Banks are evolving daily and with it comes new products and branding to try and keep up with the competition. In the midst of all…
A B2B business is one whose main clients are other businesses. This, therefore, means that, much as you may want to treat your clients as end consumers the way a B2C would.
There are still a few things here and there that form the basis of a B2B and which you must pay extra attention to.
The importance of book-keeping in a business is not something that can be put aside. Sound finances, define a successful business and that starts with book-keeping. As a B2B, one thing that will particularly stand out when it comes to your book-keeping is the fact that the credit book will have more entries than all other books.
The reason for this is, when dealing with other businesses, more often than not, you will have to sell on credit. The simple reason for this is that these businesses also have their different payment processing structures that will not change in an instant simply because they are trading with you. You will, therefore, need to align your book-keeping to meet the needs of different clients.
Be careful, however, because when dealing with businesses, your own business cash flow might take a hit at certain times of the month or year when the clients aren’t making payments. An easier way out of this would be getting into an agreement with your clients and distributing their payment periods evenly over a certain period of time that you do your accounting.
The customer is key, I know I’ve mentioned that phrase a million times, but then again, it’s because it’s true.
When operating a B2B business, your clients won’t come easily and as such, more effort has to be put into retaining them as regular clients. Getting businesses to be clients is quite different from how you get individuals. Some things to understand about businesses are:
a) They don’t get carried away by advertising.
b) They are not impulse buyers.
c) Their decision-making process takes longer.
With the above three in mind, you realize that you have to approach potential clients, in this case, businesses, personally and offer them value in your proposal. Here you will have to put in effort into making visits to these businesses and presenting your proposal to them. If you don’t have any know-how on coming up with a proposal, get an experienced person to help you.
After making your pitch to potential clients, you will need to follow up on the proposal. This may be frustrating, especially if the client is not interested, and you will need to know when to pull the plug.
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