In my opinion, most of the mistakes done by entrepreneurs who start a new business are connected to sales. No proper lead prioritization, poorly planned sales reps’ vacations, or unrealistic, inflated targets - these are just examples of poorly prepared new business opening. Even the most thorough and detailed sales plan can collapse if you won’t pay attention to a number of essential factors.
Obtaining new leads
Regardless of the industry you’re in, or the stage of development you’re at, you need a steady inflow of sales leads. When you don't have it, you won’t be able to keep a speed of growth. Even if it sounds obvious, we often forget about this and start reacting only when all the leads have dried up. Do you get most of your clients into the funnel via the website? Maybe you’re active on Facebook and/or Instagram? Remember that drawing leads from a single source is rather risky. Never keep all your eggs in one basket.
No lead prioritization
Don’t let your sales reps waste time on leads that don’t generate a higher profit - focus on those which will give it to you. When planning next year sales, carefully analyze the results you’ve had thus far and pay attention to the quality of leads.
Lack of control over the sales process
If you haven’t been running a CRM, it’s high time you start using one. A comprehensive analysis of the entire process will help you determine the weak points and eliminate them. It will also show you which points of sales funnel are the most open ones.
The sales process should be smooth and as short as possible. If the service you offer is complicated and its implementation requires time, keep that in mind when setting sales targets for every month.
Lack of managerial competencies.
Let’s say you’re a highly-trained specialist. You’ve reached the conclusion that instead of building someone else’s business, you’d prefer to paddle your own canoe. Or you’ve simply had enough of your boss and launched a rival company. In other words, you may be a competent, expert programmer, but that doesn’t mean you’ll be able to manage people.
No business specialization
Are you accepting any order just to keep yourself financially afloat, instead of focusing on things you’re really good at? Bad move, believe me.
Every up and coming company should specialize. Do what you’re exceptionally good at. For instance, you got your first project from an online store or a travel agency. The next good step would be an order from another e-commerce entity or a travel-related business.
No matter how well you’ll plan your budget, structure, or business plan, you must understand you may not be able to execute on all of it. Pinpointing and eliminating the most common mistakes will increase your chances of succeeding. Remember it’s always about the results.
Note: I used more Technological terms because i am a #Techie
