Overall, it was an eye-opener for many local companies and many thanks to the summit organizers who did a splendid job in putting it all together.
The summit attracted a wide range of exhibitors and attendees who included both local and international companies, individuals in the ICT industry, banks and other service providers who participated in the three conference streams viz; data security, cloud computing and mobile applications.
In marking the launch of the AITEC ICT summit, Mr. Paul Kukubo, chair of the Kenya ICT Board, highlighted the ICT board’s role and successes. He confirmed that the board had made huge strides developing the Kenyan ICT market. The ICT board’s efforts are set to reach a milestone when the Konza technopolis is operational. He envisaged Kenya being a leading ICT hub in the region especially with improved bandwidth, mobile penetration and the development of cloud services.
Julius Opiyo, Seacom Kenya’s Sales Manager East and North Africa described ICT as the backbone of the continents infrastructure and a vital component driving economic growth in Africa. He highlighted this through data that indicated that governments of the East African Community (EAC) governments were investing over US$400million in their respective national backbone infrastructure.
Delivering growth, managing risks and cost control.
Several innovative solutions were showcased. Corporate and SMEs participants were educated on the possibilities opened up by improved bandwidth and cloud services.
Temenos, a leading provider of versatile banking solutions presented global perspectives in enterprise level banking and how their services and those of their partners were able to deliver growth, manage risks and control costs for these institutions. As they described their solutions for the Banking and Micro-Finance sector, it was clear that cloud computing for banks and non-bank financial institutions was inevitable in the near future.
Subsequent sessions at the summit dealt with topics that ranged from ICT security solutions and trends, Business Intelligence, as well as insights as to how businesses can leverage readily available cloud applications. All these will go a long way in delivering sustainable financial services in emerging markets.
The AITEC East Africa ICT summit has successfully established itself as a ‘must-attend’ forum for individuals and corporate service providers within the ICT industry. Overall, it was an eye-opener for many local companies and many thanks to the summit organizers who did a splendid job in putting it all together.
Sunday, 23 October 2011
Thoughts on Leadership: Rethinking 'The Wisdom of the Crowd'
For years the public has been at the forefront of demanding greater results, transparency and accountability from the leaders it engages. Over time, this has fed through directly into key decision making e.g. the hiring activities of leaders at the highest levels, where the importance attached to an individual’s actions are emphasized. This is a good start.
However, in order for the public to achieve the desired results, it has to strike a balance between empowering their leaders to act and its psychological demands for them. We are all for transparency and accountability. In some ways, the idea of the wisdom of the crowd is contradictory when it comes decision-making in leadership.
On the issue of governance, if the practices employed are not good enough, they may fail in yielding the intended results or impede leadership. In the case of transparency, an ill-informed debate or contribution will water down the importance of the process of transparency.
There is therefore a need to rethink 'the wisdom of the crowd'. Many leaders in key positions are clearly frustrated because of the failure by the public to strike a balance between Leadership and the wishes of the appointing public.
A case in point is the recent call for a referendum in Greece to determine the way forward given the economic problems that the country is facing. From the outset, a key question arises - Does the public have the information to make financial decisions?
Certainly, the Greek public may only care about keeping their jobs and having no pay cuts while the issue of being part of a larger union - the European Union is secondary. In my view, there may therefore be little or no economic value in seeking the popular vote on this. Here are some pointers that would be helpful in striking the right balance in the future.
First, Create leaders, give them power
In theory, leadership by consensus, a.k.a. the wisdom of the crowd is an attractive idea. The fact that so many people have an interest in the actions of leaders, and the fact that leadership relies on ideas that are as likely to come from the public as they are from a peer; means that every idea that emanates from the appointing public should be welcome. Not always.
Leadership, like anything else in business, benefits from a free hand and access to power as much as it does from feedback. However, ‘micromanaging’ leaders is definitely counterproductive, given the fact that leadership is about innovation, decision making and at times it entails doing things differently.
Keep leaders, keep them on their toes
At the higher levels, in the private and public sector, the governance and accountability objective is to keep leaders, but not to let complacency set in. Undoubtedly, critiques should be offered - as the goal is to have more leaders than managers and to ensure that leaders serve without excesses.
Traditionally, leaders let their game slip in some areas after some time and at this point intervention is necessary to avoid widening the gap between strategy and outcome. Keeping leaders is important in ensuring the continuity. It is important to keep in mind that in most cases Strategy implementation is adversely affected when leaders do not stick around for long.
Keeping it Real
Of course, leaders are hired, appointed or elected to serve rather than lord it over people. Therefore, they should be selfless and committed to the good of all by thinking of the organization as a whole at the corporate or nation level. However, once the leadership is in place, we should allow them a free hand to make decisions. The leadership we put in place does not need us to second-guess them at every move they make. They have a level of discretion and the public should have a level of trust.
However, leaders too should develop critical strategies for navigating through their days in leadership roles, as this may be what determines success or failure.
However, in order for the public to achieve the desired results, it has to strike a balance between empowering their leaders to act and its psychological demands for them. We are all for transparency and accountability. In some ways, the idea of the wisdom of the crowd is contradictory when it comes decision-making in leadership.
On the issue of governance, if the practices employed are not good enough, they may fail in yielding the intended results or impede leadership. In the case of transparency, an ill-informed debate or contribution will water down the importance of the process of transparency.
There is therefore a need to rethink 'the wisdom of the crowd'. Many leaders in key positions are clearly frustrated because of the failure by the public to strike a balance between Leadership and the wishes of the appointing public.
A case in point is the recent call for a referendum in Greece to determine the way forward given the economic problems that the country is facing. From the outset, a key question arises - Does the public have the information to make financial decisions?
Certainly, the Greek public may only care about keeping their jobs and having no pay cuts while the issue of being part of a larger union - the European Union is secondary. In my view, there may therefore be little or no economic value in seeking the popular vote on this. Here are some pointers that would be helpful in striking the right balance in the future.
First, Create leaders, give them power
In theory, leadership by consensus, a.k.a. the wisdom of the crowd is an attractive idea. The fact that so many people have an interest in the actions of leaders, and the fact that leadership relies on ideas that are as likely to come from the public as they are from a peer; means that every idea that emanates from the appointing public should be welcome. Not always.
Leadership, like anything else in business, benefits from a free hand and access to power as much as it does from feedback. However, ‘micromanaging’ leaders is definitely counterproductive, given the fact that leadership is about innovation, decision making and at times it entails doing things differently.
Keep leaders, keep them on their toes
At the higher levels, in the private and public sector, the governance and accountability objective is to keep leaders, but not to let complacency set in. Undoubtedly, critiques should be offered - as the goal is to have more leaders than managers and to ensure that leaders serve without excesses.
Traditionally, leaders let their game slip in some areas after some time and at this point intervention is necessary to avoid widening the gap between strategy and outcome. Keeping leaders is important in ensuring the continuity. It is important to keep in mind that in most cases Strategy implementation is adversely affected when leaders do not stick around for long.
Keeping it Real
Of course, leaders are hired, appointed or elected to serve rather than lord it over people. Therefore, they should be selfless and committed to the good of all by thinking of the organization as a whole at the corporate or nation level. However, once the leadership is in place, we should allow them a free hand to make decisions. The leadership we put in place does not need us to second-guess them at every move they make. They have a level of discretion and the public should have a level of trust.
However, leaders too should develop critical strategies for navigating through their days in leadership roles, as this may be what determines success or failure.
Saturday, 8 October 2011
SME Accounting Solutions Soar Into Space
NASA has built a brand new $500 million mobile launch platform that will be used to send people to asteroids or Mars.
In Kenya, SME Accounting solutions are also heading skyward. Michael Pedersen has developed ‘Uhasibu’- an innovative SME accounting package that utilizes cloud computing.
According to Michael, “Uhasibu is developed specifically for the legislation and workflows present in Kenya. It improves financial management by generating KRA compliant VAT reports with ease, monitors your petty cash, keeps track of your incoming (partial) payments and generally stay on top for your financials”.
In today’s world, it is impossible to ignore the rise of technology, the impact it is having on the enterprise and the resultant implications for business.
Cloud computing is a technology that uses the internet and central remote servers to maintain data and applications. Using cloud computing consumers and businesses alike can use applications without installing them and can access their personal files at any computer with internet access.
In my view, SMEs should try out Uhasibu for the innovation, economy and convenience that come with it. The fact that the accounting package is cloud based takes away the need for large upfront software investments. Uhasibu runs online and charges only a small subscription fee.
Launched in September this year, this cloud-based package is equipped with mobile technology and email capabilities. At the click of a button, you can generate and send out invoices to customers via email. What is interesting is that you can do it from your mobile phone.
An example of the practical application of its innovation is that a entrepreneur can generate an invoice in real time when sitting across the table in a client’s office.
But at its most basic level, Uhasibu is all about meeting a more fundamental need - to bring simplicity into accounting for Small and Medium Enterprises (SMEs).
In Kenya, SME Accounting solutions are also heading skyward. Michael Pedersen has developed ‘Uhasibu’- an innovative SME accounting package that utilizes cloud computing.
According to Michael, “Uhasibu is developed specifically for the legislation and workflows present in Kenya. It improves financial management by generating KRA compliant VAT reports with ease, monitors your petty cash, keeps track of your incoming (partial) payments and generally stay on top for your financials”.
In today’s world, it is impossible to ignore the rise of technology, the impact it is having on the enterprise and the resultant implications for business.
Cloud computing is a technology that uses the internet and central remote servers to maintain data and applications. Using cloud computing consumers and businesses alike can use applications without installing them and can access their personal files at any computer with internet access.
In my view, SMEs should try out Uhasibu for the innovation, economy and convenience that come with it. The fact that the accounting package is cloud based takes away the need for large upfront software investments. Uhasibu runs online and charges only a small subscription fee.
Launched in September this year, this cloud-based package is equipped with mobile technology and email capabilities. At the click of a button, you can generate and send out invoices to customers via email. What is interesting is that you can do it from your mobile phone.
An example of the practical application of its innovation is that a entrepreneur can generate an invoice in real time when sitting across the table in a client’s office.
But at its most basic level, Uhasibu is all about meeting a more fundamental need - to bring simplicity into accounting for Small and Medium Enterprises (SMEs).
Friday, 7 October 2011
Engel’s Co-efficient on the Rise Again.
Recently we have experienced the depreciation of the shilling against major world currencies. According to major researchers, the shilling is among the worst performing currencies in the world. This has had negative effects for both consumers and businesses.
On the consumer front, Engel’s co-efficient, the proportion of food costs in household spending, is on the rise. Our research indicates that the coefficient has hit a new high in a period of 3 years amid a sharp increase in commodity prices.
Kenyan families are now devoting a larger portion of their income to food, a clear indication of the depreciation of the shilling against major world currencies. As expected, retailers have moved fast to adjust the prices of commodities (e.g. flour, sugar, rice, milk and bread) so as to cushion themselves against increased cost of buying.
The implications of a weakening shilling on SMEs
There are certain things SMEs can expect as the Kenya shilling hits new lows. First, manufacturers will suffer through high input costs since Kenya is heavily reliant on fuel and imported goods.
This will force SMEs to carry a huge burden in relation to increased operational costs. As a result, many SMEs will scale down some of the projects they have planned because increased operational costs will require a response on the revenue side of the business.
Indebtedness will be on the rise as manufacturers seek more credit to cover the shortfalls in operational costs and as individuals borrow money for consumption purposes. Inevitably, SMEs with a dollar debt will lose more as they will not have a way of maintaining growth.
The banking sector will see an increase in bad debt if this situation persists. Banks have effectively wrapped their tentacles on individuals and businesses and this could exacerbate the bad debts situation. Given that most individuals and businesses have multiple accounts or loans; it is likely that hard times could trigger a domino effect that could see other commitments within the banking sector suffer.
There will be a rise in the cost of credit as individual banks match their lending rates to their cost of credit. Banks will certainly exercise more caution when lending to SMEs and this will hurt SMEs by discouraging borrowing in the short-term.
On the consumer front, Engel’s co-efficient, the proportion of food costs in household spending, is on the rise. Our research indicates that the coefficient has hit a new high in a period of 3 years amid a sharp increase in commodity prices.
Kenyan families are now devoting a larger portion of their income to food, a clear indication of the depreciation of the shilling against major world currencies. As expected, retailers have moved fast to adjust the prices of commodities (e.g. flour, sugar, rice, milk and bread) so as to cushion themselves against increased cost of buying.
The implications of a weakening shilling on SMEs
There are certain things SMEs can expect as the Kenya shilling hits new lows. First, manufacturers will suffer through high input costs since Kenya is heavily reliant on fuel and imported goods.
This will force SMEs to carry a huge burden in relation to increased operational costs. As a result, many SMEs will scale down some of the projects they have planned because increased operational costs will require a response on the revenue side of the business.
Indebtedness will be on the rise as manufacturers seek more credit to cover the shortfalls in operational costs and as individuals borrow money for consumption purposes. Inevitably, SMEs with a dollar debt will lose more as they will not have a way of maintaining growth.
The banking sector will see an increase in bad debt if this situation persists. Banks have effectively wrapped their tentacles on individuals and businesses and this could exacerbate the bad debts situation. Given that most individuals and businesses have multiple accounts or loans; it is likely that hard times could trigger a domino effect that could see other commitments within the banking sector suffer.
There will be a rise in the cost of credit as individual banks match their lending rates to their cost of credit. Banks will certainly exercise more caution when lending to SMEs and this will hurt SMEs by discouraging borrowing in the short-term.
Tuesday, 20 September 2011
Banking on Air ...... Are we there Yet?
Now that cellular technology has overcome major infrastructural barriers, how are we fairing concerning wireless financial services (cell phone banking) in Kenya?
While you could make the case that the banking sector has finally embraced wireless financial services, are we really there? Looking at this from a customer-specific perspective, the indication is that we have only done so partly.
The reception of mobile phones and the internet in Kenya has been awesome. A large percentage of Kenyans own one. In Kenya, certain banks like the Standard Chartered Bank blazed the trail by introducing mobile banking earlier on.
Nevertheless, has mobile banking brought banking convenience to customers? Alternatively, is it yet to? Since all customers are convenience-driven, I will use convenience as a KPI in my evaluation efforts.”
In Kenya, the conventional internet service has failed to deliver such convenience to the larger banking population. Instead, banks offer it as to their corporate and high net worth customers as a benefit. This may have something to do with the psyche of the local bank customer who has a fear of the unknown when it comes to using internet banking; the associated cost, complexity as well as the fear of fraud.
Perhaps, this explains why many financial service providers have turned to mobile telephony as the best way to introduce convenience and reach the unbanked. It is cheaper, simple and accessible. Currently, mobile telephone service providers have an edge over banks, as they have been able to parlay this income group into customers.
The innovative mobile money solutions transact and hold a huge amount of cash in Kenya. Most are a partnership between banks and mobile phone service providers as opposed to individual banks having a dedicated customer service outfit as part of their operations.
When the full potential of wireless banking is unleashed, it will be possible to access your account information through your cell phone, check account balances and transfer money between accounts in real time.
In addition, bank customers can change PIN numbers and view a mini bank statement for their most recent transactions. They can also transfer funds in-between personal accounts, request Bank Statements, enquire on Foreign exchange rates, request a cheque book etc. All this can happen without the assistance of a live Customer Service representative.
Certain things are working in the favor of implementing wireless banking in Kenya today. A large percentage of Kenyans now own mobile phones and the onus is now on individual banks to translate the popularity of mobile phones into banking convenience.
Financial inclusion remains a challenge that banks must address to realize the full potential of wireless financial services. Banks must ensure that potential customers (including the lower income group) can open an account at a brick and mortar bank.
Given the reception of mobile phones and the internet in Kenya, I am sure that there is a large group of hopefuls poised to explore this phenomenon when it is finally here.
In my opinion, wireless financial service will mature when cellular banking is a standard feature with every deposit account.
While you could make the case that the banking sector has finally embraced wireless financial services, are we really there? Looking at this from a customer-specific perspective, the indication is that we have only done so partly.
The reception of mobile phones and the internet in Kenya has been awesome. A large percentage of Kenyans own one. In Kenya, certain banks like the Standard Chartered Bank blazed the trail by introducing mobile banking earlier on.
Nevertheless, has mobile banking brought banking convenience to customers? Alternatively, is it yet to? Since all customers are convenience-driven, I will use convenience as a KPI in my evaluation efforts.”
In Kenya, the conventional internet service has failed to deliver such convenience to the larger banking population. Instead, banks offer it as to their corporate and high net worth customers as a benefit. This may have something to do with the psyche of the local bank customer who has a fear of the unknown when it comes to using internet banking; the associated cost, complexity as well as the fear of fraud.
Perhaps, this explains why many financial service providers have turned to mobile telephony as the best way to introduce convenience and reach the unbanked. It is cheaper, simple and accessible. Currently, mobile telephone service providers have an edge over banks, as they have been able to parlay this income group into customers.
The innovative mobile money solutions transact and hold a huge amount of cash in Kenya. Most are a partnership between banks and mobile phone service providers as opposed to individual banks having a dedicated customer service outfit as part of their operations.
When the full potential of wireless banking is unleashed, it will be possible to access your account information through your cell phone, check account balances and transfer money between accounts in real time.
In addition, bank customers can change PIN numbers and view a mini bank statement for their most recent transactions. They can also transfer funds in-between personal accounts, request Bank Statements, enquire on Foreign exchange rates, request a cheque book etc. All this can happen without the assistance of a live Customer Service representative.
Certain things are working in the favor of implementing wireless banking in Kenya today. A large percentage of Kenyans now own mobile phones and the onus is now on individual banks to translate the popularity of mobile phones into banking convenience.
Financial inclusion remains a challenge that banks must address to realize the full potential of wireless financial services. Banks must ensure that potential customers (including the lower income group) can open an account at a brick and mortar bank.
Given the reception of mobile phones and the internet in Kenya, I am sure that there is a large group of hopefuls poised to explore this phenomenon when it is finally here.
In my opinion, wireless financial service will mature when cellular banking is a standard feature with every deposit account.
Friday, 16 September 2011
Question: Can we Breed Entrepreneurs?
Entrepreneurship is a spirit as well as a role. It is about catalyzing change, innovation, risk taking and invention. The person who holds these qualities and traits and lives them out is an entrepreneur.
In Kenya today, entrepreneurship holds out the lifeline of getting ahead, of building an economic base and realizing our potential. Certain occurrences and trends around us e.g. mass lay-offs, hiring freezes etc. have occasioned the need for an alternative money making avenue besides formal employment. Faced with the need to make ends meet, the average Joe has little choice other than to explore entrepreneurship.Entrepreneurship, however, is a broad concept that should not be equated with staring a business. Entrepreneurs create needs and seek to satisfy them.
MFI’s play a leading role in supporting enterprise in Kenya. Their role in funding is central role to the growth of enterprise and has clear benefits to the individual and the economy.
Given their role in wealth generation, MFI’s are strategically placed to establish entrepreneurship by breeding entrepreneurs. We will highlight a few unique ways that they can do so.
First, MFI’s should encourage innovation since Innovation and entrepreneurship are closely connected.
In the MFI’s landscape, as in all organizations, there should be a deliberate effort to refresh, stimulate and inspire innovation within the organization and with their stakeholders as this is the building block of entrepreneurship. In addition, treating employees, volunteers and clients alike as customers creates an entrepreneurial culture within the organization and overtime this is transferred outside the organization.
Second, we can establish entrepreneurship by ensuring that the organization’s culture and operations encourage an entrepreneurial spirit. The culture should not be averse to the key elements in entrepreneurship e.g. innovation, risk taking and change.
In their hiring, MFI’s should seek out management and staff with creativity, vision and drive. MFI’s should hire employees who are innovative and enterprising. Such skill sets should be included in job descriptions and HR should build incentives to reward enterprise. This creativity and vision ensures that MFI’s are relevant in serving their entrepreneurial clients.
Third, key players within the community should identify the expertise needed to improve the outcomes of entrepreneurship by enlisting key players within the community, business and political arena who have that relevant expertise and are willing to share it.
Fourth, MFI’s should bolster their R&D arm and seek to design model programs and services that are replicable in more than one marketplace. Conducting regular reviews to determine the areas in need of improvement can achieve this.
Fifth, MFI’s should institute a process for continuous feedback with the community they serve. This two-way communication will uncover the real needs in society and as such benefit entrepreneurs.
Finally, a shift in thought and belief concerning entrepreneurship is necessary. A change in attitude should be encouraged through promoting entrepreneurship as a desirable career choice rather than as a necessity-driven entrepreneurial activity.
A Positive attitude toward entrepreneurship will generate cultural support, financial resources, networking benefits and other forms of assistance to current and potential entrepreneurs.
When this is in place, we will come ahead of countries with better-known reputations for enterprise.
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