As the Australian Rock Band, Skyhooks sang “Ego is not a dirty word”. The message is that ego itself isn’t a bad thing – just that too much of it (like many things in life) can create imbalance.
It’s similar in sales. Sales and selling have a bit of a stigma - a bad rap caused by a select few who are selling for the wrong reasons. Those that embrace sales as a natural part of business and life, can continually work on, and with it, for the betterment of all.
It starts with setting your sales approach, processes and targets and ensuring that you regularly review and refine them.
A sales performance review gives you a structure to analyse progress on goals and areas for improvement and identify new sales opportunities.
Some reasons why performance evaluations are important in sales:
It helps you identify your strong and weak performance areas.
It forces you to reassess your sales goals and strategy.
It compels you to look at areas where sales performance can be improved.
It confirms whether have or need training.
It sheds light on the overall sales process and helps you identify any loopholes.
Sales Reviews detail how many sales you or a collective are making on a daily, weekly, or monthly basis. They can help track key performance indicators (KPIs), which measure sales progress. This data allows all sales staff, from representatives to executives, to identify trends, make more informed decisions and work toward meeting organisational goals.
The key areas for analysis in your finance and lending business will be:
Sales Review
Client Satisfaction
Risk Analysis
Sales Review
STAR/RATS is a method for planning and reviewing your business sales approach and results. It can be instrumental in refining or transforming your sales processes and improving the profitability of your business.
The acronym STAR (Sales message – Target – Activity – Result) brings together all parts of an accountable sales culture. It should be undertaken both in the planning stage of your business and revisited regularly to ensure ongoing accountability.
Client Satisfaction
There are many ways to gather client feedback and monitor their satisfaction, and the most popular one is the survey. An effective client satisfaction survey has five to ten questions that relate to service delivery, client experience and overall satisfaction. The fundamental drivers of sales.
And, unless clients contact you because they’re unhappy for some reason, the only way to get valuable client feedback is to send them a survey via email.
Risk Analysis
Business risk analysis involves identifying, assessing, and developing strategies to manage risks. It is an important part of any business plan and will help you prepare for, and deal with, risk factors associated with your business.
Business risk management involves closely monitoring your business's performance, identifying any issues affecting it and putting in place strategies to reduce or address these issues. A focus on your sales and the risks inherent in underachieving can be pivotal in change and improvement.
Summary
Analysing your business operations is useful for identifying where specific needs are and where challenges are present. Business analysis might, for example, examine how a business is currently servicing its clients, and evaluate where potential challenges may occur. Recognising both can help you fully analyse your business operations regarding your business goals.
Business analysis can also help businesses provide their stakeholders with detailed information about what they're doing, where they want the business to be, and how they plan to get there.
And all of this in a mortgage/finance broking business culminates in sales. How can it be a dirty word?
Business Analysis is part of the Building a Professional Business module in the Business Finance Certification, a professional development program that helps position you as an SME Finance specialist, so you can help your clients succeed and prosper.
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