Welcome to another exciting episode of "Let's Talk Business"!

In today's conversation, our host, Meny Hoffman, sits down with Pinchas Engel, founder of Pinit Bookkeeping, to delve deep into the world of e-commerce and financial management.

Pinchas shares invaluable insights on how to stand out in the competitive e-commerce landscape, the pivotal roles of bookkeepers, controllers, and CFOs, and the importance of delegating tasks to elevate your business.

From understanding key financial metrics and their impact on profitability to navigating the challenges posed by COVID-19, Pinchas brings a wealth of knowledge to help business owners align their vision, financial strategies, and marketing efforts. Whether you're an early-stage entrepreneur or a seasoned business owner, this episode is packed with practical tips on improving your financial literacy, creating a structured business model, and hiring the right financial support to ensure success.

Tune in to learn why understanding your finances is crucial and how you can leverage expert advice to make better decisions and grow your business profitably. Let's talk business with Pinchas Engel!

BIO :

Pinchas Engel founded Pinit Bookkeeping, a firm dedicated to helping established e-commerce sellers. Pinchas's main mission is to give his clients clear insights into their finances, turning complex data into simple, actionable strategies. With a knack for making numbers make sense, he’s helped many clients boost their profits, making Pinit a trusted place for sellers looking for financial support.

PLEX GROUP:

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TIMESTAMPS :

06:20 Business owners must know key financial metrics.

08:08 Key business metrics: return on investment, profitability.

13:10 High product profit gives room for contingencies.

17:12 New companies need strategy to succeed.

19:31 CFO focuses on future; bookkeeper, controller on past.

21:46 Marketing spends should align with company objectives.

26:33 Outsourcing services for business growth and efficiency.

29:54 Start with pricing, then justify cost.

32:55 Prefers business conversation over transaction categorization stress.

35:46 Create a clear business roadmap for success.

39:34 "Assess skills, seek support, and plan growth."

1. Identify tasks you are not proficient at or do not enjoy and delegate them to your team. Make a list of tasks to delegate and assign them to team members or outsource as necessary.

2. Implement systems to track and manage inventory and sales data, especially important for e-commerce. Invest in analytics tools and review inventory data weekly to avoid over or under-stocking.

3. For early-stage businesses, consider outsourcing bookkeeping and hiring a fractional CFO to manage finances cost-effectively. Research and engage a bookkeeping service and fractional CFO to ensure professional financial oversight.

4. If you're a business owner, objectively assess your financial skills and seek support where needed. Take a financial literacy course or workshop, and consider consulting a CFO to get a professional audit of your financial strategy.

5. Develop a structured business model and a hiring roadmap that evolves as your company grows. Draft a business model that includes your long-term goals and a phased hiring plan based on projected growth milestones.

Coming to you from the Ptex headquarters in Brooklyn, NY, this podcast is for no-nonsense advice to help you learn, grow, and lead.

Today, I’m excited to welcome back my good friend and past speaker of the Let’s Talk Business Conference, Eric Lofholm

Eric Lofholm is a Master Sales Trainer who has taught his proven sales systems to thousands of professionals around the world. He is President and CEO of Eric Lofholm International, Inc., an organization he founded to professionally train people on the art and science of selling. Eric has been teaching people how to make more sales since 1999.

In today’s insightful discussion, our host Meny Hoffman sits down with master sales trainer Eric Lofholm to delve into the intricacies of achieving sales success. Eric shares his expertise on the pivotal "inner game" of sales, emphasizing the importance of mindset and beliefs in driving performance. From viewing selling as a service to overcoming the fear of rejection, Eric offers practical tips and strategies to elevate your sales game.

Tune in as we explore the transformational sales triangle, uncovering the critical roles of mindset, technique, and consistent action. Eric also shares his personal journey from struggling salesperson to top producer, highlighting how proper training and a positive outlook can revolutionize your career. Whether you’re an entrepreneur, salesperson, or sales manager, this episode is packed with valuable insights on goal setting, planning, and the art of closing deals.

Join us and learn how to master the inner and outer game of sales, leverage content creation and technology, and most importantly, fall in love with the sales process itself. Get ready for a transformative conversation that will reshape your understanding of sales and set you on the path to success!

This and so much more only on the Let’s Talk Business Podcast… Let’s get right to our conversation with Eric Lofholm

Links :

wwww.saleschampion.com
https://www.linkedin.com/in/ericlofholm

https://www.facebook.com/ericlofholm

https://www.youtube.com/saleschampion1

https://www.facebook.com/EricLofholmInternational

TIMESTAMPS :

05:34 Explore strengths and passion for successful sales.

06:32 Being in sales is universal, skills essential.

11:13 Negative beliefs create roadblocks, especially in sales.

14:51 Prepare presentation with clear desired outcome defined.

18:43 Adapt communication and processes to each client.

21:52 Self-acknowledgment boosts sales success and confidence.

25:09 Transition from salesperson to manager requires different skills.

26:55 Consider compensation, leads, and text marketing efficiency.

30:35 Free goal-setting classes offered twice yearly online.

33:50 Key sales tips: positive mindset, action-based goals.

1. Eric Lofholm emphasizes the crucial role of maintaining a positive mindset in sales. He suggests the importance of being mindful of your thoughts, advising you to catch and replace negative thoughts with optimistic ones.

2. Focusing on actions rather than outcomes is another key lesson. Lofholm encourages setting action-based goals, such as making a certain number of prospect calls daily, instead of fixating on sales numbers..

3. Regular and structured planning is vital for sustained success. Eric highlights the importance of conducting mid-year and annual reviews to set and adjust your goals. By using the SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) framework, you can make your goals clearer and more actionable.

4. Understanding and being flexible in the sales process is essential. Mapping out the stages of your sales process and reviewing them periodically ensures that you stay in control.

5. Effective sales management involves understanding and facilitating your sales team. Knowing what motivates each salesperson and understanding their specific challenges allows you to customize your management approach.