Sign up to receive accounting tips, videos, news and webinar info before anyone else
Sales accountability is one of the most important things to consider when running your business. Your salespeople are at the core of your business. They drive traffic to your products and services. How can you create accountable salespeople? Watch what they do!
If you have a sales process that is outlined for your salespeople to go through it makes it easier to track performance and revenue.
So let’s map out a sales process…
Start with your funnel. At the top of the funnel is the leads. Let’s say you generate 100 leads, then you move through the funnel to the proposal stage. The conversion rate from lead to proposal may be around 30%.
As they keep moving through the funnel about 33% of people will move toward the negotiations stage. So you’ll be negotiating with about 10 people.
You might have a goal of 80% conversion from the stage of negotiations to get around 8 closed deals.
Once you’ve established your sales process it will give you the ability to track your salespeople through these phases, which will not only improve salesperson accountability but also your company’s forecasting.
To improve your forecasting you work through the funnel backward. Understand what ratio you need to reach the revenue that will keep your business profitable and safe. Contact us for more information on how you can increase your company’s profitability and keep your business safe.
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
This post contains trusted sources. All references are hyperlinked at the end of the article to take readers directly to the source.