Sales Professionals' Secret Weapon - Closing Deals Quicker Understanding the Client's Finances
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Taking a crash course in accounting will help any sales professional understand financial rejections better, and help their clients predict ROI.Sales professionals need to have an understanding of the basics of finance and accounting in order to better deal with their clients, owners, and providers of products and services. Quickly understanding EBITDA, ROI, cash flow and other financial items and terms can help sales professionals better relate to their clients and owners, finance and accounting personnel for the client, as well as internally in their own companies. This topic provides a general overview of the financial and accounting elements that are needed to close deals quicker upon understanding clients' finances.
AuthorsTim Murphy, C-Level Restaurant Consulting
Basics of Financial Management
• What Does the Client's Financial Picture Look Like?
• The Purposes of Financial Management and Financial Statements
• Managing Financial Risk in Business
Understanding Financial Statements
• The Balance Sheet
- Assets That Appear on a Balance Sheet
- Liabilities (Debts) Reported on a Balance Sheet
• Income and Cash Flow Statements
- What Is a Revenue or Expense?
- Calculating Gross Profit on an Income Statement
- Managing and Optimizing Cash Flows
• Basic Financial Ratios
• Calculating EBITDA, Return on Equity, Return on Sales, and Gross Margin
Basics of Budgeting and Planning
• Budgeting Process and Components in Business
• Why Is This Important to the Sales Professional?
How Will This Knowledge Help Me?
• Pricing Products to Suit the Client
• Cash Management Strategies
• Techniques for Prompt Cash Collection
• Understanding the Client's Capital Budget Components
• Employing the Payback Period Method to Evaluate an Investment Opportunity
• Capital Budgeting Using Time-Value-Of-Money
• Is Investment Acceptable, Based on Internal Rate of Return (IRR)?
Investment - Debt and Equity
• Cash Flows Before, During and After Investments
• When to Cut Losses or Pass on an Opportunity