Nine Tips for Exponential Sales Growth

Years ago, small business owners didn’t need a sales strategy. If you were good at what you did, business came to you. With little competition, word of mouth paved the way – but no more.

Competition inside and outside the U.S. is on the rise. According to a report from Global Entrepreneurship Monitor, there was a 60% increase in entrepreneurship rates in 2011 after a six-year flat line. This means that there are more businesses competing for your customers’ share of wallet.

Why are Sales a Pain?

Many business owners start their companies because they’re good at the technical aspect of their industry. They’re talented lawyers, plumbers, doctors, or engineers, but they don’t like to “sell.”

When owners aren’t trained in sales or don’t engage themselves in the sales process, it’s usually disastrous since no or low sales mean closing up shop. The business world has become far too competitive and the buyers are much more sophisticated. Sitting back and waiting for business to come to you just won’t work. You need to embrace sales.

How to Embrace Sales

The successful owners I interviewed for The Success Code had similar attitudes about sales, even when their individual practices differed. Rather than “winging it,” each owner could articulate a specific sales strategy that governed the organization and they continuously tracked results and adjusted their approach as needed.

Here are nine steps they took to build sales success (and you can too):

1. Have a specific sales strategy. Identify your ideal customer, your unique selling proposition, the geographic area you’ll target, and your sales methodology. Then, continuously measure to determine whether the sales strategy is working. And when it’s not working, tweak it to improve results.
2. Don’t just hope for sales; ask for them. You have to finalize the deal. One of the big mistakes is not asking for the sale, failing to follow up to get a decision, or giving up too early. Get the prospect to communicate a buying decision by repeatedly asking for the sale.
3. Offer your people the best training you can afford. Great salespeople are made, not born and that means you’ll have to train them to get your ROI. Best practices for sales are always evolving – great books, classes, conferences, and coaches will keep their skills fresh and effective. Training is one of the smartest investments an employer can make.
4. Document your sales process and have everyone on the team follow it. Successful small business owners don’t let sales happen by accident. They have a sales process that is documented and followed by everyone on the sales team. Use your process to track progress, identify bottlenecks, and project revenue.
5. Track numbers for all important categories. Track leads, client conversion rate, number of transactions and average dollar sale per customer. Compare the numbers, learn from them, and adjust accordingly.
6. Hire salespeople who are right for the kind of sales you need. Sharpen your job descriptions, including a list of needed skills and the assessments you’ll use to make your hiring decisions. Clearly identify the aptitude required for the job, what reporting is required, and the sales results you’re looking for. Don’t sugarcoat your expectations!
7. Provide adequate compensation. Know what each sales person values and come up with a compensation formula that fits their needs. Take into account the specific role of the sales person, the type of sales they perform, and the results you expect from them.
8. Stay in touch with customers yourself. Rate them according to value, so you have a clear idea of who to focus on. Build personal relationships to create loyalty and pave the road for easier, quicker sales later on.
9. Set a method for reporting and sharing results. Too many small businesses try to manage this function with spreadsheets, but that’s a mistake. It takes too much time and is just too difficult. Invest in a CRM or other technology to help you track the sales cycle and success – this will help you make continuous improvements to your strategy.

Bottom Line

Small business owners who are successful execute specific sales strategies. They spend more time rekindling relationships with previous customers, invest in salespeople with proven track records, research and capture new markets, measure all activity, and continuously invest in sales training. They recognize that inattention to sales is a luxury they can’t afford, and they make every effort to continuously move forward, even by small amounts. Embrace sales and create an effective strategy for your organization to ensure your ongoing success.