More revenue - There are a number of things to get right - and if they all come together in synchronicity you’re going to feel the wind in your hair and the adrenaline of success. BUT… right now I understand and know your frustration if it feels like you are walking in wet tar. The first thing to set you up for success is sales measurement.

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Transcript of video:

My name is Nick Leighton and for the next few minutes, you are exactly where you want to be.

This is originally recorded on February 9, 2021

This week - let’s look at the number one request I have from all the amazing business owners I coach. How to increase Revenue.

There are a number of things to get right - and if they all come together in synchronicity you’re going to feel the wind in your hair and the adrenaline of success. BUT… right now I understand and know your frustration if it feels like you are walking in wet tar.

The first thing to set you up for success is sales measurement.

Way too many business owners I work with may know their sales at the end of the year - and possibly the month - but they are no closer to the real numbers than that.

Here’s what you need to know.

1 - What does your sales funnel look like?

Measure the total number of open opportunities you - and if you have others - each sales rep - is working at any given time, and understand how many total new opportunities you should be getting per month –– not too few, and not too many.

What to do with it: you should get a sufficient inflow of new opportunities to have a steady number to work in your pipeline:

(a) having enough opportunities to hit your sales goal, but

(b) without overwhelming yourself so balls start dropping.

2 - Number of closed opportunities

Measure total opportunities closed including both closed-won and closed-lost opportunities.

What to do with it: You should be closing a certain number of sales deals each month (whether won or lost). It’s a form of “throughput”. If you’re not closing enough total opportunities, drill-down: Are you light on deals? Not closing effectively? Are you not measuring correctly?

3 - Deal Size

Measure the average value of your closed-won deals.

What to do with it: Knowing this metric will make it easy for you to spot opportunities that fall outside the normal deal size (say 3x greater than average) and flag them for special attention. Also, if the trend shows an increase in smaller deals won, perhaps you are focusing on small fish. Or perhaps you are increasing discounts. If you see a new trend in average deal size, dig into your pipeline mix or discounting practices to understand why.

4 - Win rate

Measure the number of closed opportunities, in a specific closing period, that you won (Closed Won Opportunities)/(Total Opportunities: both Closed-Won + Closed-Lost). This won’t mean much unless you can watch it trend.

What to do with it: “High” win rates aren’t good; “low” ones aren’t bad –– either one gives you a chance to get smart about your sales system, to spot areas of success or problems.

For example, if your win rate is high, your pricing may be too low! Or maybe you're too dependent on word-of-mouth leads and lacking in outbound-generated leads.

The simplest way to start increasing your win rate is to find the one or two most problematic steps in your process...

Summary:

As Peter Drucker said - what gets measured gets improved.

Open opportunities
Closed opportunities
Deal Size
Win rate

Do yourself a favor. Set up a Google Sheet or similar right now. Start measuring your sales.

OK - so this was the first in a series of videos to help you and your business get more revenue.

Join us next week to find more practical advice that you can implement straight away to make a real difference.

And if you like the tips and tricks here:

1 - check out our new more revenue worksheet - I’ll link to it below

2 - please do me a small favor - like and share.

My name is Nick Leighton and I wish you passion, profit, and happiness.

Would you like to increase your revenue this year? This is for you: https://www.exactlywhereiwanttobe.com/MoreRevenue

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More Revenue - Part 1 - aka Drucker! [Video]