When it comes to sales, setting reasonable, but aggressive, goals is everything. Set your sights too high, and you may find a heap of discouragement, but set them too low, and you'll end up leaving money on the table.
So how do you set your goals the right way, either as an individual salesperson or as part of a team? Follow these steps.
1. Use Your Past Revenue Numbers
Sales goals need to be realistic, and the best way to determine what is possible is by seeing what has already been done. For that reason, take a look at your past revenue numbers and calculate how much each team or team member needs to do to succeed.
2. Scale your Goals Slowly
Once your initial sales goals are set, slowly ramp them up in a stair-step fashion. If each member has been issuing a merchant cash advance ten times a week, shoot for twelve; if fifteen, shoot for twenty. Make it so that each goal is within reach, and no two goals are exactly the same.
3. Prioritize the Goals that Matter
Sales aren't all that matter. Many times, people looking for a business loan alternative are wanting to establish a relationship with the lender first, so it may be that your most pressing needs are to develop relationships with people in the community. Then, once you've established those networks, you can try to make the sale.
4. Use Other Metrics
Not every positive business activity is always a sale or vice versa. Sometimes, it may be simply setting up initial meetings with clients before they ask for a merchant cash advance. People looking for a business loan alternative will most likely do some shopping around first, so shoot for how many meetups and initial calls you can push through instead of focusing solely on the sales numbers.
5. Measure, Measure, Measure
As the old saying goes, "That which is measured, gets managed." What that means for your company is that every time you or your team does something sales related, mark it down. Hold yourself and your team accountable for their actions - it's the only way you'll know if and where you need to improve.
6. Reward Yourself or Your Team When Goals are Met
You know how you used to have a pizza party when everyone in your third-grade class did their reading for the year? That's the same type of thing here. If you're operating as a sole salesperson, plan the reward for yourself when you meet your goal; if you're operating as a team, dangle a carrot that everyone will enjoy. Whether it's a bonus or extra time off, rewards can go along way to realizing those goals.
7. Plan for Tough Goals
A star performer may get bored with simply reaching their weekly quota; if so, set a brief, much more aggressive goal for them to reach for that will help motivate them. It's important to know which team members will respond to this idea, however, as someone who's struggling to reach even the basic goals will certainly struggle with a stretch goal.
Are you an exceptional sales agent looking to join a team of other high-performers? If so, contact us at Everest Business Funding to see about a partnership!