One of the main reasons a company will make an acquisition is because you have something they want, or don’t have the time to do it themselves, or its cheaper for them to buy it from you.
One of the biggest ways to get a premium for your business is to build a solid sales engine. My definition of a solid sales engine is a well thought out and documented process for managing the sales funnel with a proven track record of results. I always knew this but was never was able to tackle this challenge and I learned the hard way why I should have focused on it.
At Compuquip, we had a very “loose” process for managing our sales engine. Looking back, if I had to explain, my main excuse would be that our team was very seasoned and didn’t need to be micro managed with a sales pipeline process. Deals seemed to close whenever the customer wanted, it always felt like we weren’t driving the sale. There are two lessons I learned while at Compuquip and have completely changed my approach at BrightGauge. (more on that in a future post)
The best thing I did while running the sales group was to get my team (regardless of whether they are in sales or not) to input their opportunities into your CRM system. If you’re using Connectwise like we did, then it’s easy to make sure that each opportunity has a “next step”. That process alone will increase your sales closure rate 10% – 25%.
Whether it comes naturally or not, take the necessary steps to start documenting and implementing your sales process. Your business will improve because of it!