6. Track Sales
Why do the majority of small businesses fail?
We are told it is most often a lack of cash flow that kills most small businesses.
We believe that most cash flow issues for small businesses are just the symptom, the cause is a shortage of cash consistently flowing into a business due to a lack of focus on sales and marketing.
Without a healthy pipeline of new customers, it is easy for any business to run short of cash. Many issues can be overcome within a business if there is strong incoming cash flow, but if there is weak cash flow coming into a business having the other parts of the business running smoothly will not be enough to overcome poor sales.
Create a pipeline of new business opportunities to make sure that you have customers that are going to convert today, tomorrow, next week and next month.
By setting up a sales and marketing process you can ensure that by following certain actions each day and each month you will get a predictable flow of new customers.
Unreal Homes always have a strong pipeline of potential customers that are moving from initial enquiry, through to brochure requests, home quotations, follow up and delivery.
Through tracking each stage of the sales process and using a tool to display their pipeline, they can easily see at a glance, which projects are at which stage, how much progress has been made this month, how much revenue is likely to drop this month and next month, see any likely falls in conversion before they happen, ensure activity levels of each sales person are where they need to be, see what is working and what isn’t so that changes can be made
A solid sales tracking process will give you the insight, the x-ray vision into your sales process that will help you deliver solid cash flow and help you buck the daunting odds.
With all of the previous elements of the formula in place, it is now time to find out what is working well and what needs improving, that brings up nicely onto getting feedback.