93% of British banking bosses think it’s important to be liked

But with 90% of employees still wanting the daily grind of work improved, are bosses totally disconnected from what matters?

Nottingham, October 2019: 93% of UK bosses in the banking and finance sector think it’s important to be liked, while 90% of their staff are crying out for their day-to-day experience of work to be improved, research by People First, the HR solutions provider, has found.

Exploring the attitudes of 250 bosses and 250 employees in UK firms, the research revealed how employers lack an accurate picture of how staff feel and the way it affects their work.

84% of bosses responding think their staff are happy and 76% believe most of their employees are fully engaged in what they do. But only 64% of staff find work makes them happy and just 42% are fully engaged or absorbed in what they do to earn a living.

“Likeability is good in a boss,” said Mark Williams, Senior Vice President Product, People First. “But with so many employees in the banking and finance sector wanting their experience at work improved, you have to ask if bosses really understand their workforces. There’s obviously a happiness gap where managers believe morale is better than it really is. They are clearly failing to measure staff engagement regularly.”

The research found men are more likely to say their work really engages them (48%) than women (37%), reflecting the longstanding difference in support and career development offered to women, as well as the well-publicised gender pay-gap.

And lack of understanding plays a role in another difference between bosses and workers. Whereas 39% of employers believe most staff quit a job for emotional reasons, only 17% of employees say that’s the main cause of them handing in their notice.

From the research we can also see that more than half of UK banking and finance employees (56%) regard being rewarded for excellent work as important, while 51% want more opportunities for flexible working.

“Poor productivity is a British disease which we can cure through better understanding of what motivates employees and gets them into the flow where time flies and work is more enjoyable and fulfilling,” added Mark. “That’s why it’s important to rely on more than gut feeling about how happy or engaged staff are. Regular check-ins must replace the dated annual appraisal as only with regular conversations can an employer see the true picture of their employees.”

“There are so many different aspects to any banking and finance job, such as training, career development and flexible working, that making assumptions about what employees want is misguided. As an employer you need to know what makes your staff happy to work hard and what makes them leave.”

See also about Business Risks

About People First: People First, created by MHR International, is a revolutionary HR software platform that provides businesses with the tools and thinking to nurture and engage talent while increasing retention and driving productivity, promoting the workplace of the future – today.

Driven by innovation and sharp focus on customers’ real-world requirements, People First has developed a set of tools and a new ethos that creates a better, more productive way of working for everyone.

Using the four elements of: Flow; Personal Digital Assistant; Pragmatic People Analytics and Performance Check-ins, People First is the most effective way that any fast-growing company can optimise its workforce and create a new culture that leads to greater productivity and increased revenues.

Financial Reporting – A sketch of a Firm’s status | Ways and Uses of Report

Financial reporting refers to the exposure of the company’s finance to the stakeholders. These stakeholders are creditors, investors, the public, etc. The company’s finance report shows taxes, costs, and profits after a definite period. For this reason, you come to know the health of a firm. It does not offer more insight, though, but it is vital for a company’s success.

The main parts of a financial report are:

  • The final statements
  • Notes to financial statements
  • Quarterly and Annual Reports (listed company)
  • Prospectus
  • Management Discussion and Analysis (Public Company)
Financial reporting refers to the exposure of the company's finance to the stakeholders. These stakeholders are creditors, investors, the public, etc.

Ways of Financial Reporting

There are three ways to make financial reports:

The GAAP: GAAP is the set of book-keeping rules, and in the USA, SEC follows it. This system makes sure that the report is clear.

The IFRS: More than 110 countries use this system. The countries include Canada, China, and many others.

This system gives a global voice to business matters. Therefore they become easy to read internationally.

The GDPR: This system has a new set of rules and started on May 25, 2018. The new rules give safety to a person’s private matters.

Also, it assures that financial reports must compliant when they got sensitive data.

Financial reporting refers to the exposure of the company's finance to the stakeholders. These stakeholders are creditors, investors, the public, etc.

Uses of Financial Reporting

Financial Reporting is the need for every firm, and the stakeholders want it for many reasons. Let us see the benefits of financial reports:

Decision Making: Financial reports are a great tool to make decisions. They show all the changes that can affect the cash flow. So, you get to know how the firm collects the cash. You can make better decisions by analyzing the condition by the report.

Credit: Every business needs to lend money at any stage. So, with the help of the report, the creditor knows how much money you owe already. In short, financial reporting shows an actual image of a firm.

For Customers: It keeps the clients updated about the firm’s growth. Hence, it helps to build the client’s trust level.

Track Weakness: You can track any financial activity with the report. Thus, it helps you to tackle all potential defects by just a look. As a result, you can upgrade the health of your firm.

For Management: Financial reporting is helpful for management, as well. It can analyze the report and make better decisions for the company.

For Investors: As a report depicts the performance of a firm, the investors can make rational investment, credit, etc.

Company’s status: It helps to find where the company stands after a certain period. Hence, you find details about an increase in sales, market share, and profit.

Legal Demands: A company has to file a report to agencies like ROC, state, etc. So, financial reporting is useful in this respect.

Use of Resources: By report, the company manages the use of resources in the best way.

Verdict

In short, financial Reporting has all the reliable data about the firm. As a result, stakeholders can use the data for many plans. Also, financial reporting aids capital inflows and brings good competition.

See also: Financial Risks

Business Risks – Threats that nullify the company’s ability to meet its financial goals

The company has always exposed to uncertainties that are called business risks. They may affect a firm’s aim to gain its goals. The danger of loss is in the form of machinery breakdown, strikes, change of trends, etc.

Business risks refer to the threat to the company's ability to meet its financial goals. It indicates the risk of uncertainty or loss in profit and the risk of some eventuality in the future, which can make a business fail.

Factors Causing Business Risks

Business risks result in less profit or even loss. The factors that lead to risks can be Internal or External.

  1. Internal Business Risks: risks that arise due to some event happening within a firm are internal risks. However, the firm can control them. Internal risks occur by:
  • Technological factors
  • Human factors
  • Physical factors
  • Operational factors

Examples: New technology, fire, cost-cutting, etc.

  1. External Business Risks: External risks occur by any event happening outside the firm. However, the firm’s management cannot control them. The factors that lead to external risks are:
  • Natural factors
  • Economic factors
  • Political factors

Examples: Floods, price pressure, riots, etc.

Types of Business Risks

Risks have divided into five kinds:

  1. Strategic Risk: The risks associated with business operations are strategic risks. They arise when the business plans fail. Poor business decisions lead to failure, e.g., marketing risk, project risk, competitive risk, etc.
  2. Financial Risks: These risks related to business events and finance. It adds to shareholders by debt financing, along with equity.

For example, there can be losses by movement in stock prices, interest rates, etc.

  1. Operational Risks: These risks linked with official procedures of a business. There is a failure to connect to internal policies.

For example, some events like frauds, computer hacking, etc. affect a company’s daily activities

  1. Compliance Risks: Such risks occur by state rules and commands. When the company fails to follow laws, it has to face legal penalties. These risks ensure that the firm runs justly.

For example, corrupt practices, social responsibility, etc.

  1. Reputation Risks: The negative publicity of a firm/product leads to this risk. There is a chance that a company’s name can damage.

For example, a mobile company issues a phone that breaks easily. But then it markets a new and better model.

Business risks refer to the threat to the company's ability to meet its financial goals. It indicates the risk of uncertainty or loss in profit and the risk of some eventuality in the future, which can make a business fail.

Ways to Manage Business Risks

You can plan to manage the exposure of risks.

  • Mitigate the risk: You need to keep a contingency plan. In case if the risk materializes, you must have a second plan to follow.
  • Avoid the risk: It’s better to avoid than to bear a loss. Sometimes the launch of a product leads to affect the company financially. You can postpone it until your company stabilizes.
  • Transfer the risk: You can pass financial risks to someone else. For instance, fire insurance is the best example of it.
  • Accept the risk: If the risks are likely to happen, you can opt for small damage. So, examine the other option and make the right decision to accept the risk.

Business risks lead to uncertainties, but a good businessman takes them as a challenge. Risks lead to new clients and more sales. You can, however, manage to minimize the worst to happen.

See also about Financial Riska Management

Global Lending Automation Platform Trade Ledger Announces £1.5m Funding Round Led by Hambro Perks

The world’s first open banking business Lending-as-a-Service platform has completed a £1.5m funding round led by Hambro Perks, the leading UK early-stage venture firm.

Martin-McCann-CEO-Trade-Ledger
Martin McCann CEO Trade Ledger

London, 30 October 2019 – Trade Ledger, the ground-breaking business lending platform, which automates commercial lending processes for global banks and alternative finance providers, today announces strategic investment in a £1.5M round led by Hambro Perks, to further accelerate revenue growth.

Established in 2016 and now operating on three continents, Trade Ledger’s unique lend-tech platform automates all types of digital business finance, helping bank and non-bank business lending organisations alike to fast-track economic growth through process automation and scaling of business credit operations. Trade Ledger uses financial data APIs (often referred to as Open Banking), Machine Learning, Artificial Intelligence and Robotic Process Automation technologies to enhance or replace old and costly legacy bank systems for origination, credit decisioning, take on and loan management, enabling new cutting-edge working capital solutions for business customers. The resulting new lending solutions can reduce the time-to-cash from 90 days which is the industry average to 4 minutes and are better tailored to the working capital needs of modern high-growth businesses. 

Trade Ledger’s co-founder, Martin McCann, and his team believe that transforming business lending operations through the Trade Ledger Lending Platform is the single biggest area of opportunity for commercial banks and financial services organisations to benefit from Open Banking in the near future. “There is a £1.2 trillion gap in credit that businesses need to optimise growth which is why we created this lend-tech”, explained McCann. “We believe that only by reimagining new types of credit services only possible with this lend-tech, can banks solve this massive business problem profitably and at scale globally. By leveraging open trade data via APIs alongside other enterprise-grade enabling technologies, financial institutions can drive significant operational efficiencies and product innovation within their internal operations and dramatically increase market share.”

“My co-founder Matt and I launched Trade Ledger in 2016 to improve the business customer’s experience in their financial supply chain, by helping banks re-imagine the entire process”, continued Martin McCann. “With the increasing threat of big technology firms like Google, Amazon and Alibaba bridging the gap between traditional financial services and the supply-chain eco-system, incumbent banks and lenders must start thinking about how they remain relevant. Trade Ledger is currently the only true platform in the world that can help them do this at a global scale in the business lending sector.”

George Davies, Partner at Hambro Perks added: “We are delighted to be backing Trade Ledger as Martin, Matt and the Trade Ledger team continue to develop market-leading tech that benefits businesses around the world. Hambro Perks is committed to supporting brilliant founders and teams that are building global businesses, and we believe that Trade Ledger has enormous global potential. We are very excited about Trade Ledger’s rapid growth and to support Martin and Matt as they tackle the barriers that have created such a vast undersupply of working capital for businesses across the globe.”

The Trade Ledger Platform provides a complete innovation layer that masks the clunky traditional corporate business banking environment and delivers an excellent consumer-like experience. Trade Ledger supports compliance with new regulatory requirements through aggregation and normalisation of better credit risk data whilst underpinning the wider commercialisation of open data and adoption of new banking business models to generate new revenue streams. The platform orchestrates value in the lending ecosystem by moving organisations from process-led engagement to an automated data-driven lending model.

About Trade Ledger

Trade Ledger (www.tradeledger.io) is the world’s first open banking lending platform that gives banks the ability to assess business lending risk in real-time. This will enable banks to address the £1.2 trillion of undersupply in trade finance lending globally while providing high-growth companies with the working capital needed to sustain growth.

About Hambro Perks

Hambro Perks (www.hambroperks.com)  is a London based venture firm that backs and builds leading technology companies. Founded by Dominic Perks and Rupert Hambro CBE, Hambro Perks invests at an early stage and helps companies to scale with capital and strategic support. The firm invests from both its permanent capital and Co-Investment EIS Fund that is open to high net worth investors and is soon to launch other funds. Hambro Perks has backed more than 40 businesses such as the digital pharmacy Echo, the geocoding system What3Words, and the Muslim matchmaking app Muzmatch.

Election 2019: Expect the pound and UK financial assets to be increasingly volatile

The pound and UK financial assets will be volatile in the run-up to Britain’s first December general election since 1923 – and will remain so in the event of another hung parliament.

This is the warning from Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent financial advisory organisations, as Labour announces it is now backing the government’s bill for a December election, regardless of the date.

Mr Green comments: “This is a critical stage in the slow-moving, damaging, torturous Brexit saga.

“Expect the pound and UK financial assets to be increasingly volatile in the run-up to the general election, given the wide-ranging set of outcomes.

“The most detrimental of these outcomes for sterling, UK financial assets and the wider British economy, include another hung parliament or a victory for Jeremy Corbyn’s Labour party.”

He continues: “Boris Johnson’s intention to secure a majority within the House of Commons is by no means guaranteed.  

“The Brexit Party will use the fact that Mr Johnson did not deliver Brexit by October 31 – something on which he staked his whole premiership. 

“The Remain vote could also be split between Labour, the Lib Dems, the Greens and the SNP. 

“Political fragmentation on this scale has never happened before in the UK.

“Therefore, a hung parliament looks like an alarming possibility, meaning there could be no majority to quickly and smoothly resolve the Brexit chaos.

“Should grinding deadlock continue, the UK economy would still haemorrhage investment and confidence. The fallout of Brexit has cost the UK three and a half years of lost opportunity and many, many tens of billions of pounds. This would only intensify with another hung parliament.”

He adds: “Meanwhile Jeremy Corbyn’s Labour party will campaign on the most radical, left-wing manifesto in more than a generation.

“Should he win this election, his anti free-market policies – such as the re-nationalisation of industries from utilities to railways to postal services, and the forcing of companies to give 10% of their shares to staff – plus his high-tax policies, including a possible wealth tax, will spook the financial markets, hit long-term sustainable growth of the British economy, put more pressure on UK financial assets, and lead to a significant sell-off of the pound.

Mr Green concludes: “The general election is set to be the most contentious and uncertain in generations. Investors now need to protect and build their wealth and assets by ensuring they are properly diversified across asset classes, sectors, currencies and regions.”

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement

Are Brits losing the art of conversation?

●     One in eight share bad news with family and friends via text message

●     Brits find money matters the most uncomfortable conversation topic

New research has revealed just how reluctant Brits are to have face-to-face conversations, with many choosing to deliver bad news via technology.

The study, conducted by savings and mortgage provider The Nottingham, asked over 2,000 Brits about the conversations they find most difficult and the methods they use to avoid face-to-face interaction.

It found that almost one in eight (13%) Brits share bad news with friends and family via text or instant message. Women are more likely than men to choose such technology for these conversations (14% vs 10%), but nearly half (45%) of the nation don’t deliver bad news in person.

Age is also a factor, with the younger generations finding face-to-face conversations more uncomfortable than older groups. Three in five of those aged between 25-34 (60%) use technology to share bad news, compared to just a third (33%) of over 55s

The conversations Brits find most difficult tend to be around finances. Respondents were asked to rank a series of conversations on their level of discomfort and the topic of saving was rated the most taboo, closely followed by mortgages.

In fact, Brits feel more comfortable telling friends and family members about health problems and relationship issues than they do about their financial situation.

The conversations Brits find most uncomfortable involve:

  1. Savings
  2. Mortgages
  3. Relationships
  4. Career progression
  5. Health

But it’s not just awkward topics that the nation is shirking, but face-to-face conversations in general. The research found that around half of Brits (49%) have a conversation in person with their best friend on a weekly basis, while more than one in six (17%) speak to their siblings face-to-face less than once a month.

While this reluctance to talk in person, especially about finances, is found across the nation, it is more common in some UK cities than others. The people of Bristol find money talk the most challenging, with its residents finding the subjects of mortgages and savings more difficult to discuss than those in any other city.

At the other end of the scale, the people of Norwich are the most comfortable with financial conversations with friends and family.

The top five cities which find financial conversations with friends and family the most and least comfortable are:

Discussing ‘Money Matters’ across the UK
  Most Comfortable Cities Least Comfortable Cities
1 Norwich Bristol
2 Sheffield Edinburgh
3 Southampton Belfast
4 Cardiff Glasgow
5 Birmingham Liverpool

The study found when Brits discuss finances; they feel happiest doing so with their partners. However, while friends and parents were tied in second place in terms of preferred listeners, young Brits (aged 25-34) would rather talk about money with their mates.

Tina Hayton Banks, Director of Member Services at The Nottingham, said: “It can be really difficult to discuss finances with loved ones and our research has highlighted just how uncomfortable Brits find such conversations, especially face-to-face. Through their reluctance to talk in person, younger generations risk falling through ‘the advice gap’. Particularly when it comes to finances, there’s only so much you can find out online  before you need to talk to an expert around your specific circumstances and goals.”

“At The Nottingham, we value the art of conversation and pride ourselves on talking to our members about their finances whether in person at one of our branches or using technology, such as speaking to a mortgage adviser face-to-face over video. These conversations can be really valuable to customers, sometimes helping them understand certain products better or saving them money by getting them a better interest rate or mortgage deal. So when it comes to money matters, it really does pay to talk.”

About The Nottingham

The Nottingham is a top-ten building society and estate agency operating online and via a network of over 60 branches across 10 counties. The Nottingham offers a broad range of building society services such as mortgages and savings, as well as whole-of-market mortgage advice provided by Nottingham Mortgage Services. Founded in 1849, The Nottingham is a mutual building society owned by its members with a long and proud history of doing the right thing and helping communities in its heartland prosper.

[1] Survey of 2,006 UK adults conducted by The Leadership Factor in October 2019 on behalf of Nottingham Building Society.

Financial Risk Management – Impact and Execution

No matter what linked to money moving in and out of business is a financial risk. Financial risk management is a way of knowing and handling financial risks. These are the risks your company may face now or in the future. The key to any financial risk management policy is the business plan. A plan that will show workers what they can and cannot do. Also, choices need to escalate, and who will bear the overall duty for any risk that may arise.

Financial risk is linked with the money that enters and leaves a business. In the business world, financial risk management is the process of identifying, analyzing and making or mitigating risks in financing decisions.

Financial Risk Management and its Importance in an Organization

Risks may come from external and internal sources. External threats are those that are not under the direct control of executives. These risks include interest rates, market rates, state issues, and so on. Internal risks include breach of data or non-compliance, among many others.

Risk management is vital in business as, without it, a company cannot set goals for the future. If a firm sets goals without taking risks into account, they will likely lose track as any of these risks reaches their place.
Many groups have added risk control units to their team. The team aims to identify risks and develop plans to protect against these risks. They are also bound to move all members of the company to join in these strategies. The same, the risk control team is liable for valuing all risks while fixing the ones that are critical for the business. Risk control ensures that the firm allows only those risks that will aid it in giving its primary objectives. It is likely if they keep all other risks under control.

Financial risk is linked with the money that enters and leaves a business. In the business world, financial risk management is the process of identifying, analyzing and making or mitigating risks in financing decisions.

Financial Risk Management – How to Implement

Companies manage financial risk in many ways. It is a process that depends on the company doing and on the level of risk it takes. The company managers must know and assess the risks. Also, they should decide how they will manage it.

Some steps in the financial risk management process are:

  • Identify exposure of risks: Risk control begins with the recognition of business risks and their sources. A high point to start is the company’s budget. It gives insight into the liquidity, debt, interest rate risk, and currency risk. It also grants info about weak stock prices faced by the company.
  • Exposure analysis: The next step is to identify or set numerical value for the known risks. Analysts tend to use regression and standard deviation methods. These are ways to measure a company’s exposure to various risk factors. These tools cover how diverse data points differ from average or mean.
  • Make a “smart” choice: After analyzing the risk’s roots, decide how to move with this report. This decision-making rule depends on many factors. E.g., company goals, market context, risk appetite, and if the cost of mitigation favors the risk drop.

Financial risk management terms business on how to deal with risks if they arise. It helps to learn many ways and means for managing these risks. It also gives the company the courage to execute and form a useful control plan to prevent or reduce losses.

See also about Brecit Extension – Flextension

EU approves Brexit ‘flextension’

How could a further three months of uncertainty affect investment and small business?

Leading finance experts discuss the impact of a further Brexit delay.

This morning, President of the European council Donald Tusk tweeted: ‘The EU27 has agreed that it will accept the UK’s request for a #Brexit flextension until 31 January 2020. The decision is expected to be formalised through a written procedure.’ 

Tusk made the announcement after the 27 countries that will remain in the European Union when Britain leaves agreed on Monday to accept London’s request for a Brexit extension.

But how might another three months of uncertainty and debate affect the vital community of small businesses and the investors that support them? Luke Davis, CEO and Founder of IW Capital, discusses the impact of the outcome on investment:

“Small businesses in the UK are undoubtedly hoping for increased certainty over the Brexit deal and leaving date. Once the deal is confirmed the sentiment to push on with business will really be able to take off. As entrepreneurs and investors look to capitalise on new opportunities that are bound to exist after Brexit. Over the last year or so, we have seen a concerted effort to get on with business, regardless of Brexit and the eventual outcome.

One thing that we need to ensure is that entrepreneurs and investors looking to start or support a small business are not put off by the turmoil in Parliament. At IW Capital, we have experienced record deal flow and buoyant investor confidence. What Brexit ends up looking like will not affect the fantastic range of innovative, growing SMEs we work with that are likely to drive our private sector forward.”

Jenny Tooth OBE, CEO of the UK Business Angels Association, shared her views on what the delay could mean for regional businesses:

“As negotiations continue to drag on and eat into the transition period, which was put in place to help business prepare for the imminent loss of EU support, we are at risk of running out of time to plan and make changes. Funding for SMEs in the regions has been somewhat forgotten about recently. This will subsequently impact regional SMEs more than larger businesses that can take the hit, or areas such as London or the Golden Triangle which receive the majority of domestic investment.

The potential loss of investment from the continent including the European Regional Development Fund, Horizon 2020 and the Jeremie fund could create a huge investment gap in UK. This is concerning not only for the loss of EU money, but the risk that Government support for finance to replace this EU funding may take time to have an impact on the ground.”

If you would be interested in speaking to Luke or Jenny or if you have any questions at all, please don’t hesitate to get in touch.

James Lester
Senior Communications Executive
42Bruton

Banking Circle Launched Payments Insight Paper: Latest research highlights the vital role of PSPs in increasing SME financial inclusion

London, 27th October 2019 – Money20/20 USA today played host to the launch of the latest Banking Circle insight paper. ‘Pay, Set, Match! Payment services for SMEs – Jump-starting a virtuous digital payment circle’, uncovers the challenges and opportunities for payment providers serving SMEs.

Banking Circle, the ground-breaking provider of business banking infrastructure, commissioned MagnaCarta Communications to produce a series of research papers investigating how financial institutions of all types can each play a role in increasing SME financial inclusion. This insight paper is the latest in the series, following the initial white paper which launched in May 2019 and a Banking Innovations insight paper published in September 2019.

Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle commented: “Increasing financial inclusion is core to every Banking Circle solution we build. As such, we regularly speak to businesses of all sizes and types, working in all regions and industries, to gain invaluable insights into the current challenges and where we can tackle existing pain points. This Payments-focused insight paper includes input from a range of players in the market, each identifying key challenges and opportunities for payment providers.

“The unique insights we have gained in producing this paper are invaluable for Banking Circle but also for the wider industry and will help us work together to build an ecosystem of efficient and cost-effective solutions to meet the needs of real businesses. The current offering is not serving SMEs effectively enough, but meaningful change will only be possible when every player in the market knows and fulfils its specific role, working in collaboration and not competition with other providers.”

The full report, ‘Pay, Set, Match! Payment services for SMEs – Jump-starting a virtuous digital payment circle’, is available to download at bankingcircle.com/whitepapers and video interviews can be found here.

About Banking Circle

Banking Circle is a next-generation provider of mission-critical financial services infrastructure leading the rise of a super-correspondent banking network. Banking Circle empowers banks and financial tech businesses to support customers’ trading ambitions – domestic and global – whilst reducing risk and the operational cost of transactions. Banking Circle solutions are increasing financial inclusion by helping thousands of businesses transact across borders in a way that was previously not possible.

In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using Saxo Bank’s core capabilities within the non-cash payments market. In October 2015 the company launched the Banking Circle – its ground-breaking product for payments and FX to the Financial Tech industry. In October 2017, the company launched its new identity for Banking Circle, to reflect its position as a financial utility servicing Financial Tech businesses and banks. In September 2018, Banking Circle was acquired by EQT VIII and EQT Ventures, in partnership with Banking Circle’s founders.

Domiciled  in the European Union, Banking Circle specialises in providing global banking services including accounts, payments, lending and foreign exchange services to financial institutions, including FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers.

For further information and interviews please contact the Banking Circle Press Office: 

Wendy Harrison/Lucy Wright – Harrison Sadler

T: 0208 977 9132 E: [email protected]

How to Improve Sales Performance | Tricks and Tips

Although the sales process is an integral part of any business, it is no secret that it is complicated. It needs insistence, a plan, and consent of human psychology and it often changes as your business grows. But it can be tough to find out how to enhance your sales, except to make more calls or find more potential clients. We spoke with sales experts to get the best tips on how to improve the sales process.

Find out how to improve sales and change your business to the latest sales device that uses the right mix of customer service. Focus and build customer support, leading to repeat sales.

Tips on how to improve sales – for the sales team

Slice down your sale goals

Viewing your annual or monthly sales goals can be devastating. Break large targets into flexible pieces. E.g., you might decide to perform specific tasks every day: find two new business prospects, make five phone calls, and make one new meeting. Design a search plan that defines how you will make new leads.

Inverse the sales funnel

It makes sense to follow a regular sales funnel as part of your sales strategy. If you find that nothing is shaking, try working opposed. Rather than focusing on your income goal, focus on client service. Talk to your clients and find out what they need from you. Develop a sales plan by cutting each step into feasible daily tasks.

Use emotional aptitude to make client relations

Selling is both knowing who you are selling to and selling a product. The bond you build with your clients can be a critical factor in deciding if you are selling or not. Emotional aptitude is informing of its own and emotions of other people.

Tips on how to improve sales – for sales manager

Improve sales strategies

A good sales plan outlines how you will bring new clients. And also how you will create or expand links with potential clients. Besides, how you will continue to sell your product or service to existing customers.

When making your strategy, you should:

  • Define your target audience and create your ideal customer profile
  • Resolve how the lead is generating
  • Perform SWOT analysis
  • Form income targets
  • Set your conversion goals
  • Define your business place in your market
  • Prepare a plan in case of an error

When you create your first sales strategy, you can also create a plan listing what to do in the event of an error. Examples of these cases are a loss of a notable sales agent or a mismatch of your sales target. Your skilled plan should indicate who will be told of the problem and how. Also, consider the steps you and your team can take to fix the issue. In some cases, avoid repeating these errors in the future.

Find out how to improve sales and change your business to the latest sales device that uses the right mix of customer service. Focus and build customer support, leading to repeat sales.

Manage your sales team effectively

Your sales strategy is as good as your team. So, you should develop motivated and well-trained sales agents. The best way to do this is to learn about the people in the group. As a manager, you must know what drives them as an individual.

During the sales training, be honest with your reps regarding goals, notices, and ways to assess their efficacy. A manager should plan meetings (monthly) with each seller to find out what they need and where they struggle.

See more at CFI.co Blog