- If you look back at the U.S. and world economy,
over the past hundred years,
there is consistent rise and inevitable major adjustment
every eight to 10 years.
The last major ones were during the internet
bubble burst around 2000,
and then in 2008 with the global financial crisis.
However, depending on the industry you're in,
there have been many other financial swings
during the past 20 years.
The auto, technology, travel,
energy, and retail industries all come to mind.
There are also regional issues that impact local economies.
A company relocating from Connecticut
back to New York City would certainly
impact that Connecticut town.
Weather has also played havoc on businesses
in the U.S. and around the world.
So what does all of this have to do
with being a field sales manager?
Your company's results will more often than not
be impacted when the economy hiccups
or faces a serious downfall.
If your company is a publicly traded one,
and if your revenue is off
or profits aren't meeting expectations,
then your stock price is impacted.
If indications aren't optimistic for a quick recovery,
as a manager responsible for revenue,
you can expect to be asked to make some adjustments.
I can remember in 2000 and 2009,
revenue from many companies was flat at best,
if not down three to 5%.
Sales managers in many industries started to say
being flat is the new up.
It was a witty phrase, but in reality,
flat is not good for most companies,
especially publicly traded ones.
If revenue is flat and expenses go up,
that means profits are shrinking.
Cutting some fat here and there
with expenses is one solution
and hopefully you can avoid staff cuts.
But for many companies in 2009, that wasn't the case.
During those years, many people lost jobs
across a wide range of industries.
You and your sales team are on the front lines
with regional and local issues,
and you'll hear about those issues sooner than anyone.
It could be a large company moving or changing locations,
a retail chain closing some of their stores,
or some other matter that impacts the regional economy.
You need to be on top of this
since it very well could result in sluggish
or slower sales for your local sales representative.
This regional issue will impact your overall budget
and you'll need to be able
to explain that to your management.
I've used a statement for many years
about the rise and fall of business
and its effect on how we manage.
We all look like great leaders
when sales are flowing smoothly.
Sales targets are being hit
and the pipeline of opportunities is healthy.
However, the sign of a real leader
with strong character is how they manage
during tougher economic times.
Are they standing with you as a partner
helping you to uncover any possible sale?
Being empathetic and finding solutions?
Or are they pointing the finger at your territory?
In my career, I've seen both styles,
and we're all motivated more to work
with the manager that stands by you.
As the field sales manager,
you must have your hand on the pulse
of not just what's happening in the national marketplace,
but a good feel of what's happening locally.
You need to be supportive of your team in both
good times and more challenging ones too.
The best sales managers and the most respected leaders
realize that one of the critical responsibilities they have
is to be able to successfully guide their teams
through tough economic conditions.