How to Track Sales Opportunities to Predict New Revenue

July 15, 2021

If you want to grow your business, attracting new customers is an important strategy. Many will immediately think of marketing and creativity which can put many people off who feel like they are not a creative type. We believe that the first place you should look at is your sales process. You could attract so many new customers to your business, however, if you do not have an efficient and effective sales process in place, the likelihood of securing new customers would be reduced.

So, why is it so important to track sales opportunities?

Sales Opportunities Pipeline:

A sales opportunities pipeline is a great place to start, allowing you to funnel your prospects and opportunities, leading towards a sale. Using this process, we can clearly track every unique opportunity and key information about them including the:

  • Organisation or individual you are dealing with.
  • Products or services they are interested in.
  • Potential value of each of your sales opportunities.
  • Likelihood of the opportunity turning into a sale.
  • Team member who ‘owns’ the opportunity.
  • Next step and the date that will be completed by.

This last step is critical as many people do not complete this step and fail to proceed the conversation into a sale by not defining the next action for each opportunity. Think about the last time a business or supplier you were talking to promised to send you a proposal or information package by the end of the day. Did you get that proposal?

Those who clearly define what they will do for you by a specific time, and deliver on their promises, tend to stand out. These are the people who persist with their opportunities and turn these relationships into new revenue for the business.

Bringing in external advice and support for your processes can help identify the parts of your business that could be losing you money. This is just one of the services we can provide for you. We have the expertise to help you adapt or set up new processes and systems you need to track and report on each opportunity. You will be able to better predict the revenue coming into your business, which in turn, will improve your planning and resource allocation over the year.

Contact us today to see how we can help your business, or for regular free tips and tricks, sign up to our Newsletter or follow our LinkedIN or Facebook pages.

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