Good business acumen

Choppy markets and depressing economic news – common occurrences that greet us when we scan the media these days; and in light of the poor sentiment, it is increasingly hard for financial sales people to stay on top.

For you to provide meaningful service to your clients, you should sharpen your business acumen so that you will remain relevant and your information current. Your role as the sales person has evolved to include value creation so it is imperative that you hone in on your expertise and deliver what is seen as invaluable assistance.

The following four simple steps will help you polish your ability to propose better business decisions to your customers.

Know your clients and their preferences. Being organized (see Blog on 26 April: The last mile in any sale – administration) helps you to keep track of who your clients are and what are their needs. Your clients have choices and are well aware of that hence it is good acumen when you know their business and how they compete in their market segments. By understanding your clients’ financial metrics, you can provide the precise service to help them improve their profitability and attain a good ROI.

Know the industry. This means you should keep abreast of what is happening and keep track of events and developments within your sector. Knowledge can only be acquired through good research. Networking is essential so familiarize yourself with happenings in social media communities such as Linkedin, Facebook and Twitter.

Know your competition. They say “keep your friends close but your enemies closer” and for good reason. You should know what they are offering so that you can differentiate yourself and come up with better value propositions.

Be consistent and prompt. Good business acumen also means ensuring that your service is reliable and queries are answered in a timely manner. As Arthur C. Nielsen said: “Give your clients the earliest delivery consistent with quality – whatever the inconvenience to us”. It is through this commitment that you will be set yourself apart from your competitors.

June 5, 2013: UK’s Money Doctors in Singapore
October 26, 2012: Congratulations Nicky Reid
June 11, 2012: Future Fit – The Competitive Edge
May 15, 2012: Real life Survivor – outwit, outplay, outlast in sales
April 26, 2012: The last mile in any sale – administration