Stephen Wise Bloghttps://integrationprofessionals.com/BlogHow to Improve Sales Revenue in Your Company | Stephen Wisehttps://integrationprofessionals.com/Blog/how-to-improve-sales-revenue-in-your-companyMeasurementWed, 19 Jun 2019 11:18:31 GMTHow to Improve Sales Revenue in Your Company<p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">A typical business goal is to execute the sales strategy and increase revenue by X% over the period. The sales process is an ongoing operational activity and is usually not suited to being treated like a formal project. However, the sales process needs to be managed and there are similarities between managing a sales process and managing a project.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <h2 style="margin:2pt 0cm 0.0001pt"><span style="font-size:13pt"><span style="line-height:107%"><span calibri="" light="" style="font-family:"><span style="color:#2f5496"><span style="font-weight:normal">A sales process needs:</span></span></span></span></span></h2> <ul style="list-style-type:square"> <li style="margin:0cm 0cm 0.0001pt 36pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Management of key milestones and timing</span></span></span></li> <li style="margin:0cm 0cm 0.0001pt 36pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Identification and assignment of people to assist </span></span></span></li> <li style="margin:0cm 0cm 0.0001pt 36pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Encouragement of teamwork at client site and internally</span></span></span></li> <li style="margin:0cm 0cm 0.0001pt 36pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Risk identification and mitigation planning</span></span></span></li> <li style="margin:0cm 0cm 0.0001pt 36pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Tracking and reporting of selected metrics </span></span></span></li> <li style="margin:0cm 0cm 8pt 36pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Feedback/improvement loop</span></span></span></li> </ul> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <h2 style="margin:2pt 0cm 0.0001pt"><span style="font-size:13pt"><span style="line-height:107%"><span calibri="" light="" style="font-family:"><span style="color:#2f5496"><span style="font-weight:normal">Management of key milestones and timing in the sales process</span></span></span></span></span></h2> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">I recommend every sales team to work with an expert project manager to develop a template of tasks and estimated timing which gets stored in a central library. At the earliest reasonable time, the template should be fired-up and customised to suit the opportunity. That is, tailor it to needs by modifying the tasks that need to be accomplished, the estimated durations, and dependencies.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">This plan, will guide all stakeholders to manage expectations and keep everyone on track for what needs to happen next.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <h2 style="margin:2pt 0cm 0.0001pt"><span style="font-size:13pt"><span style="line-height:107%"><span calibri="" light="" style="font-family:"><span style="color:#2f5496"><span style="font-weight:normal">Identification and assignment of resources within the organization to assist with the presentation</span></span></span></span></span></h2> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Once an opportunity has been identified, team members need to be called on for assistance in various parts of the proposal. It is important that the sales person ensure that everyone has time to take on the work, understands how to do the work, and understands when and how to report that the work is completed or that some sort of issue has caused work to slow down or stop.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">The sales person may not have the authority to prioritise everyone’s time and therefore it is important to keep the lines of communication open.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <h2 style="margin:2pt 0cm 0.0001pt"><span style="font-size:13pt"><span style="line-height:107%"><span calibri="" light="" style="font-family:"><span style="color:#2f5496"><span style="font-weight:normal">Risk identification and mitigation planning</span></span></span></span></span></h2> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Sales people are able to identify unique risks because they are the closest to understanding the client’s expressed needs. These insights are extremely relevant. Combined with their own experience dealing with other customers, sales people can see risks that no one else can. Positive risks, those that have upside potential lead to new items in the sales funnel. Negative risks, those that can push a deal off the rails should not be pushed under the carpet.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">The (negative) risks, should be identified and reviewed. Each risk has a likelihood/ probability of occurring and severity/impact on the sale should it occur. The sales person’s team and management should periodically develop and review tactics to reduce the probability and lesson the severity of impact, should it occur. </span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span><span style="font-size:13pt"><span style="line-height:107%"><span calibri="" light="" style="font-family:"><span style="color:#2f5496"><span style="font-weight:normal">Tracking and reporting of selected metrics back to the team and management</span></span></span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Peter Drucker, has been paraphrased, “you can’t manage what you can’t measure”. The selection of appropriate measures and metrics is a cornerstone of sales management. Most sales people are keenly aware at all times of the status of their metrics and how much they are exceeded or failing short of their objectives.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">In addition to short-term results, frequently communicating a sales dashboard may be more beneficial then you thought. The benefit is to improve organizational alignment with the sales strategy. Having visibility to the sales dashboard could be the trigger to makes those changes</span></span></span></p> <h2 style="margin:2pt 0cm 0.0001pt"><span style="font-size:13pt"><span style="line-height:107%"><span calibri="" light="" style="font-family:"><span style="color:#2f5496"><span style="font-weight:normal">Feedback/improvement loop</span></span></span></span></span></h2> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Deals get won. Deals get lost. The salesperson will obtain lots of knowledge about the client or at least they should. Knowledge represents a significant asset for most businesses. Left unmanaged knowledge tends to quickly fade. When deals are lost, it is important to learn from the process. Are there changes that can be made to the sales process? A lessons learned process and central repository for the post-mortem will help the next sales rep and also help when it comes time to review the process for a complete over hall or investment in technology to automate parts of the process.</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Stephen D Wise</span></span></span></p> <p style="margin:0cm 0cm 8pt"><a href="http://www.IntegrationProfessionals.com">Stephen Wise Integration Professionals</a></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif">Dramatically Improve Traction</span></span></span></p> <p style="margin:0cm 0cm 8pt"><span style="font-size:11pt"><span style="line-height:107%"><span style="font-family:Calibri,sans-serif"></span></span></span></p> Team Building - Modern Staffing Challengeshttps://integrationprofessionals.com/Blog/team-building-modern-staffing-challenges4Project Management IdeasTue, 12 Jun 2012 00:01:00 GMTlack of hard or technical knowledge, a lack of experience, and a lack of proper qualification or certification<h3>Second in a series on Team Building.</h3> <p>Modern staffing challenges cross industries and international borders. More than 34 percent of nearly 40,000 companies in a 39 nation survey of hiring practices reported being unable to fill positions due to a lack of quality talent, according to ManpowerGroup International's 2011 Talent Shortage Survey. The reasons given for the talent gap included a lack of hard or technical knowledge, a lack of experience, and a lack of proper qualification or certification to do the desired work.<a href="https://inprof.wordpress.com/wp-admin/post.php?post=207&action=edit#_ftn1" title="">[1]</a> Instead of tangible goods, many firms are now in the business of intelligence and services. What drives the bottom line is no longer manual labor – it's mental power that is the engine of growth. Firms depend on analysis, innovation, and creativity to move the bar, and this requires a dramatically different talent force than what was required in previous generations.<a href="https://inprof.wordpress.com/wp-admin/post.php?post=207&action=edit#_ftn2" title="">[2]</a> Pure genius, however, is not necessarily the answer. Firms have to hire intelligent, adaptable workers who can not only keep current with a changing economic climate but also work well with each other in the realities of the present. Soft skills such as communication and sales are in high demand, as are advanced technical competencies and analytical abilities. Without sufficiently adept workers to fill these gaps, businesses struggle to thrive and expand in the knowledge economy. </p> <h4>Stephen Wise</h4> <h4><a href="http://www.IntegrationProfessionals.com">www.IntegrationProfessionals.com</a></h4> <div> <hr align="left" size="1" width="33%" /><a href="https://inprof.wordpress.com/wp-admin/post.php?post=207&action=edit#_ftnref1" title="">[1]</a> ManpowerGroup International. “2011 Talent Shortage Survey.” Released in May, 2011. Retrieved August 4<sup>th</sup>, 2011 from: <a href="http://files.shareholder.com/downloads/MAN/1349301451x0x469531/7f71c882-c104-449b-9642-af56b66c1e6d/2011_Talent_Shortage_Survey_US.pdf">http://files.shareholder.com/downloads/MAN/1349301451x0x469531/7f71c882-c104-449b-9642-af56b66c1e6d/2011_Talent_Shortage_Survey_US.pdf</a></div> <p><a href="https://inprof.wordpress.com/wp-admin/post.php?post=207&action=edit#_ftnref2" title="">[2]</a> Harnish, Tom. “Be Flexible To Modern Staffing Challenges.” <em>Open Forum </em>March 25<sup>th</sup>, 2011. Retrieved August 4<sup>th</sup>, 2011 from: <a href="http://www.openforum.com/idea-hub/topics/managing/article/be-flexible-to-modern-staffing-challenges-1">http://www.openforum.com/idea-hub/topics/managing/article/be-flexible-to-modern-staffing-challenges-1</a></p>