We all do it. We fill in the March Madness ladder, knowing who the winners will be. We buy a lottery ticket, and plan what we'll do with the winnings. And when we see a rainbow, we can't help thinking about a pot of gold at the other end. Wonderful flights of whimsey! But when you have a small business, you need something more concrete.
Here's a March idea.
Take the time, while the days are getting longer, to revamp your sales plan. First, figure out how many prospects you need to make a sale. If you sell mostly to existing clients and referrals, your close rate might be 50%, and you won't need as many new prospects to reach your sales goals. However, if you are relying on new prospects, your close rate may be less than 3%, and online, more likely under 1%. That means you'll need many more prospects ASAP!
How do you go about scaling up your list of prospects? Set some networking goals, create an online marketing strategy, or develop a contest! Find innovative ways to increase the list and close the sales, then track those close rates. Overtime you'll increase the accuracy of sales planning for your business, which helps you manage your revenue and profitability.
Let us know if you, or a small business owner you know, needs help!
All the best for your success,
Amanda Weathersby is an entrepreneur who sold one business to a publicly traded company and another to her partners. She, like more than 300 speakers at 100 Entrepreneur Foundation classes, also knows about business failures. Creative problem solving and predictive forecasting tools have become her passion.