Business "2020 is on track to be the biggest bankruptcy year ever", Bloomberg Law, September.1st |
- "2020 is on track to be the biggest bankruptcy year ever", Bloomberg Law, September.1st
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| "2020 is on track to be the biggest bankruptcy year ever", Bloomberg Law, September.1st Posted: 06 Nov 2020 11:22 AM PST |
| French new car orders slumping by up to 90% since new lockdown - government source Posted: 06 Nov 2020 08:33 AM PST |
| Posted: 06 Nov 2020 06:20 PM PST |
| Power of clothing: what you wear influences careers, dating and success Posted: 06 Nov 2020 11:40 AM PST |
| How can I help a rehab center? Posted: 06 Nov 2020 09:06 PM PST I was filming a documentary in a faith-based rehab center in Lithuania and since I became close to the people there, I'd like to help them. So the program is 12months and there are always around 15-20 healthy men there that don't really have anything to do throughout the day. The rehab is trying to get them some sort of construction work, but it's difficult since Lithuanians tend to be biased towards people in recovery. So I was thinking, that maybe if the rehab could make something and sell it (I know of another rehab, that makes pallets), they could: A) Help the rehab, since it's crazy how much money you need to feed and shelter and dress 20 men. B) Part of the money that they would make, would be collected and given to them upon leaving the rehab (which is great, since you need money for a "fresh start") So I was thinking whether any of you have some ideas about what they could do. Something where you don't need to invest a lot of money because the rehab doesn't have any. Cheers :) [link] [comments]  |
| Posted: 06 Nov 2020 10:49 PM PST Firstly, I apologise if my post doesn't fit here but I have been doing hours of research in the past few days and found nothing specific to my situation, so this page seemed the most appropriate for the advice im looking for. (If anyone can direct me to a more appropriate community or website after reading this, that would be highly appreciated). Secondly, I will try to shorten this post to the best of my abilities and I thank, in advance, everyone who will take their time to read through the end. I work at a company that manufactures high quality children's transportation toys, ranging from simple push strollers to scooters. Customers can start with a basic package and then choose between a wide arrange of add ons aswell as purchasing a complete set. In any case, we provide all the necessary parts, include a detailed manual, a 24h customer support contact and it is up to the customer to assemble the product themselves. I'm guite new to this company but it has recently come to my attention that we have no system developed to protect ourselves from false customer complaints, ranging from product quality to missing parts and the list qoes on. I'll give an example: each box of add ons or complete sets is assembled on a production line with no fewer than 5 people, each of whom double checks for missing or broken parts (in case the person before them missed something) and a person at the end, who's sole responsibility is to check that the box is complete and has been assembled correctly, after which it is sealed with a company logo sticker. This means each box goes through at least 6 pairs of highly trained, attentive eyes. I can't claim mistakes don't happen but they are kept to an absolute minimum. A few days ago we received a customer complaint, claiming that a set of add ons was missing 2 major components (which just happen to be the most expensive ones). Both components are roughly the size of a dinner plate, meaning the chances of 6 experienced workers forgetting to include them is pretty much zero. But since its our word against the clients, of course we apologised and sent them the "missing parts" on our cost. Example number 2 (and this is the one that struck a nerve with me the most): one of the (most expensive) add ons we offer is a set that includes a motor, battery, charger, throttle and a number of other parts. Assembling a motor is a job that requires absolute precision, is costly and is the most time consuming job at our production. Myself and another colleague are the only two who have been specifically trained to handle this item. In comes a customer who has now complained for the third time that their motor arrived incomplete. The first time it was supposedly missing 2 outlets, the second time they said it came without the on/off button. Now I'm not claiming that I'm perfect and never make mistakes but it is pretty much impossible forgetting to include these outlets because they connect to everything else inside the motor. Same goes for the on/off button. We did ask for a photo of the motor as proof, but to be honest anyone who knows how to use a drilling machine can just take out the 8 screws that hold together the motors outer shell, remove the 2 outlets and thats it. Again, the customers word against ours so they have now received already the third motor(costing us around 200eur each plus shipping). So finally here are my questions: what options do we have, in what ways can we protect ourselves from these kind of situations? How do we obtain proof that a certain set box is complete, before it is shipped to a customer to prevent these kind of false claims? One idea was weighing each set box(if complete they should all weigh the same, but in that case a customer can always say the weight was incorrect)another was asking the customer to post back the entire set box in its original form, so it can be assessed, fixed and shipped back with no extra costs to the customer. I believe to the most part, if the customer is lying, they will not take things further in that case. Im asking for ideas, advice, basically anything that could help a business protect itself from false customer accusations. I thank you for taking the time to read this long post and appreciate every single reply. [link] [comments]  |
| Posted: 06 Nov 2020 08:49 PM PST "10 Things You Didn't Know About Affiliate Marketing" - Muhsin Tokel tarafından https://link.medium.com/7P6XU5K7cbb [link] [comments]  |
| Posted: 06 Nov 2020 02:07 PM PST |
| Need help woth POS system for a restaurant Posted: 06 Nov 2020 02:34 PM PST I'm looking one to use a POS for a restaurant and need help quickly since I'm losing orders fast [link] [comments]  |
| What's the difference between the global watch market and the global watch industry? Posted: 06 Nov 2020 06:19 PM PST I can't figure out what the difference between the global watch market and the global watch industry is? [link] [comments]  |
| What should I write about for a business ethics class? Give me your best business scandal stories. Posted: 06 Nov 2020 05:40 PM PST |
| How do businesses use Artificial Intelligence to streamline business operations? Posted: 06 Nov 2020 09:40 AM PST I'm curious what are the best examples out there. Amazon uses chatbots which are incredible. What else? [link] [comments]  |
| Marketing consultant wants to be a small business investor. Posted: 06 Nov 2020 03:25 PM PST I work as a marketing consultant for small to medium sized businesses doing strategy and execution. I have good clients, a good track record, and have built a comfortable business for myself. I work only with established businesses, so when a startup comes to me, I turn them down as a rule. If I can connect them with another provider I will, but I can't help them. Lately, I am reconsidering this. But instead of getting hired by these startups I am thinking about proposing an investment/partnership situation where I would invest my money and resources in helping them start with a good foundation and building their business with sound strategy. In return, I would have an ownership stake in the business. Can anyone point me towards some resources that might be useful in understanding how I might go about this? How to think about deal structure, etc.? [link] [comments]  |
| Posted: 06 Nov 2020 03:16 PM PST |
| Short-Term Strategy During Uncertain Times Posted: 06 Nov 2020 03:14 PM PST Hey guys! I'm in my last semester at business school, and a question I must answer is about what short-term strategies are the best for a business during uncertain times. Any suggestions would be great! Thanks! [link] [comments]  |
| Posted: 06 Nov 2020 10:18 AM PST Hello everyone! First post here, and I apologize if this is not the right place. But I was wondering if anyone here was familiar with the company Marco(MarcoNet), an MSP. Does anyone here have any information on their pricing model? I've tried to find it but cannot locate any straight info. Thank you so much! [link] [comments]  |
| Posted: 06 Nov 2020 01:44 PM PST *Objection-Handling Cheat Sheet\* . Here's a fact: Your prospects object. That's just how it is. And when you think about it, it makes sense. . Because if the buyer didn't have reservations about your solution's price, value, relevance to their situation, or their purchasing ability, they would have already bought it. . Objections are a sure thing for almost every sale. And if you want great results, it's your job to be ready for them and know how to deal with them. . So without further ado, here are the 15 most common objections your prospects may throw at you: . 1. "It's too expensive." Price objections are the most common type of objection, and are even voiced by prospects who have every intention of buying. And 99% of the time, those objections don't mean they don't actually have the money. They just don't see enough value in giving you the money you're asking for the solution you're offering. But if the value scale were to shift, and they started valuing their money LESS than your solution, then you're in business. Beware — when dealing with this objection, do NOT focus on the price. The moment you start focusing on price as a selling point, you reduce yourself to a transactional middleman. Instead, circle back to the product's value, the benefits of solving their problem, and the pain of NOT solving it. . 2. "I don't have money." Again, 99% of the time when a prospect says this, it's not that they don't actually have the money. Most of the time they just value it more than your offer, and the way to fix this is by increasing the perceived value of your solution, increasing the perceived pain of their problems, and It IS possible that they're not lying about this and they really don't have the money (or they have it but can't spend it). If that's the case, what you need to do is ask questions and determine if they're telling the truth. Gauge if they're interested in your solution and perceive their problem as significant enough to warrant action. If they DON'T – they're likely lying. If they DO – try to figure out a solution – either a payment plan or something else that would allow them to start in their situation. Think outside the box and see how you can help your prospect get to a place where your offering would fit into their business. . 3. "I don't want to get stuck in a contract." A prospect with a genuine need and interest who balks at time-based contract terms is generally hesitant for cash flow reasons or because of negative experience. Luckily for you, there are workarounds — find out if you can offer month-by-month or quarter-by-quarter payment instead of asking for a year or more commitment up front. If you can't, then just dig deeper and find out exactly why your prospect doesn't want to get stuck in a contract, and deal with their concern. Once you deal with it, the objection will disappear. . 4. "We're already working with [someone else]." A prospect who's working with a competitor is a blessing in disguise. They've already recognized a need, realized their problem, and identified a solution. So much of the education you'd otherwise be responsible for has already been done for you. So in this case, you can spend your time doing the one thing you'd have to hold off on with a prospect who hasn't recognized their pain yet — talk about your product. Just because a prospect is working with a competitor doesn't mean they're happy with them. Probe into the relationship and the outcomes they're getting: Why did they choose this service? What's working well? What's not? Pay special attention to complaints that could be solved with your product. Also, even if they're happy with your competitor, you COULD still make a sale if your product can be used as an add-on to what they're using. If they can benefit from both your product and your competitors together (and there's enough value in it for them), you should communicate that to them and show them why it would be a good idea. . 5. "I can get a cheaper version of your product/service somewhere else." This objection is a lot easier to deal with than you may think. First off, you need to find out exactly what you're dealing with. Are you in a competitive situation, and the prospect is playing you against a competitor to drive up discounts? Or is your prospect under the impression that a similar, cheaper product can do everything they need, or that it can do the same things your solution does? If it's the former, get some information and then focus on the benefits of your solution over the cheaper one. Emphasize on the features that make your product superior, and the problems that may arise from using the cheaper solution. Don't give them a discount too quickly – this is a trap. But if they're unrelenting and they insist on getting a discount, negotiate the price and try to close them on something extra (like the promise of giving you a review after they're happy with your service). In the second scenario, take advantage of the comparison. What are the things that would provide your prospect the most value? Why is your solution so much better than the cheaper one? Play them up and emphasize overall worth, value and benefits, not cost. . 6. "There's too much going on right now." If your prospect feels overwhelmed or "too busy" to deal with the problem you're looking to solve, it's likely that they're just not placing enough importance on the problem you're looking to solve for them. Ask them to define their priorities for you. If they can't (or don't want to), it's likely a brush-off and you should press them on precisely why they don't want to engage with you (find the real reason or concern that made them say that). If they can provide concrete answers and their case is solid (if they really SHOULD focus on the other things and not on this), don't sweat it. Set a meeting time for a follow up and send over helpful resources in the meantime to stay top of mind and on your prospect's radar. . 7. "I've never heard of you or your company." Treat this objection as a request for extra information. It doesn't mean they won't buy from you. It just means they need to know more about you so they can trust you enough to buy from you. Don't give an elevator pitch. Just provide a very quick summary of your value proposition, or some impressive facts or stories about customers you've worked with (best if they're similar to your prospect). For example: "We're a company that sells ad space on behalf of publishers like yourself. I'd love to speak with you about your revenue model and see if we can help." . 8. "X problem isn't important right now." Sometimes, a simple "Oh?" will be enough for your prospect to start talking. Listen closely for the real reasons the problem has a low priority in their eyes. Keep in mind that excuses can be a sign that your prospect understands they have a problem and are trying to rationalize their inaction. Capitalize on this, get them to realize the importance of taking action and solving their problem, and instill a sense of urgency. . 9. "I don't see what your product could do for me." This is another request for information packaged as an objection. Reconfirm the goals, challenges or pain points you've discussed, and explain how your product can effectively solve their specific problems. . 10. "I don't understand your product." This usually means you're overcomplicating the explanation of your solution. You need to Keep It Stupidly Simple and make sure you're explaining it in a way that even a kid would understsand. If your prospect literally can't wrap their head around your product, that's a bad sign. If your product is particularly complicated or specialized, it may be time to disqualify your prospect (so they don't just give up and ask for a refund a few months after buying). Don't give up immediately though. Ask your prospect what aspects of your product they're unclear on. Then, try explaining it in a different way. Alternatively, bring in someone else from your team to re-explain it and answer your prospect's questions. Sometimes just hearing it from someone else is enough. . 11. "Your solution is too complicated." Find out if your prospect is confused about specific features or if the product is indeed over their head. If it's the latter, you might have to disqualify. But if it's the former, remind your prospect about how you will support them throughout the journey. For example, tell them that they'll have help from your customer service team and that you'll support them every step of the way when it comes to implementation (if that's true). And if you won't be doing that – tell them whatever IS true in your case. For example, if you have a community where they can find support, tell them about that. Whatever the case, make them feel supported and tell them how you'll help them effectively and easily execute and implement your solution. . 12. "You don't understand my business." If your prospect feels like you don't understand them, their situation or their business, that means you've made a mistake somewhere along the sales process. If that's the case, don't worry – it's fixable. Just focus on figuring out why they're thinking like that, and show them why they're wrong. If you sell to a specific industry and have some experience doing so, chances are you DO know a bit about your prospect's business. Let them know that you have experience working with similar companies, and have solved similar problems in the past. But don't just tell – DEMONSTRATE! And if you simply made an incorrect assumption about your prospect's company or industry, don't be afraid to own up to it. Your prospects will appreciate your candor. Say, "Sorry — I assumed X was true, but it looks like that doesn't apply to your business. Can you tell me a little more about X?" . 13. "We're happy the way things are." Maybe everything really is going swimmingly (however unlikely that is). But don't believe this without checking. It's extremely likely that your prospect is having some sort of challenge (after all, who isn't?). Do some light digging to determine if they're facing any problems you can solve, then move forward or disqualify based on their answers. . 14. "I want to think about it." When your prospect tells you "I want to think about it", they don't actually mean they'll get off the phone and go into a 'thinker position' for 2 hours actively thinking about your offer. 99 times out of 100, they won't put too much thought into it after the call. And that's because they usually say this to brush you off and avoid making a decision. So whenever you hear "I want to think about it", you need to understand there's something else hiding behind that objection. There's a reason why they don't want to move forward (or don't want to make a decision at that moment) – and you need to find that reason and overcome whatever's concerning them. . 15. "Your solution sounds great, but I'm too swamped right now to handle [implementation, execution]." Prospects are often put off by the effort required to switch products, even if the ROI is substantial. Most people just don't like doing new things, going into the unknown, and putting in a lot of effort (unlike us – we thrive on that, right?). To overcome this objection, you need to empathize with them, prove that you're trustworthy, and ensure they actually CAN handle the implementation (they just FEEL like they can't). You can say something like, "I understand. It typically takes our customers [X days/weeks] to get fully up and running with [your product]." OR here's one that may work even better, "I hear what you're saying. Many of our prospects felt like that when we were discussing this. But after we started working together, what they found was that, with our help, implementation was a breeze compared to what they expected. So let me ask you, if you knew that we'd be there every step of the way and help you with the implementation, how much time could you allocate for this?" If they're still hesitant, next you should combat their reluctance to change by digging into the costs or pains of their current situation, and building on the cost of inaction. You might ask something like, "How many minutes do you spend every day [on X task]?" Then calculate what they're currently losing as a results of this, and what they stand to gain — in time, efficiency, money, or all of the above. . This is a bit of a longer post, I hope you found a lot of value in it. . Knowing how to deal with objections is one of the most important things for high-level selling. Apply the ideas in this post and, hopefully, you'll see quite a jump in your conversion rate. . 𝕻.𝕾. Let's have a discussion! Leave questions, challenges or ideas below and let's make this thread more exciting. . 𝕻.𝕻.𝕾. If you have any sales-related challenges that are a pain, it would be awesome if you share them in the comments. If I can solve a problem for you in my next post, that would be great. I'll be here to answer all the questions related to this topic – 'coz that's my 'thing'. Let's go! 👇 . Stay awesome, Champions! 🏆 [link] [comments]  |
| What’s this unethical business practice called... Posted: 06 Nov 2020 05:47 PM PST A regionally famous food truck announced they were coming to a nearby town today to sell donuts. I drove about 30 minutes to get there as my wife was craving their donuts due to being pregnant. It was a long line but I thought it would be worth the wait for her as she really likes them and this truck only comes like once a year. Anyways I waited over an hour today in line before I got close to the front. I noticed that some customers were getting irritated and leaving without buying anything while others were just carrying away small bags. I then noticed they had a pickup window with big boxes. I guessed that perhaps if you wanted a large order you had to wait and maybe they were only able to sell a couple of donuts to people right away right now. Normally though you are able to buy whatever you want and not wait further once you make it to the front of the line. Well the guy in front of me gets mad and buys nothing and walks off. Well I then go up to the front and the lady tells me if I want a donut I will have to order it and come back 2 HOURS later. They say the only thing they can sell me now is a pretzel (donuts are their primary business mind you and why 99% of the people in line were there). I immediately told them they need to tell the people in line what's going on and not make us wait an hour to find this out. I told them I couldn't wait two hours and I just would take a pretzel. I then told them what they were doing is unethical because if people knew they were going to have to wait another 2 hours they probably wouldn't wait for this at all. By not telling the people in line what is going on they get them to waste all that time and then they are more likely to go through with waiting the two more hours. Anyways at this point this woman behind me started yelling at me saying I had no right to tell the workers this and that I should have figured out what was going on. I told her none of the people in front of me understood what was going on. The workers knew though that people were getting annoyed and have made no effort to tell the people in line what's up. Anyways this mom tells me "We all need to be nicer to each other right now" and I said, yeah I agree, and it starts with this donut vendor telling people in line what's going on lol. Anyways that whole situation just rubbed me the wrong way and ticked me off. I felt embarrassed that other people thought I was in the wrong when I was really just looking out for everybody else that was inline and trying to call out this business for misleading people. Anyways what's the terminology for this business practice??? Essentially they are misleading people about the wait time because they have more business than they can handle. So they get you to wait an hour and then throw you the curveball it's really a wait of two more hours now. But at this point you're already 1/3 of the way there so you're more likely to continue on with the purchase instead of bailing. [link] [comments]  |
| Posted: 06 Nov 2020 11:21 AM PST I own an auto shop, and on the side I and 2 friends do wedding shoots, shoots earning are for whoever was there for the shoot. But now I just moved in a bigger shop, and a lot of empty space up stairs, so I was thinking of starting a proper studio with my friends. I'd like someone to dumb down the legal and financial steps for it, as I'm not good with legal paperwork. Thank you... [link] [comments]  |
| Posted: 06 Nov 2020 10:55 AM PST The test flight for FAA certification is in November 19th. Once complete they will fly one more test and then Richard Branson to start commercial operations this winter. God speed! First human space flight from New Mexico! [link] [comments]  |
| Registering a Marijuana Business in NJ? Posted: 06 Nov 2020 09:43 AM PST So NJ recently approved recreational marijuana use. I've wanted to make a company around edibles for awhile. Funny enough I've never done marijuana...but thats beside the point. Since the legalization is so new they need to go through the government to figure out restrictions etc and provide the ability for people to sell it in a business capacity. I preemptively registered my business to secure the name. However I believe the info was all screwed up given there wasn't an option to put "marijuana industry". I ended up picking Business Code 2600 which is Miscellaneous Products. SIC 5999 and NAICS Code 453998. Is that okay? I'm young and really don't know wth I'm doing. [link] [comments]  |
| What kind of technology must a company buy or rent in order to produce propellers for boats? Posted: 06 Nov 2020 08:49 AM PST And how much would it cost? Is there any of you who is running a business in a boating industry? Edit: Also how much does the material usually cost for producing propellers fro boats? [link] [comments]  |
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