The 3 Tough Sales Questions to Ask to Grow Your Business
“There are only three measurements that tell you nearly everything you need to know about your organization’s overall performance: employee engagement, customer satisfaction, and cash flow. It goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.”
– Jack Welch
Today we are discussing business growth. Every company, whether big or small, seeks to improve their performance and grow their business further. At the beginning of the year each company sets goals and objectives for themselves, their staff and the company as a whole. Now that we are a few months into the new year, what questions should you be asking to grow your business?
There is a plethora of questions one could ask depending on the type of organization, the stage of growth and the organizational structure, but there are generic questions that each business owner should be asking to grow their business-we call it the self-audit. Here are 3 tough questions you should be asking during your self-audit:
1. How efficient and effective is my sales cycle?
There are effectively seven main stages of a sales cycle, namely;
- Prospecting for leads,
- Setting an appointment,
- Qualifying the prospect,
- Presenting your solution,
- Answering any questions,
- Closing the sale and
- Asking for referrals.
You need to evaluate the efficiency and effectiveness of each of these seven stages individually, because if one of the stages is flawed, your entire sales cycle will be affected.
Evaluating efficiency and effectiveness means evaluating whether you have the right employees, resources, leadership and process to succeed. We will call this ERLP for ease of reference.
ERLP may be measured using benchmarking. Not only comparing your ERLP to the best in the market, but also comparing your current ERLP to your previous year’s ERLP and assessing whether your business is moving forward or backwards.
2. What are my strengths and weaknesses?
Identify what your business does well and what you can improve on. The most traditional method of analysing this is by drawing a grid with two quadrants. In the one quadrant you list your strengths and in the other you list your weaknesses. Once you have completed the list, you brainstorm with your team on ways you can maximise your strengths and minimise your weaknesses.
Understanding your business strengths and weaknesses can allow you to capitalize on your strengths and improve your weaknesses. It may be difficult to admit that you fall short in certain aspects of your business, but being honest with yourself and being self-aware will open new opportunities for success.
3. What goals did I fail to accomplish and how do I plan on expanding my business?
The final question you need to ask is what the goals you set for yourself are, how you have performed against them so far and how do you plan on expanding your business in future?
Why is this important? Well, because knowing where you are will help you get to where you want to be.
Being honest with yourself as a business owner as well as critically evaluating the “health” of your business should place you in a better position for business growth. Should you wish for more information on sales success, visit our previous blogs. We welcome your thoughts.