Simple and Highly Effective Business Growth Strategy - The Sales Funnel
Updated: Aug 11
It is easy to get caught up in the detail when forming a business growth strategy. The Sales Funnel forms the spine of my daily and long term strategic thinking. I have achieved great success through using this simple tool to drive business growth.
Business One grew from $200m to $750m in 4 years
Business Two grew from $17m to $30m in 18 months
Business Three grew from $17m to $96m in 3 years.
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The goal of any business growth strategy is obviously to unlock top line and ultimately bottom line business growth and in my extensive experience, the key to success is simplicity. Stay with me here, lets jump straight in:
Step One is to map out how you currently feed the top of the Sales Funnel and identify the areas for Growth.
Ask yourself questions such as:
Are we being considered for all relevant requirements from current customers? (Client Intimacy)
How can we add more prospects / opportunities to the top of the funnel?
Which major new clients should I be targeting?
Are there new regions which add opportunity?
Is there any new R&D which would add opportunity?
How does the top of my Sales Funnel compare to my major competitors?
The Next Step is to challenge each area of the Sales Funnel to establish how well you are screening, negotiating and converting the opportunities. You must drive improvement in every area to unlock the maximum growth potential.
No one step is more important than the other. It is critical that you challenge every area and establish how you can do better.
are we screening the opportunities effectively,- targeting the correct opportunities and avoiding spending resource on opportunities which are not the right fit?
Do we have the horsepower to present a world class tender package?
Do we have a solid understanding of our competitors offering?
Have we considered our negotiation strategy from our clients perspective?
Do we have an organization in place which is equipped to deliver and exceed our clients expectations on every occasion?
Are we performing detailed reviews and learning so that we continually improve?
All very simple, but when you take the time to step back, evaluate, challenge and plan using this tool, you will unlock significant value within your organization. The tool works equally well for new startups as it does for internationally established organizations.
Contact me below to discuss your Business Growth Strategy