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Jim Blasingame

Business futurist, award-winning author, speaker and columnist

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Management Fundamentals

Professional selling skills: a fundamental now more essential than ever

February 1, 2019 by Jim Blasingame

In 16 BIE (Before Internet Era), business purchases were made by decision-makers who needed to buy stuff for their operations, and they almost always needed help with technical questions, innovations, pricing, availability, delivery, etc.

That year, a/k/a, 1977, every business buyer went to work expecting salespeople to call on them, unscheduled. To a prospect, a “cold call” was not optimum, but usually was tolerated. Yes, in those days, you could walk into a business where you were previously unknown and leave with a sale. For current customers, dropping in was expected as good service. Remember, this was BIE, when a salesperson was the equivalent of a website.

As beautifully as this dance by motivated parties worked – one needed information and the other provided it – salespeople were still trained to conduct business with what Xerox (where I worked in 1977) called Professional Selling Skills (PSS). There were three key components to PSS: overcoming objections, closing skills and probing.

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Filed Under: Management Fundamentals, Sales / Sales Management, The Age of the Customer

Five year-end steps to take while closing out this year

November 24, 2018 by Jim Blasingame

Fourteen hundred and forty — the number of minutes in a day. Since we can make more money, arguably the greatest challenge of any small business owner is balancing the demands of the forces that compete for those minutes.

“What is the best use of my time right now?” is the constant management question out here on Main Street. And in no other part of the year are we more time-management challenged than in December. The reason is because it’s the only month in the year where we’re faced with allocating time to two very powerful management imperatives: The tactical focus on closing out the sales year as strongly as possible, while simultaneously taking strategic steps to set the business up for a fast and clean start on January 1.

In his book, Blue Highways, William “Least Heat Moon” Trogden said his Osage Indian grandfather once told him, “Some things don’t have to be remembered, they remember themselves.” It’s a natural law that the year-end sales push doesn’t have to be remembered, it remembers itself. But as we come to the two-minute drill in the fourth quarter of the marketplace game our business plays all year, committing precious time and energy to prepare for what comes next requires the discipline and devotion to remember it ourselves.

There are many areas to focus on this month to help you start the New Year clean and fast. But here are five to get you started.

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Filed Under: Management Fundamentals

Are you ready to ask your banker for a loan? Part II

October 27, 2018 by Jim Blasingame

As mentioned in the first of this two-part series, most businesses deleveraged during what I call the Main Street economy’s Lost Decade — 2007-2016. That means they paid off debt and didn’t add any.

So those folks — possibly you — can be forgiven if they’re a little rusty at asking a bank for a business loan. But as the current economic expansion picks up, and you need growth capital to respond to the new opportunity, it’d be handy to brush up on some banking skills.

Last time, I revealed the first three of six loan request questions. Getting comfortable asking for or discovering the answers will improve your chances of getting a loan approval. In case you forgot, the first three are: Who decides? What do they need? How do they want it? Now for the other three.

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Filed Under: Banking, Investors, Management Fundamentals

Are you ready to ask your banker for a loan? – Part I

October 21, 2018 by Jim Blasingame

The two elements that define the term “deleveraging” are: stop borrowing and pay off what you owe as soon as possible.

During the period I call “The Lost Decade” — 2009-2016 — this practice was an essential survival fundamental for millions of small businesses. Indeed, across Main Street America, survey after survey since 2009 revealed small business owners reporting emphatically that they neither wanted nor needed a business loan.

Even during the past two years, as economic expansion has finally taken hold, polling has indicated most small businesses have funded growth with their own retained earnings which, by definition, is a product of deleveraging. But as the economy continues to grow, organic capital eventually runs out. And if you’re going to take advantage of sustained expansion opportunity, funding for most small businesses means, ultimately, a bank loan.

The good news is banks are standing by, ready to lend. Especially community banks, of which I’m an unapologetic, unabashed champion. The other news is that since it’s probably been a while since you’ve approached a bank for a loan, it’s probably time to brush up on some of the fundamentals of having a successful banking relationship.

Consequently, I’m going help you get back up to speed on six key questions you need to answer. We’ll cover three this week and the rest next week.

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Filed Under: Banking, Investors, Management Fundamentals

How to get success to come and play in your backyard

January 14, 2018 by Jim Blasingame

This is a “How to get your business off to a good start in the New Year” column, without any resolutions. You’re welcome.

It’s about fundamentals that have served businesses since proto-market was born, when Og dropped his club and suggested to Gog that they do business instead of killing each other for what they wanted. If you’ll find a way to incorporate these ten fundamentals into your daily/weekly/monthly management practices this year you’ll have more fun because success will come and play in your backyard. If you don’t, well, you know.

1. You must produce and manage with regular and accurate financial statements: profit and loss (a/k/a P&L, a/k/ an operating statement) and balance sheet. In business, you can’t get where you want to go if you don’t know where you’ve been. 

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Filed Under: Business Planning, Cash Flow, Entrepreneurship, Management Fundamentals

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