Where's the profit zone?
Your company has covered its fixed costs and is now selling in the profit zone! Yet company planning, personnel decisions and holidays monopolize the last 65 selling days of the year. The focus should be on realizing your true revenue potential in the last quarter of this year. This is where the profit gold lies.
So what can you do about it?
First, turn to your sales pipeline and analyze the business that has a real opportunity of closing the 4th quarter. Base this analysis on objective client needs more so than your need to close business. With your list identified, meet as a team and strategize on how to advance this open business to a contractual agreement. You will find that 80% of your energy in these 65 selling days will be focused on 20% of your pipeline!
Second, validate or challenge your assumptions and strategies that you put in place at the beginning of the year. You may find that a fresh perspective not only uncovers opportunities but also plants a seed for 2009 revenue acquisition strategies. Too often companies get on cruise control by the 4th quarter and miss opportunities because of inertia blinders or lack of creativity.
Third, find out which customers have had stellar years. They may need to spend cash in the 4th quarter of 2008 to avoid hefty taxes. They may want to make major capital expenditures and have not considered your product and/or service.
Fourth, conduct annual customer reviews. Every significant business relationship deserves an annual review to assess your company's contribution to their 2008 goals and needs. This review will enable you to assess your customers' 2009 needs. In addition, it may surface 4th quarter opportunities.
Next steps:
· Examine your opportunity pipeline
· Take a fresh perspective
· Determine who needs to unload their riches
· Conduct annual reviews to discover opportunities
The actions above will not only boost your fourth quarter revenue but also provide tremendous momentum for a healthy 1st quarter of 2009. Good luck and good selling!
4th Quarter: Selling in the Profit Zone - To learn more about this author, visit Mike LeMaster's Website.
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