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CEOWORLD magazine - Latest - Success and Leadership - No-Cost Ways to Mitigate Risk in Your Sales Department Right Now

Success and Leadership

No-Cost Ways to Mitigate Risk in Your Sales Department Right Now

For many business owners, 2020 was a challenge. We were faced with so many new regulations, and we had to make hard choices when it came to our business and our bottom line. As we start moving toward a new “normal” in the coming months we want to be careful to mitigate risk whenever possible, especially when it comes to sales and marketing.

So, today I wanted to share some no or low cost ways to mitigate risk in your sales department right now.

Watch Your Lead Flow

As business starts to pick back up, it may take a while to get back into the groove with your sales team. So, what was working pre-pandemic may no longer work. You want to ask yourself are you giving your best sales leads to your best salespeople? Because one metric most sales forces should measure but just don’t – is what’s the average dollar of sales per lead by salesperson?

This is different from just looking at straight closing rates. You may have two sales reps, Salesperson A has a 28% closing rate and Salesperson B has a 30%. One the surface, it looks pretty straight forward. Salesperson A is a better salesperson. But if you dig a little deeper you will see that the average sale Salesperson A closes is worth $3000 and Salesperson B averages $4000 a sale. Which would change the dynamic quite a bit.

Knowing this one metric will help you not only divide leads up more effectively, but will give you the opportunity to provide extra support and training to Salesperson A if needed.

Take the Time to Reach Out and Say Thank You

This one costs absolutely nothing, but is crucial to your success. As we get back into the swing of things, taking the time to reach out to current clients and prospects in your pipeline can go a long way to building authentic relationships. Ask your prospects how they are doing. Ask how you can best serve them. Ask them how their family is doing. Reaching out to touch base is always a good idea.

Sell Virtually

Selling online via Zoom, webinar or through email isn’t going anywhere anytime soon. If you have struggled in the past with closing sales virtually, now is the time to hone your skills. Start recording your sales pitches to watch and critique afterwards. Reach out to a mentor or business coach who can help you become better at selling virtually. Take an online course to learn tips and tricks to selling virtually.

Watch Your Collections

It’s been a rough year, and many business owners have found themselves with a growing list of collections from clients. Now is the time to assess the situation, and decide which clients you want to keep the relationship with (and keep supplying them product or services) and which ones you want to stop working with. Not only will this hold your clients accountable, but will help your cash flow in the process.

Many businesses are starting to see an upswing in sales this past few months which is great news. What you do in your sales department now can have a huge impact in the coming quarters, so plan ahead and take every opportunity to mitigate risk whenever possible.

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CEOWORLD magazine - Latest - Success and Leadership - No-Cost Ways to Mitigate Risk in Your Sales Department Right Now
David Finkel
David Finkel is the author of 12 business books, including his newest release The Freedom Formula. He is the co-author of Scale: Seven Proven Principles to Grow Your Business and Get Your Life Back (written with co-founder Jeff Hoffman), and a respected business thinker. Finkel's weekly business owner e-letter is read by 100,000 business owners around the world each week. Finkel is the CEO of Maui Mastermind, a business coaching company. Over the past 20 years, Finkel and the other Maui coaches have personally scaled and sold more than $2 billion worth of businesses. David Finkel is an opinion columnist for the CEOWORLD magazine.