In Brian Tracy’s brilliant book The 100 Absolutely Unbreakable Laws of Business Success, he discusses what he calls “Critical Success Factors”.
Critical Success Factors are like the functions in our body, your heart rate, your lung capacity, blood pressure; they indicate your overall health. If any one of them is not working correctly it could mean death.
It is the same in business, Critical Success Factors measure the health and wellbeing of your company.
To break it down even further we can start to look at the Critical Success Factors in your sales process.
Sales Interviewing - how strong is your sales interviewing process? do you even have a process? If you aren’t asking the right questions or relying on a by the numbers pitch this could be the part of your process that is letting you down.
Managing existing clients - How well are you managing your existing clients? Are you keeping in touch with them, if you aren’t then how do you know if they are happy with the service you are providing or have provided in the past?. It is key to keep in touch with existing and past clients to ensure they aren’t ready to jump to another supplier.
Follow up - How strong is your follow up process? You may be losing sales due to not following up with prospects in a timely manner or letting a prospect control the sales cycle.
Prospecting - Many of us spend too much time doing the work and not enough time prospecting. It can come down to being ‘so busy’ that we don’t have time to prospect and just hope someone will pick up the phone and call us. How much time are you spending prospecting for new business versus managing your current business? Remember prospecting is a 24/7 activity.
Time Management - If managed poorly, your time can be a major factor in missed opportunities. How much of your time do you spend doing work that could be easily delegated to someone else but you do it just because its easier? How many jobs do you take on board from your staff to help them out?. Your business may suffer if important tasks are pushed to the wayside.
These are some of the Critical Success Factors in the sales process that I believe can make or break your business.
Tracy states that
“By focusing on a particular Critical Success Factor - sales training can double or even triple the sales of a business”.
How do you measure up? Are your Critical Success Factors up to scratch, or are you close to death?.
By developing a strong sales process you can ensure that your Critical Success Factors are being taken care of and your business can continue to thrive.