One of the critical components to create a sustainable business is managing potential opportunities. How do you manage your sales pipeline?
It’s really important to have a simple process to make sure you are keeping opportunities warm. Is this something you could do better?
If so take a look at our tips below – there is always room for improvement:
1. Consider your weekly schedule – business owners tend to work in the business rather than on it, scheduling time to look at sales pipeline is a no brainer!
2. Design an effective sales process – it’s important you have a clearly defined sales process and that you and the team are aware and fully understand how this works.
3. Establish how you will capture sales leads – whether you pay for it or it’s free there is a tool to capture your leads based on your needs.
4. Document your process to manage the sales process – to clarify how things are done and determine how successful the outcomes will be.
It’s important that great businesses have a strategy for managing their sales pipeline. By utilising the tips above you will be able to see the following benefits:
- You will have the time in your schedule to manage pipeline
- Sales will increase
- By focusing on the entire pipeline instead of taking a short-term focus on closing sales, or getting a single high-value contract over the line, demand for your services will be smoother and your cash flow more reliable
- You will be able to start to see why your leads leak from the pipeline which will pinpoint specific areas for improvement
- If you keep track of which leads leak from your sales pipeline and which don’t, you can construct a client profile of leads who are more likely to buy and leads who are less likely to buy. This knowledge will help you to focus your marketing material and allow you to more accurately qualify your leads, leading to a more streamlined, more efficient and less costly sales process
More information is available in our full guide: Managing your Sales Pipeline.
If you would welcome a discussion about how you can review and improve your sales pipeline, please contact Wendy.