Session 4 : Sales , Finance and Pricing
‣ Preparations for the Mentor :
1 . Read this session and draft a plan so you know how to lead it .
2 . Prepare notes on what you expect the participants to have achieved since Session 3 . This will help you to evaluate their marketing implementation since Session 3 . 3 . Some of the content in this session will be complex so you may wish to invite a guest speaker to give a presentation on finance documentation and calculations . 4 . If you have access to a computer , try the EXCEL dynamic cashflow to see how it works , and adjust this to be relevant to your social start up . 5 . Practise the financial tools and their examples to ensure you understand their logic , and so that you can illustrate these and discuss them clearly in the session . 6 . Ensure that participants understand that they need to begin actioning their financial documentation soon after this session .
Changing the mindset from :‘ asking for money ’ to ‘ earning / making money ’
‣ Beginning the Session :
Explain to the participants that the purpose of this session is threefold : a . Firstly , to explore sales / membership planning b . Secondly , to prepare the financial documentation required c . Finally , to monitor and follow up on the social start up process and the participants ‟ involvement
1 . Ask participants to present to you an update about their marketing implementation since the last session . 2 . Provide feedback re the social start up name , logo , values , vision and mission . 3 . Provide feedback on the marketing materials and implementation .
‣ Sales / Membership Planning :
Please remember that sales ‟ targets are critical to success . Therefore , ensure that your sales targets are measurable , realistic and specific . Most importantly , ensure that they are
SMART . That is :
Specific Measurable Achievable Realistic Time-defined As you ‟ ll see on the Sales Target Review table below , there is a variety of targets available however , not all of these will be relevant to your social start up . Therefore , choose the ones that are relevant , erase the rest , and include any others that are not currently included in the table . Completing the Sales Target Review table will help the participants to identify the targets and to track their performance towards achieving them .
For the next six months of the social start up process , ask the participants to insert the targeted number per sales target category at the beginning of the month on the table below . Follow this up at the end of the month with the actual number per target category . Remember , the Sales Target Review table below will not be fully completed until the end of the mentoring programme .
50