For many small businesses, preparation is vital to fostering sustained growth, and that’s why we’re huge proponents of using systems to improve cash flow and grow your business.
As a business owner, your goal is to increase revenue over time, and by now you know well enough that a strategy is necessary to make great things happen.
With so much advice coming left and right, it can be difficult to cut through all the fluff to find out what’s really going to help you succeed. Fortunately for you, the Certified Business Coaches here at ActionCOACH RGV know a thing or two about helping businesses accomplish their goals.
To begin, let’s get a better idea of what “defined” system usage means.
Advice for Establishing Business Systems to Increase Revenue
You undoubtedly know your business, but have you ever sat down to break down the current process (if any) that your team is following to deliver your services and/or products?
Running a business without clearly defined processes is a huge risk and leaves you with missed opportunities for growth.
Take a moment to assess your sales process. You need to understand every aspect, from the very beginning when a potential customer engages with your team to the end of the deal — whether the deal is successful or not.
For reference, a typical sales cycle includes the following components:
Prospecting is the research step wherein your sales team looks at your target customer profiles, identifies potential clients for contact, and determines the best way and time to contact.
To facilitate your prospecting, it helps to create an Ideal Customer Profile (ICP). Essentially, an ICP uses real data to determine who will benefit most from your product or service and who is most likely to buy.
A list of prospective customers during this initial phase helps your sales team prioritize who to contact.
After initial research, an effective sales team will establish the best method of contact for your prospects. First impressions are crucial, so consider creating a sales script to increase your chances of closing sales.
For example, if the price point for your service or product is higher than average, your team shouldn’t focus on closing a deal from that initial outreach. Rather, prioritize building a relationship with the prospect by introducing yourself and starting a discussion with the goal of building trust.
Qualify Your Prospect
At this point, your sales team should be working to identify whether or not the prospect is a decision-maker and assessing if they are a viable lead or not.
“But we started with a research stage at the beginning! Do we really need to investigate further?” Absolutely. As new information is made available, it may turn out that the lead isn’t a great fit for your product or service. In these cases, save your efforts, bow out, and move on to the next prospect.
Nurture Your Prospect
To nurture your prospect, your sales team needs to make efforts to prove their value by providing useful information and education regarding services or the industry.
Build a reputation with the prospect so that they can depend on you as a reliable and responsive resource in your industry.
Present Your Offer
The steps leading up to this point have been about connecting and educating your prospect, but now it’s time to compile all the information you’ve gathered to create an offer that is attractive to your customer. When crafting your offer, keep it relevant and take into consideration factors such as the prospect’s budget and common challenges.
Even the most considerate and carefully crafted offer can be rejected. It’s completely normal for your client to have reservations or concerns.
Empathize with their objections and provide feedback to emphasize the benefits that your offer brings to the table.
Sometimes the prospect’s objections won’t be clearly defined. In situations like this, an effective sales team should be able to identify when a client just isn’t interested. Don’t push the sale if this is the case, but do inform the client that your team is always available for assistance should they come around.
Close the Sale
When it’s time to seal the deal, your sales team should focus on reminding the customer how your offer can help them achieve their goals or specific results.
Introducing factors such as urgency or incentives are great ways to encourage a prospect to take action. Sometimes, they can be completely on board but there might be external factors that are preventing them from closing.
In situations like this, give them time to resolve whatever needs to happen before they can take action and let them know that you’re available whenever they’re ready. Take advantage of the situation and use the time they need to follow up with other prospects.
Improve Your Sales Cycle with ActionCOACH RGV
Optimizing your sales process is a time-consuming endeavor, but with a Certified Business Coach, you can fine-tune your system and increase your cash flow in no time.
Our unique approach to business development has helped countless entrepreneurs across the world reach their goals and streamline their sales cycle. Reach out today to set up a consultation and begin improving your profitability!