The summer I turned 18, I spent as much time as possible at my sister’s cabin, an isolated homestead deep in the woods of Northern Ontario. And I often brought along a friend to enjoy the canoeing, reading, swimming and hiking. One friend came prepared for the possibility of rainy days, with a board game I’d never played before – Mastermind. I embraced the beauty of its logic instantly. It never did rain that weekend, but we sat outside on the tiny porch and played game, after game, after game. In fact, I’ve never stopped playing. It’s on my phone and iPad, and I even played a game on my desktop before starting to write this post.
Why am I sharing this with you? Because logic is an important part of owning a business and/or having a sales career. As we enter the 26th week of 2016, the halfway mark, it is time for you to embrace this beautiful logic.
You need to take a very close look at your numbers this week. Are you on track to make or exceed your sales goals for 2016? Or have you gotten distracted somehow? You need to know. The answer is logical; it’s in your numbers.
Here’s a very quick exercise to get you some of the data you need:
1. How much revenue have you generated (and invoiced) up to June 30?
2. Subtract this number from the revenue you want to generate this year. Whatever the answer, you have 26 weeks left to make it happen.
3. How many individual clients have you invoiced so far this year?
4. Take this number and divide it into your invoiced revenue on June 30 (the answer from question #1). This is your current average worth of one client.
5. Divide your average worth into the amount of revenue you still want to generate this year (the answer from question #2) and this is, roughly, the number of clients you need to close – and invoice – in the next 26 weeks.
So … how are you going to reach and close these clients? Make sure you have a clear plan in place because the last half of 2016 starts next week!
These numbers are all logical and true. They don’t carry any emotion, only facts – facts you can work with to make a substantial difference in how your business is growing. In fact, it’s incredibly valuable to track even more numbers such as: How many potential clients have you spoken with/met so far this year? How many have accepted a proposal or participated in a demonstration or agreed to a discovery meeting? How many have become clients?
These are the statistics/metrics of your sales process. Knowing them allows you, no matter how busy you become with projects for existing clients, to continually generate revenue. For example, in my business, a proposal is usually the final step of my sales process. And my current closing ratio on proposals is 75% or 3 out of 4. So as long as I continually create quality proposals, I can accurately forecast future revenue. As I write this, I have 12 proposals yet to be confirmed and I can be very confident they represent 9 new sales. While this isn’t enough to get me to my financial goal for 2016, I am definitely on track.
For more information on what numbers you should be tracking and what they mean, check out these posts:
These next 26 weeks of 2016 will go by very quickly. Crunch your numbers; believe them; act on them.
Enjoy your phonework everyone!
What’s The Phone Lady Doing?
June 29 – Telephone Talent, Knowledge First Financial, Toronto, ON (Tele-training session)
July 6 – Telephone Talent, Knowledge First Financial, North York, ON (Tele-training session)
July 7 – Telephone Talent, RBC, Vanoucver, BC (Tele-training session)
July 8 – Telephone Talent, Simply For Life, Atlantic Canada (Tele-training session)
July 11 – Telephone Talent – Sandler Training – Pilot Program, Halifax, NS
July 12 – Telephone Talent – Sandler Training – Pilot Program, Halifax, NS
July 13 – Telephone Talent, Knowledge First Financial, Toronto, ON (Tele-training session)
July 15 – Phone Skills for Job Search and on the Job, Older Wiser Labourforce (OWL), Halifax, NS
July 19 – Telephone Talent, Cushman & Wakefield Atlantic, Digby, NS
July 20 – Telephone Talent, Knowledge First Financial, North York, ON (Tele-training session)
July 27 – Phone Skills for Job Search and On the Job, Phoenix Youth Summer Employment Program, Halifax, NS
August 17 – Phone Power: Today’s Most Valuable Cold Calling Techniques, Advisors Circle, Panora, Iowa
August 18 – Telephone Talent, Javelin Technologies Inc., Toronto, ON
August 29 – Master Class in Phone Communication for Startups, Propel ICT, St. John’s, NL
August 30 – Master Class in Phone Communication for Startups, Propel ICT, Halifax, NS
August 31 – Master Class in Phone Communication for Startups, Propel ICT, Fredericton, NB
September 2 – Master Class in Phone Communication for Startups, Propel ICT, Charlottetown, PE
September 12 – Today’s Necessary Phone Skills for Sales, O’Regan’s National Leasing, Halifax
September 13 – Phone Fear to Phone Fabulous, CEED, Halifax, NS
September 14 – Phone Fear to Phone Fabulous, CBDC Hants Kings, NS
September 19 – Today’s Necessary Phone Skills for Sales, O’Regan’s National Leasing, Halifax
October 29– Let’s Talk: How to Inspire Conversation on the Phone, CAA, Dartmouth, NS
November 16 – Telephone Talent: Phone Skills that Build Relationships and Support Growth, Newfoundland Assn of CBDCs, Gander, NL
November 30 – Phone Fear to Phone Fabulous, CEED, Halifax, NS