The Entrepreneur: Revenue Increase
This month's entrepreneurial focus explores the best ways to increase your revenues.
Firstly, sales are the lifeline of any business and should top the priority list for company owners. Sales need to be supported by everyone in the business but, sadly, this is not always the case.
The best sales driven businesses have excellent skills and expertise in this field, twinned with the resources they need to be successful. In addition to possessing these factors, it is important to have great leadership to ensure the company stays motivated and focused. It is vital sales are constantly at the forefront of the business.
Running a successful sales team is a lot easier for someone who has the experience. That may sound like an obvious statement and these may sound like very simplistic questions to ask, but who drives your sales team? What skills, experience and resources do they have?
From my experience, it is not that difficult to build an outstanding sales team but you need to think of the bigger picture (individual and team capability, the target market etc.). The more defined you are able to make the sales process in your business, the more successful your company will ultimately become.
If you are not sure whether you have the expertise then do not be afraid to ask around for guidance. If you do not have the expertise, it is essential you find someone who does. There are many people who will give you some free time to help provide information around this issue so it is important you use this to your benefit.
A few simple tips below on how to grow your revenues can be found below:
- Set challenging targets for your sales team - I once went into a business and doubled the margin targets for all sales people. Everyone said I was mad, but 3 months later the good people were hitting the new margin targets and the poor sales people were gone.
- Make sure you have a very good sales director (even if it is only a part time sales director) - The experience they will bring will far outweigh the cost. Sales teams need leadership which is usually at its best when experienced, strong and focused.
- Make sure your sales processes are very clear and well documented.
- Be very clear on what your profitable target market is - Be as specific as possible.
- You must qualify your opportunities.
- Make sure you know where, when and what your sales team are doing.
- Train, train and train - If I haven't said it already, spend time training your sales people. This for me is one of the biggest issues inside a poor sales team lack of training.
- Have big motivational targets e.g.: Take the sales team to New York if they hit 200% of target.
- Consider a sales audit -There will be areas inside your sales team right now that are stopping or slowing your sales growth. These maybe the procedures you use, the people in the team or in other parts of the business. A sales audit will quickly identify where you need to focus to achieve sales growth.
- Good sales people are very good at building relationships and know how to close. They want to hit their targets, they want to earn money and they want to stay focused. Do not start giving them non-sales tasks I have seen it all too often and obvious repercussion of sales reducing.
- Set big OTE's - Don't hold back and never, never cap a sales person's earning capability.
- Keep it simple!
If you require any further help or have any related questions, please feel free to contact me directly at email@example.com or on 020 8949 5522.