A few questions you should be considering when sales planning:
- What does my ideal customer look like?
- Where is the low-hanging fruit?
- Where is my business coming from?
- Where am I capturing the most profits?
In developing sales plans, we sometimes look at what we are missing and not what we already have. Take the time to review where your business is excelling. What have you done in this particular area to excel and why aren’t you doing this to improve in other areas.
Your most profitable product is X. It takes Y amount to achieve Z profits. Determine which widget you should be selling to maximize the most profits and figure out what it will take to sell more. My clients often tell me that the most profitable product is the most difficult to move. My response is “think about solutions to either shorten the sales cycle or prime the buyer”. Don’t harbor on the problem, fester in the solutions.
Who is your best customer and why? Is it because gaining commitment is easier? Is easy always the best type of customer? Review these questions to determine how your organization is approaching its market. Think Macro, not so much Micro, at least for the purpose of this particular exercise.
Lastly, where are the business opportunities you haven’t had the time or money to nurture? Is it worth revisiting? Does this area require a lot of effort and little reward? How can you minimize this effort to increase the reward?
These are just a few questions to ask yourself when you begin strategic planning and forecasting for next year. Start planning your profits now. Stay tuned for more tips to further develop your business and improve your sales.
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