At WMT we have produced a list of questions that we feel any business should be able to answer, they range from, for example:-

 “What are you seeking to achieve with your business?”
To
“What is your business structure?”

And many more to explore!

The following are some questions and suggested answers which we believe are important.  If a business is not able to answer them we feel that the business would be working at a disadvantage to some of its more able competitors.  The following are from a “sales” perspective and not in themselves the definitive questions for your business but will encourage further discussion. These are five important and perhaps key questions……..

1. How many sales do you make a year?

If you need to grow your business, if you do not know the answer to this question, you do not have a starting point.  Of course this begs the question whether simply by increasing your sales from say 100 sales per annum to 200 sales per annum may not actually increase the value of sales and may simply mean  you work harder and perhaps even increase the cost. Growing your business could mean also, by value, by customer potential, by quality, by product stream, it is endless. 

This leads to the second question………

2. What is the average value of sales?

Again if you don’t know the answer to this you again don’t have a starting point.  But, if you can answer question 1 and question 2 you begin to drill down into your sales operation and the business needs.  You can begin to focus attention on specific and key areas e.g. key customers, products, frequency of sale, frequency of customer contact, value etc.

3. How do you get your sales?

Apart from employing a salesman which often is not the answer, this is a fundamental aspect of your business.  Your business needs a sales/marketing plan.  Without one you do not have a business plan and your business can be at risk.  Understanding the first two questions begins to enable you to construct a clear plan to build on actualities not guestimates!

4. How can you increase the number and/or value of sales?

With the knowledge of the above questions properly considered and answered you have a starting point to develop growth of your sales or growth of the value of your sales and importantly the correct type of sale with the best customers. This is key in establishing a quality business which ultimately has a premium price.

5. What is your conversion rate of customer contact to actual sales made?

We now begin to try to understand how the efforts we are making bring due rewards.  We may have a wonderful theoretical sales process, but if the result is less sales it is not only worthless but is taking effort out of the process for convertible, numerous and valuable sales.

The above are some simple questions and reasons why they are key to begin to enable you to develop a proper co-ordinated sales plan to enable you to build a better business.

If you need help answering any of the above questions please contact one of our Partners on 01727 838 255.