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You’ve put your heart and soul into doing what you’re best at — explaining the benefits of your solution but working hard not to come across “salesy” or pushy.

As far as you’re concerned, you’ve done everything right.

Now you’re on the phone with your contact. You’re hoping this will be your last conversation before they fax the contract through.

Finally you ask, “So, is the agreement ready to be signed?” There’s a silence, and then you hear the disheartening words: “Oh, I realize that I should really have Mike and Julie, look at it before I send it over.”

Talk about being set up to believe everything was going to be smooth sailing — now a big wave has overturned the boat and it’s sinking fast! Why didn’t he tell you he wasn’t the final decision maker? Why did he lead you on?

Most important, what can you do to stop this from happening again?

Don’t despair! Here are seven ways to end the chasing game with decision makers:

1. Understand the psychology of working in an organization.

No one in an organization wants to make a wrong decision and then be left holding the bag and looking bad. What’s more, in many cases even CEOs of companies can’t make final decisions without the other executives on their team buying in.

So, even if your contact tells you that he or she is the only one making the decision, in most cases that’s highly unlikely, especially in larger organizations. Once you understand that, you’ll find it easier to roll with the news that others are actually involved in signing off on the decision.

2. Make sure your contact has the authority to sign the agreement without approval

from others.

How many times have you been told: “I’m the decision maker, and I decide if we’ll purchase your solution or not”? Contacts may say this with total confidence, and we usually take them at their word, only to discover later that they didn’t want us bypassing them to get to the other decision makers. Here’s how you can avoid this situation: After they tell you they are the decision maker, you simply say in a relaxed, easy-going conversational manner, “Oh, okay. No problem. So, basically you’re the only person who signs the agreement, and no one else needs to be involved with this decision?”

It’s amazing what happens when you ask this question. First, there’s likely to be a short silence, and then all of a sudden you learn that other decision makers are involved. Once you know this, you can rethink your approach.

3. Don’t panic when you discover other decision makers are involved.

Don’t get thrown off track when you suddenly learn, deep into the sales process, that other decision makers need to be involved in the decision. When this happens, gently suggest that it might make sense to come up with a way to get them involved with the proposal so they won’t be caught off guard.

4. Suggest a conference call to connect with the decision makers.

Suppose you find out that two other decision makers are involved. Now you have a total of three! What can you do to avoid the delay that’s inevitable when your contact tells you, “I need to get hold of Mike and Julie, but they’re both traveling, so I’ll get back to you after I speak with them”? This situation is often the black hole of selling, because you can wait for weeks until your contact tracks down Mike and Julie and gets back to you.

Here’s how to avoid this: You simply say, “Okay. No problem. Sounds as if Mike and Julie are an important part of the process…I’m wondering if it might make sense to pull together a brief conference call with you and them so that they can get an overview of what’s happening. That way you can avoid chasing them down, and everyone can get up to speed at the same time. Does that make sense?” Also, the answer you get will tell you a lot about where you really stand. If your contact says, “Sure. That makes sense. Let me schedule it,” things are looking good. But if you hear, “Nah, I’ll just try and get hold of them when I can and then get back to you,” he could be saying, “We aren’t really that interested.”

5. Work with your main contact to set the agenda for the conference call.

If your contact agrees to the conference call, spend some time working together on a well-thought-out agenda. Emphasize that your main purpose is simply to inform the others about what has happened so far. It’s crucial that you assure your contact that during the call you will in no way apply any type of sales pressure on the other decision makers.

Why is this important? Because many times contacts are reluctant to pull together a call because they’re afraid that the salesperson will put the participants on the spot, and that would make things awkward for everyone. When you begin the call, simply say, “The purpose of our call today is simply to bring you up to speed on what has happened so far so you all have the information you need to think this solution through at your own pace. Here at XYZ, we don’t believe in pressuring people to make decisions.” Your contact will love you for this.

6. Ask your contact to arrange the conference call.

When you suggest a conference call with all the decision makers, it’s important to put your contact at ease. Too often, salespeople get anxious and say, “I’d be happy to contact the other folks and schedule the call for a time that works for all of us,” but that may make your contact think you’re going to try to influence the others before the call.

To avoid accidentally triggering any “sales alarms,” simply ask your contact if he or she would be open to coordinating the call: “It might make sense if you could e-mail them to coordinate a time for all of us to connect, since you’re closer to them than I would be.”

7. Get to the truth about where the deal stands.

So you have the conference call and you feel it went well, with lots of good discussion. Your intuition is telling you that everyone seemed positive about your solution. Now you want to find out the truth about where the deal stands, but you need to be careful not to call your contact and put subtle pressure on him or her to give you a final answer.

You want to get that answer without asking outright, but you can’t until you’ve uncovered the truth about where everyone stands. When you call your contact back, don’t use the tired phrase, “I’m just calling to follow up.” That just kicks off sales pressure. Instead, say, “I’m just giving you a call to see what kinds of questions the others on the call might have, since those types of calls don’t always address everyone’s issues or concerns.” This will allow your contact to talk about where he or she stands, and you can then ask, “Where do you think we should go from here?”

These seven tips will help you put an end to the dreaded game of chasing decision makers.

Time and again, accountants and consultants who specialise in small businesses say that such enterprises don’t pay enough attention to cash flow. That’s the measure of how much money you really have in the business.

Be Wary of Big Contracts

“Small entrepreneurs wind up taking big orders that get them in trouble,” says Ronald Lowy, who heads a college business administration department. “They want the big contract, but they’re not getting enough money at the front end of it and they don’t have the cash reserves to pay workers and other bills while they’re waiting to get paid themselves. They might show a profit on an accrual basis, but from a cash-flow standpoint, they don’t.”

Judith Dacey, a certified public accountant, calls a cash-flow statement “probably the most important thing in telling you if your business is on or off target.” As an example she describes how board members of a non-profit group were not examining their cash-flow statements.

“They were hiring people and spending money on membership campaigns, and doing all of these things based on money they thought they had from looking at the profit-and-loss (P&L) statements,” Dacey says. “They didn’t realise that the profit-and-loss statement was an accrual statement, which basically means you are including paper promises of payments to come, not money that you have in the bank.”

The non-profit board became aware of the difficulty only when the organisation bounced a check. Employees had to be laid off, and belts were tightened. “That could have been avoided if they’d seen the cash-flow statements,” Dacey says. “A cash-flow statement tells you here’s the cash that has actually come in and that you can work with.”

A statement of cash flow starts with the bottom of your profit and loss statement — the line that shows your net income. Several adjustments are made to that number. The details are a little complex but a good accounting program that does a P&L and a balance sheet will also calculate this statement for you.

Tracking the Big 10

If you’ve established a way to track cash flow, then you can go on to organise and track 10 financials for your business. That’s a big list, but don’t panic: As with profit and loss statements, you can take advantage of software programs to automate tracking for many of the following:

• Your Assets

Tracking your equipment, furniture, real estate and other holdings should be easy. But to have a true idea of the value of your business, you also have to track changes in the value of those assets. More than one small business has found itself located on a piece of land that’s worth more than the business itself. Similarly, you also will want to track the declining value of assets such as computers and office furniture.

• Your Liabilities

On the face of it, this is easy — liabilities are what you owe. But what you owe isn’t always as obvious as a bill from your landlord. Payroll taxes are a liability that depend on the size of your payroll. Loans are a clear liability, but in repaying them you’ll want to be able to track how much of a payment is applied against principal and interest.

•What does it Cost You to Produce What You Sell?

If you’re buying a finished item for resale, this is relatively easy. It’s trickier if you have to calculate all the factors, such as labour, that go into manufacturing a product.

•What’s it Costing You to Sell What You Sell?

Advertising, marketing, labour, storage and the catch-all category of overhead — it’s useful to know how much it costs you to get a product sold as well as what it costs you to create it.

•What’s Your Gross Profit Margin?

This is calculated by dividing your total sales into your gross profit. If your gross profit margin is staying consistent or trending upward, you’re probably on track.

Being able to track a declining margin can give you a heads-up that you must adjust your prices or your costs. In the worst cases your gross profit and profit margin disappear altogether. At that point, you’ll be like the fellow who lost money on every sale but figured he could make it up in volume. Don’t do it.

•What’s Your Debt-to-asset Ratio?

This ratio can let you know how much of the stuff you have in your company is actually owned by someone else — your lender. Having this ratio climb can be a bad sign. It can happen as part of a major expansion, but it can also indicate that you’re getting in over your head.

•What’s the Value of Your Accounts Receivable?

This is the money you are owed. If accounts receivable are on the rise, you may be getting a warning that the folks you sell to are starting to stumble.

•What’s Your Average Collection Time on Accounts Receivable?

This is probably one of the most aggravating pieces of information for cash-strapped businesses, because it tells you how many days you’re acting as ‘banker’ for the people who owe you money.

•What Are Your Accounts Payable?

The flip side of accounts receivable. An increase in your accounts payable may merely reflect a larger amount of purchases overall. But an increase that hasn’t been planned or managed can be an internal warning that your company’s financial strength is waning.

•What’s Happening With Your Inventory?

There are occasions, even in this just-in-time business world, when building up a significant inventory can be a good thing.

If prices for items you sell or use in production are relatively low, putting some of your money into inventory may make sense.

Being able to track your inventory can tell you whether business is increasing or slowing down. It also tells you how much money is tied up in this unproductive asset.

Knowing what’s up with your cash flow is essential to your business. But sometimes the figures can be difficult to understand. Don’t ever be afraid to turn to professionals for some help.