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Business Development For Dummies by Anna Kennedy

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Chapter 22

Ten Key Metrics to Watch

In This Chapter

arrow Using metrics for revenue growth

arrow 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.

I discuss metrics of all sorts in much more detail in Chapters 6 and 7.

Knowing How Big Your Sales Pipeline Needs to Be

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.

Maintaining the Right Number of Opportunities

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).

Shortening Your Sales Cycle

Here are two crucial questions that you need to be able to answer: how long is it from a new lead ...

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