A Message From Our President - October | NAWBO

Dear NAWBO Chicago Members,

I hope you’re enjoying the weather – Autumn has officially begun! The change of seasons coincides with a new fiscal quarter, which is when I typically review prior quarters and think about what may lie ahead. And when times are challenging and unpredictable, it’s time to focus on revenue streams…So we’re talking about Sales this month (which we hope may answer some questions and alleviate some concerns).

We’re months into the slowdown, facing new challenges with legitimate concerns about the economy. In its escalating fight to contain rampant inflationary pressure, the Federal Reserve just increased the fed funds rate by another 75 basis points – with more rate increases to come – in hopes of a brief and relatively painless “soft landing” on the other side (around this same time next year).

For some, an extended period of uncertainty dictates that they scrimp and save to make it thru the rough patch; for others, it might be a good time to consider expansion or acquisitions to boost current revenues and really accelerate growth when the economy eventually begins to improve.

That’s why this is a time to “know your numbers” and be smart about money. How much do you need to pay the bills and stay ahead this quarter and next? Where will revenues come from if you lose a client or two during an economic downturn? How do you increase sales to avoid these issues if the economy worsens in the coming months?

Despite the evidence that there’s a recession knocking at our door, I say, “I am not going!” And the best way I know to avoid problems during a downturn is to make sure your sales pipeline is consistently growing. Expand the sales funnel and boost your prospecting efforts by attending networking events, reaching out to existing customers for referrals, and by telling everyone you meet why you are so passionate about your work.

Sales is an endless and evolving process, and you never know where or when your next client is going to appear. So, get in front of people. If you and your staff can implement these activities and utilize the following additional tips, it may help to increase sales and improve your bottom line:

  • Lean on your peers and learn from their successes. Reach out to other NAWBO members and/or attend a NAWBO event to learn what others are doing to maintain a consistent pipeline of new business
  • Make sure your contact management program is current and that you’re connecting with existing customers on a human-to-human level
  • Touch base with clients to see in what other ways you might be of service. Get feedback and use it to make the improvements that will grow your business
  • I mentioned that now is a great time to attend and participate in NAWBO events, as well as other trade associations and general networking events. Review your elevator pitch to ensure it reflects your company’s current goals; consider adding some accomplishments or benchmarks to freshen it up and reflect the passion of what you do.

Remember that sales is a continuous process, and one component of the sales process is rejection. No matter how many times you’ve heard “no thank you” from prospective clients, all of that rejection gets you one step closer to a “YES!” So, keep doing whatever it takes to expand your sales funnel and keep pushing past the rejection until you close the deal. Wash, rinse, repeat and you won’t have to worry too much about economic uncertainties or where to find your next dollar of revenue.

By the way, make sure you have applied for the federal Employee Retention Tax Credit (presuming you meet the qualifications) from the CARES Act. It could be worth thousands of dollars in government covid funding to your bank account within a few weeks, so don’t delay! If unsure about your eligibility, take a $99.00 assessment with Angie Knoll, Founder of Reconciled Solutions, to learn if you are able, and how to apply for this program to claim what is legally yours before the program expires.

Wishing you a great month ahead filled with success.

 

Edie Comminos

Related Posts

Power Your Dream
November 16, 2022

“The future belongs to those who believe in the beauty of their dreams.” —Eleanor Roosevelt As a...

Ready, Set, Sell!
October 19, 2022

Every woman business owner has a product or service that they’re responsible for selling. But are...

On the Money
September 21, 2022

If women business owners had the ability to improve one thing to open doors of opportunity for the...

Defining DEI&B
August 17, 2022

Building an inclusive culture isn’t just the right thing to do; it makes good business sense....

Seat at the Table
July 20, 2022

The word “advocacy” might sound overwhelming at first to a woman business owner who has never...

NAWBO Upcoming Events Blog
June 17, 2022

By Rosaria Cain NAWBO President   What’s Next? Beginning in July, our President-Elect Ania...

Culture Is Queen
June 15, 2022

Here at NAWBO, culture is vital. Everything we do, from our mission and values, to our goals and...

Nourish to Flourish
May 18, 2022

May is Mental Health Awareness Month and if any silver linings have come out of a prolonged...

Certified for Success
April 20, 2022

Getting certified as a woman-owned business takes commitment and more often than not grit. But it...

A Message From Our President - Life...
March 30, 2022

Have you ever wondered what life could look like once you leave your business? Have you always...

Beyond Your Business
March 16, 2022

When you first started your business, it was important to create the business you wanted—from the...

A Message From Our President: Mentoring...
March 02, 2022

Growing up, I never really had anyone to look up to. Not only that, but when I made up my mind and...

Generation Next
February 16, 2022

Throughout history, it’s always the responsibility of the next generation—and then the next—to...

Calling all Women of Vision- Have we...
February 09, 2022

  Calling all Women of Vision- Have we got a conference for you!   By Rosaria Cain NAWBO...

A Message From Our President: New Year...
February 02, 2022

HAPPY NEW YEAR! It’s been a wildly eventful couple of years, and 2021 has felt endless at times....

New Year, New Team
January 19, 2022

If you want to know a person’s character, look at the company they keep. That’s true too about an...

A Message From Our President: Looking...
January 04, 2022

Happy December! I don’t know about you, but I still find myself asking what year it is! After...

A Message from Our President: Leading...
January 04, 2022

Welcome to May! With spring in bloom and vaccination distribution well underway, we are beginning...

NAWBO PHX Blog
December 23, 2021

What a wild ride this year has been. Bring on 2022! By Rosaria Cain NAWBO President   This year...

2021 Year in Review
December 15, 2021

It’s been a year like no other for our community of women business owners. We kicked off 2021 with...