As salespeople know, the pipeline is a vital part of the sales process. But what is the usual definition of a sales pipeline? It may be a list of prospects at various points in the sales cycle, from leads to those ready to close. At times, a sales pipeline could be a set of leads and nothing more. In order to maximize the sales process, the sales pipeline must be a well-planned management cycle with specific components. In this view, today’s sales pipelines are not quite fact, but not quite fiction, either. Let’s find out how to upgrade that sales pipeline into a true sales cycle management system.

The first component of sales cycle management is opportunity management. In short terms, opportunity management is the act of focusing on the most promising sales possibilities. When you manage opportunity, you are expending energy and time on probable sales instead of the “maybe’s”. But how do you go about managing opportunities? First, you must identify them. Which possible sales are moving forward? Which ones, based on forecasting, will be more likely to close? Next, prioritize the list based on expected income generation, time to close, and expense. Finally, allocate resources to those opportunities. Sales people can also maintain their list in “top ten” or “top five” format, that is, focus on the top opportunities and update them constantly as the sale moves forward. Continue reading this post…

Creating a leadership bench takes the skill of a coach and the precision of an engineer. But there are five distinct steps you can take to build your leadership bench - and keep it moving.

First, and most obvious, you must create and maintain a leadership development program. This isn’t simply an order to the training department to create leadership courses. You must obtain buy-in from your management team by showing the benefits: the leadership bench, succession planning, talent management, and career pathing. Your program should begin with classroom training -at all levels, if possible. Everyone in your organization should know what your definition of a leader is - and how to get there. But as you move up the ranks, leadership development should be ongoing, challenging, and not necessarily a sure thing. The program should include real-time projects, seminars, assessment, and evaluation. Program participants who slip should be coached back up - or out. Once someone is in the leadership program, he or she should continue to improve in all aspects. Continue reading this post…

Many organizational managers assume that by adding leadership training or a leadership development program that they are able to create a culture that accepts leadership. The move from non-existent leadership to a leadership culture takes time - and a few steps in between. Let’s look at how you can create a culture of leadership.

First, you, as the organizational leader, must acknowledge the existence of leadership potential. It sounds simple, but many leaders do not want to admit that they are replaceable - that someone or more than one person would be capable of taking the reins once they’re gone. Don’t be that leader - seek out and recognize that the organization has talent. Acknowledge that the talent will one day be capable of taking over your vision and moving the organization forward. By making this acknowledgment, you’re telling your mid- and senior-level leaders that a path exists. And you’re telling new hires that the sky is the limit in your organization. Continue reading this post…

We all know that our workforces are changing. But we do have the ability to reach out to all generations with our training and development. The Baby Boomers are not accepting retirement, Generation X is in full swing, and Generation Y is just entering the workforce. Before we talk about how to effectively train each group, let’s determine who’s who. Baby Boomers were generally born between 1946 and 1965 - in many organizations they are the executives. But many Boomers may have taken early retirement and want to reenter the workforce. Generation X comprises the group that was born between 1966 and 1982 - they are now creeping into the senior and executive levels in some organizations, but as we’ll discuss, Gen Xers are not the ones who stay in one place for life. Finally, Generation Y’s members were born from 1983 and going forward. What are their learning styles, and more importantly, how can you reach these three major groups?

The Baby Boomers have been shackled to their desks for many years - the common worry among them is that the company may drop of the face of the earth if they are not around. This group has had to learn and unlearn many things over the years, but they never stop learning. Boomers are networkers and transformers who are adept at taking in new technology and using it effectively. In the classroom, Boomers will be attracted to group activities where they can practice networking. But don’t stray away from using technology in the classroom because of the presence of the Boomers - with a little direction, they will be able to apply technology just as their children (and grandchildren) do. Continue reading this post…

Aligning performance with results can be achieved with a few overarching steps. By doing this, each person will be clear what his or her role is - and you can truly measure and adjust the organization’s performance at regular intervals.

The first, and most obvious step you must take when aligning performance with results is to determine concrete results measurement. For some organizations, this is a “done deal”, but for others, this is a necessary step. Does your organization measure success based on production, sales, operational efficiency, net income, or a combination of all factors? Would each job have a direct responsibility to these measurements, or are some more appropriate to certain measurements than others? In order to align correctly, you must determine what your measurements are. Once you know how the organization measures success or failure, you can move on.
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Sales Performance Analysis closes the gap on your entire Sales Cycle. Essentially, performance analysis is a deep look back over certain elements of your sales cycle, from Opportunity Management to Account Planning. Looking at the numbers, ratios, and time frames of your sales cycle provides many useful benefits.

To begin with, analysis allows you to question the entire cycle - and adjust it accordingly. You can determine if sales goals are too high or too low. Analysis gives you an accurate picture of your forecast - is it realistic or does it need to be adjusted? You can also decide if the time and money spent on clients in Opportunity Management was worthwhile - as opposed to the profit gained from the sale. But consider the effects of analysis from the human resources point of view: a thorough analysis gives you hard data that can be used to coach and train the workforce more effectively. Let’s look at how to use sales analysis to close the gap on SCM. Continue reading this post…

The second component of Sales Cycle Management (SCM) is Sales Forecasting. Many times, salespeople and sales managers do not take a realistic view of how many sales they can undertake during a particular time period. This view makes time spent on Opportunity Management less worthwhile, and makes a traditional sales pipeline stale. What are the benefits of Sales Forecasting?

When you take the time to forecast, you’ll be able to analyze past sales, annual growth, and sales and growth as opposed to industry competitors. In addition to this, forecasting allows you to more closely analyze your price and cost structure, which means you have a better idea of where profit starts to kick in. In other words, a realistic sales forecast can allow you to virtually guarantee profit. When you look at the numbers, sales forecasting is a great way to look at the future from an objective standpoint. But how do you go about creating a sales forecast? Continue reading this post…