You should pay a key employee for projects that they initiate. This could be an additional six percent or more of their base pay. When this key employee has a positive effect on the rest of the management team, pay them a bonus based upon that influence. This could be 10 – 20 percent of their base.
There are actually plenty of approaches to business development and leadership management. All of them work. The challenge is finding the right approach for your type of enterprise.
Create a system for making lists. Again, there are software tools or you can have one – and only one – piece of paper where you list things to do, errands to run, phone calls, etc.
Your product line plays a major role in your business. It is better to stick to a specific niche rather than putting your fingers in all bowls like a child. Once you gained expertise in selling a particular niche and gained some name you can gradually expand your shop with other niches. This could help you a lot in studying the likes and dislikes of the customers.
There is one caveat: never invest more than you can afford to lose. Sometimes — it happens — external events conspire to kill your campaign with no warning. That’s why you limit your exposure per run of your campaign. That’s why you should set your “budget” as a percentage of turnover, but always be prepared to change the figures as circumstances dictate. I have had supposedly intelligent business owners tell me they could not afford to re-run a successful marketing campaign that was making them money… because their “budget” was all out. Madness – a small business strategy doomed to failure.
modern leadership Use a software tool to keep track of phone calls. There are tons of contact management systems available today. Find one you like and use it. Every time someone calls and you need to record the call put it in the system NOT on a piece of paper.
This is about getting referrals. Say your friend does not want your service or to join your business… ask for 5 names and phone numbers of people your friend knows who might be interested, they might even phone them on your behalf just to introduce you so when you phone it will not be a cold call. Some friends may give you zero referrals, another might give you 10. Let’s say you on average got 5 referrals from each friend on your contact list. So if you started with 100 names on this list and each one gave you 5 referrals… if you work out how many people that gives you to talk to it is… LOTS! Your expanded list will keep you very busy.