So often I work with business owners who measure their sales performance by either their financial reports or sales reports at the end of the month. Using this method you do get quick information on whether or not you made a sales goal. But are you measuring all of the steps that need to happen in advance of making the sale? To have the full picture you need some system to track all the prospects you are working on and the ones that you have a proposal or bid out to. You know these prospects and what they need and they know you. You have strong reasons to believe they want to meet with you again and you know the likelihood of selling to this prospect is great. These prospects are what we call a Pipeline.
Here’s a tip: Create a report to track your pipeline. In your Pipeline report you will want to see several things. You’ll want to know which sales rep is working on which account and the source where your business is coming from. You will want to know the value of all of the potential sales on the pipeline and maybe the expected close date. You might even want to put your Gross Profit Objectives on that pipeline report. Because the activities you track on the pipeline happen in advance of making the sale, if you manage the pipeline you’ll feed the business.
This has been your CEO Rule of the Week. I am Ruben Estrada. Your Next Move.