5 Lessons I Learned From Building a Profitable Software Services Business

There's one thing that matters most . . . sales

Photo by Lala Azizli on Unsplash

Engineer The Sales Process

If I could pick one word that’s a must for a business, it's sales. You can consume oodles of internet stories about content marketing and digital transformations. But the bottom line is, someone has to buy your services or product.

  • Profit and loss statement — Logging into the bank account each day is no way to manage company finances. You need to project revenue based on a repeatable process.
  • Sales process — You need a systematic approach to turning prospects into customers. A good rule of thumb is to approach sales as if you are training someone that is not you to sell your services.
  • Sales training — I learned to respect the craft of sales. It’s not easy, and YouTube isn’t enough. You need mentorship, patience, and a mindset to invest in acquiring skills.
  • Lead generation — If you don’t have leads, there’s no one to sell to. Random searches on LinkedIn won’t cut it. You can waste lots of money and time reaching out to people who will never buy from you.

Customers Have an Appetite For Cheap Labor

My first non-friend sales calls were a disaster. I approached each call intending to sell elite services. To my surprise, companies wanted quick deliveries and cheap rates.

  • Part of working out a sales process is understanding what you have to sell and how to do so.
  • Five-minute YouTube videos is not a process. There’s great content out there, but paid mentorship is superior.
  • You have to study the market and your customers. Understanding them will help you understand yourself.

Focus On Making Your Offer The Best, Not Money

It’s fantastic to see so many experts creating content to share their business wins. But I’ve observed too many business owners looking for a quick buck — like I did. The maniacal focus on fast revenue and profits often gets in the way, making your company the best it can be.

  • Study successful business models and mimic them. One of my favorites is Geek Squad. Best Buy provides real-estate and customers. They benefit by offering specialized services.
  • Read trends. You will notice a successful business pivot. With a little research, you can find out why and see if it applies to your business.Invest in Your Team

Invest In Your Team

It’s an old cliche by now, but good people are hard to find. For any company, dedicated and well-trained people are a must.

Temptation Is Evil

Sometimes the market seduces you into selling services outside your wheelhouse. When this happens, you become the sales person you hate. Every business owner faces this dilemma. At the end of the day, you do what’s necessary to stay afloat and thrive.

Takeaway

There’s no silver bullet. You need a business plan, a sales strategy, luck, and good people.

Founder of COFEBE, Inc. We build tools that make engineer’s jobs easier. https://www.cofebe.com

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