September is on its way out and we can see winter lurking up ahead. For a great many B2B companies it’s a stressful time of year as for some a big piece of the quarter is effectively unavailable for B2B selling due to the Christmas break. The stress is created because we know that some of the deals just won’t happen or at best will slip into the next period.
So maybe this is a good time to take stock of the health of your pipeline and identify what can be done to strengthen your position. Here are 6 top tips that you could employ now to improve your chances of hitting your number.
- Review your sales pipeline and identify where each prospective deal is sitting at present. Is the deal “stuck” at a particular stage? Is support needed to get the deal moving again? Pick out the bigger deals and work with them first. (Remember Pareto, 80% of your number will likely come from 20% of your opportunities).
- Check that each deal meets your selection criteria. i.e. is the deal real, does an opportunity really exist? Is the deal attractive for your company, can you make money and is it something that’s part of your core offer. And of course, can you actually win the deal? e.g. Do you have the customer relationships to get the votes you need? If you don’t have a Selection Criteria, do that work now and apply it at the qualification stage of your pipeline to ensure that you pursue deals that are real, attractive and winnable.
- If the deal passes the selection tests, then check that you have a close plan. If not, build one. i.e. How are you going to win this deal? Who will be involved and what are the key milestones? What do you need to do to get this deal over the line.
- Communicate the close plan to all parties that touch the deal. (No matter how light that touch is). Make sure everybody knows what part they will play in winning the deal. Build a deal team for each opportunity (of a certain size).
- Establish a “sales war room” to regain traction, track progress and determine strategy and tactics on each and every validated deal. Ensure that every stage of the sales process is identified, and importantly, make sure that the activity required at each stage is identified along with who in the deal team will carry it out. Ensure that completion is tracked and progress is made to the next activity or stage. Establish a sense of urgency in the team.
- Make sure that there is constant focus on backfilling the pipeline. It is by its very nature a leaky vessel and deals will drop out as you progress them through. Remember that no matter how good you are, you won’t win every deal, so the pipeline needs to be constantly topped up. And secondly, sales naturally take time to transit the system; so make sure you act now. Delays in action only create delays in results.
Contact me now to learn more about how leading B2B companies have eliminated this stress by adopting a new visual approach to the sales process that can deliver all of the above, giving salespeople and leaders a panoramic view of accounts and deals, identifies what they need to do next, and helps prevent unseen deal losses.