In This Chapter
Using metrics for revenue growth
Putting metrics to work for business efficiency
If someone asks ‘How’s business going?’, can you answer accurately and with certainty? Part of business development is making sure that you can. Use the metrics (measurements) that I provide in this chapter to monitor the health of your firm. Doing so takes only a few minutes each week.
Is your sales pipeline the right size? When you know the typical sales cycle and closure rate, you can set a target number for the value of your pipeline and increase it as your company grows. If it dips, you know you have to act. For more on pipelines, pop to Chapters 6 and 7.
You need to know how many opportunities you have at each stage in the sales cycle. You want a few in negotiation, a few more at proposal stage and more still at earlier stages. If the pipeline doesn’t have that shape, carry out some rebalancing by focusing effort on specific stages (see Chapters 6 and 13).
Here are two crucial questions that you need to be able to answer: how long is it from a new lead ...