Benefits of Financial Accounting BPO

The High costs of hiring such professionals make having well-seasoned in house Financial managers a luxury that most businesses can scarcely afford. Hiring a business process outsourcing provider to manage areas that are non-core to the business activity is not a new strategy, but rather, one that has met with resistance due to worries about high costs, potential loss of confidentiality, and the fear of losing control.

In fact, when the information gets outsourced to a third party, the opposite is true. Everytime you hire a professional BPO services provider, you do not hire just one junior as your book keeper but rather a pre-selected team that offers a combination of experience and manual assistance at a fraction of the costs of what it would have cost you to set up your in-house accounting team.

The people that are processing the information actually  DO NOT have the full picture, and do not attach personal opinions to what they process. It is a fact that outsourcing accounting actually increases the level of confidentiality.

AS for losing control over the business, many business owners opt for full year account summaries rather than getting vital accounting  information as soon as viable, and as such, don’t actually have any control at all. Getting financial data quickly and efficiently can allow the business owner to predict and pre-emt the next steps.

Outsourcing Financial Accounting of the businesses can free business owners from heavy fixed costs, get valuable advice from CPAs that are domain experts, up to date financial reports and give them better control of their businesses.

Motivating a Sales Team

Motivating an Ambitious, Driven Team

Sales people value freedom and cannot be micromanaged. They want to know what the objectives are and what is expected of them but don’t want to be micromanaged.

Another common challenge is team cohesiveness. Effective sales professionals can be naturally competitive, and team unity and morale can suffer if you don’t handle this appropriately.

Motivating and Managing Your Sales Team

Use the strategies below to motivate and manage your sales team effectively.

  1. Lead by Example

One of the best things you can do for your sales team is to do what you say, and lead by example even if you don’t have a sales background. Do what you are expecting of your sales team to do.

Think about the behaviors or habits that you want to encourage, and make sure that you demonstrate these regularly. It’s important to embody these values, if you want your team to follow your lead.

  1. Develop Emotional Intelligence

Sales people are high in EQ and need managers with Strong Emotional Intelligence to successfully understand and manage them.

Sales people who are managed by Managers with higher Emotional Intelligence  experienced an increased job satisfaction and greater team cohesiveness. Making the sales team aware of how other people behave, aware of their own actions and emotions, and how these affect others can help them perform better than those who lack this important skill.

 

  1. Build Good Work Relationships

Encourage good working relationships even if the team members might compete with one another. Competition must not be the key driving force to perform better.

This is important to ensure higher team morale, increased productivity, greater collaboration, and more freedom to focus on opportunities.

Good relationships also make it easier for teams to reach an agreement on group decisions.

To build stronger relationships, create opportunities for team bonding.

  1. Understand Your People’s Personalities

Understand the individual strengths of each sales professionals. This understanding will help you to customize your motivation and reward strategies.

  1. Tailor Rewards and Motivators

Each of your team members is unique, and they’re likely to be motivated by different things.

  • Bonus and commission checks.
  • Paid Trips
  • Paid time off.
  • Further training, or advanced career development.
  • Learning or certification opportunities.
  • Attending conferences or membership in a prestigious business group
  • Small gifts.
  1. Create Competition

People like to win. Take advantage of sales people’s  natural competitiveness and create healthy competition as a way to engage your people, boost morale, and make work more fun. Competitions are also excellent for improving performance during slow periods.

  1. Recognize Achievements

One of the best ways to motivate your sales team members is to recognize their achievements on a regular basis.

Celebrate every win.

Praise the person with the win

Team Recognition is a powerful motivator.

Are you Listening

You probably suck at listening,
and I’m sure you don’t think so –  here’s WHY.

By Fraser Morrison

 

 

If I had a dollar each time I hear someone use the phrase that we have two ears and one mouth, I could buy myself a new Cannondale bike. This phrase is so often misused that I think people say it in the form of pretense with no idea what it really means.

Let me put it this way. If I were to ask you to test out your listening skills in a role play, chances are – unless you were a trained negotiator or counselor – you would be shocked at how poorly you would fare. Many studies have also shown how the majority overestimate their ability to listen, yet, I am sure you still think that you’re a pretty good listener. In fact, research has shown that most people, and mistakenly so, believe that they are quite capable at it, and rarely see the need for further improvement.

Basically, the science says you probably suck at listening. And that you almost certainly think you don’t.

Don’t agree? Then try out this exercise. With the next person you speak to, do not discuss anything pertaining to yourself;  speak only about them, what they raise in the conversation, don’t take the conversation anywhere other than what they discuss, ask questions about what they say and drill down a few levels on what they tell you about each piece. Then, time how long it takes for you to crack and start talking about what you want to talk about – I do this with my 13 year old on a regular basis and it’s tough to keep the conversation going on for 30 minutes. You can imagine what she loves to talk about.

By now, I have already conducted numerous role plays with the teams that I work with by giving them a scenario and having them navigate through a conversation to try and discover information about the person they are talking to.

And guess what? A lot of them sucked at it. They didn’t listen, they didn’t ask open questions, they didn’t use active listening nor engage their partner about what the person said. All they wanted was to direct the conversation in a blunt and frivolous way. To be honest, it never ceases to baffle me that the gap between how good people are with this skill, and how good they think they are, is so large.

Which then prompts the questions:

  • What can you do about it?
  • Why should you do something about it?
  • Are you really as bad as I say you are?
  • How do you check? – It’s not as though you can just call someone up and do a check-up of your listening and questioning skills.

 

To address these, let me start explaining why we tend to be poor at listening; why we should bother to fix it; and how to start getting consistently better at this skill. Without a doubt, if you master the skill of listening – and not just think you have mastered it but really work at improving it – you can expect a change for the better, not just in your career and work life but also in your family life and other personal relationships.

5 Reasons Why We Don’t Listen

  1. We use most of our cognitive bandwidth to think
    Adapted from: https://www.ragan.com/Main/Articles/Infographic_Listening_facts_you_never_knew_46838.aspxOur brains can hear at a speed of 125 words per minute, we talk at a rate of 450 words per minute and we can think at a range between 1000 – 3000 words/minute.Clearly, we are biologically wired to be constantly thinking, to be vigilant and to pay attention to the fluctuating world around you. This makes sense from a primitive perspective, since our early survival may have depended on it, i.e., don’t pay attention to your surroundings and you’ll probably be eaten. But even in the modern world, we seem to carry on with this sort of mentality. Constantly engaging with the world around us, always thinking about what happened before and even trying to figure out what will happen later. So when someone is talking to us, we actually use up a bandwidth of 1375 words per minute to think while trying to listen, and we all know what happens next.

 

  1. We want to further our own agenda We have our own agenda and are trying to achieve some goal of ours. So we don’t listen and ultimately prevent the person we are talking to from directing the conversation and taking it where they want to go. Simply put, our selfishness and single-mindedness result in us not paying attention to what others are saying and what they would like to do.

 

  1. We don’t believe it’s importantWe hear that it is, even claim to know that it is, but our actions reflect otherwise and we seem to just be paying lip service. But why don’t we believe in the importance of listening? Maybe we think we know better, or perhaps we don’t care and just want to sound like we do. But most people do not listen well and if they actually believed in its importance, then they would be doing something about it already.

 

  1. We just don’t know how to do it 
    Adapted from: https://www.ragan.com/Main/Articles/Infographic_Listening_facts_you_never_knew_46838.aspx I know this might be bizarre but I often hear someone say “I didn’t think about approaching it like that”. However, listening is a skill that needs to be learnt, and have no doubt that it will take many years and much practice to master it. If it was so easy to know how to listen and ask the right questions, then we could all be counselors and hostage negotiators whenever we want.

 

  1. We don’t have a S.M.A.R.T. plan on how we are going to do itBy not having a concrete plan of how you will listen, you won’t see yourself as doing anything wrong when you don’t manage it at all. And this is a critical issue; you need to have a plan, a method, and a style you’re comfortable with. Try to anticipate potential challenges and plan how you could deal with it if it crops up so that even when things go wrong, you will have something to fall back on. But more importantly, you’ll know when it’s gone wrong.

 

5 Reasons Why We Should

  1. You develop trustWhen you listen, you develop a far deeper level of trust which then changes how the client sees you and how they engage with you in the sales process. Seek to understand! It’s a game changer. It’s fundamental that we seek to understand people, and try to go against our nature of seeking to be understood.

 

  1. You’ll know what to say next

    When you listen effectively, you will understand your client better and then easily know what to say. It’s amazing that something so simple is so far removed from how people usually operate in sales.Start by always thinking of a sales meeting as a blank canvas and that the only way to fill it in is by asking questions. Through this process of active listening, you will get a very clear picture and understanding on how to engage this client and the you’ll notice that next set of dialogue flows beautifully.

 

  1. You will enjoy it moreYou will enjoy the sales process a lot more, with a lot less stress. It will flow better and of course, your engagement with the client will be much smoother.

 

  1. It minimises price-based conversationsYou will be able to utilize less price-based conversations. In asking questions, you allow the client to mentally bypass the issue of price and instead allows you to step into the price piece when you are ready. This can only happen when you understand the client enough to know how or if you can help them, and when you know the value of the help you can bring to them.

 

  1. Business volume will increaseYour volume of business will likely double if you have previously been using poor listening skills. And if your sales process was based on pitching before, I can tell you once you focus on listening instead, you are in for a lovely surprise. With a little effort, the benefits will be off the charts.

 

5 Tips to Change Your Habits and Develop Your Skills

 

  1. Read Steve Schiffman’s book titled “Ask questions get sales”. I’m not going to say anything else. READ IT! This book changed my life.

 

  1. Practice 30 minutes of asking questions with your family and friends every day. Do not discuss anything that you want to discuss, only talk about what they want and only ask questions about what they say to you.

 

  1. Follow our “3 by 3” rule of questioning. For each topic or question you ask, discuss three separate areas and drill down three levels for each area or subject. For more info on this, get in touch with us.

 

  1. Understand these words: how, what, where and when. These are key. Understand what people have done in the past, what they’re doing now and what their plans are for going forward. After a meeting, recollect how many times you used those words; the what, why, where, when, past, present, and future.

 

  1. Active listening is an art; it takes years of effort to get good. Like any skill, to improve it you first have to understand your current skill level, and then try to learn as much about this subject as you can. As always, make a S.M.A.R.T. plan on your next steps and map your progress to remind you how far you’ve come and motivate yourself to keep going.Active listening is about listening and also engaging in what others have said. Understand how poor you are at these and then keep working at learning more, at practicing what you learnt and measuring your progress regularly as you go along. In time, the results of your efforts will come to fruition.

 

Obviously, we all know that listening is key. Unfortunately, my experience shows that most people don’t know that they are really poor at it. Besides the 5 tips I’ve listed, I’m sure there are plenty more out there on how to improve effectively. But to even begin fixing this problem, first understand where you are on the scale of how effectively you can listen, then work on getting better and see how good you can be.

 

Your family, your colleagues, your sales, your friendships will all gain from this!!!

 

For more information, videos and materials on this subject, feel free to contact me at: fraser@schiffmanvt.com.

 

Fraser

CEO SchiffmanMorrisonAsia, Co-founder SchiffmanVT

 

 

 

 

 

 

 

Managing Sales people

Motivating an Ambitious, Driven Team

Sales people value freedom and cannot be micromanaged. They want to know what the objectives are and what is expected of them but don’t want to be micromanaged.

Another common challenge is team cohesiveness. Effective sales professionals can be naturally competitive, and team unity and morale can suffer if you don’t handle this appropriately.

Motivating and Managing Your Sales Team

Use the strategies below to motivate and manage your sales team effectively.

  1. Lead by Example

One of the best things you can do for your sales team is to do what you say, and lead by example even if you don’t have a sales background. Do what you are expecting of your sales team to do.

Think about the behaviors or habits that you want to encourage, and make sure that you demonstrate these regularly. It’s important to embody these values, if you want your team to follow your lead.

  1. Develop Emotional Intelligence

Sales people are high in EQ and need managers with Strong Emotional Intelligence to successfully understand and manage them.

Sales people who are managed by Managers with higher Emotional Intelligence  experienced an increased job satisfaction and greater team cohesiveness. Making the sales team aware of how other people behave, aware of their own actions and emotions, and how these affect others can help them perform better than those who lack this important skill.

 

  1. Build Good Work Relationships

Encourage good working relationships even if the team members might compete with one another. Competition must not be the key driving force to perform better.

This is important to ensure higher team morale, increased productivity, greater collaboration, and more freedom to focus on opportunities.

Good relationships also make it easier for teams to reach an agreement on group decisions.

To build stronger relationships, create opportunities for team bonding.

  1. Understand Your People’s Personalities

Understand the individual strengths of each sales professionals. This understanding will help you to customize your motivation and reward strategies.

  1. Tailor Rewards and Motivators

Each of your team members is unique, and they’re likely to be motivated by different things.

  • Bonus and commission checks.
  • Paid Trips
  • Paid time off.
  • Further training, or advanced career development.
  • Learning or certification opportunities.
  • Attending conferences or membership in a prestigious business group
  • Small gifts.
  1. Create Competition

People like to win. Take advantage of sales people’s  natural competitiveness and create healthy competition as a way to engage your people, boost morale, and make work more fun. Competitions are also excellent for improving performance during slow periods.

  1. Recognize Achievements

One of the best ways to motivate your sales team members is to recognize their achievements on a regular basis.

Celebrate every win.

Praise the person with the win

Team Recognition is a powerful motivator.