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sales forecasting software

Fewer than 50% of businesses survive beyond five years. Check government statistics if you don’t believe me

The analysts common reason for death is the unfortunate ones basically ran out of funds. This lack of detail is useless and so I decided to track down individuals directly and indirectly involved in failed businesses to see if I could uncover the details, establish any recurring reasons for failure and present them on the net in the hope that my findings would help others avoid a similar fate. I discovered eight consistent reasons for business failure. Here are three of them:

No Vision, mission or strategy

“If you don’t know where you are headed then how are you going to get there?” You must have a clear vision of what you want to achieve and how the future will be for your business if you achieve it. To achieve anything you must have a strategy. Strategy is very similar to a route map it tells you how to get to where you want to go. It’s a systematic list of actions. Strategy is only effective if it is translated into a business plan which can be used as a benchmark for business performance. A key instrument for monitoring business perfomance is the sales forecast.

Lack of a system for marketing or sales

Marketing is about identifying markets and trying out strategies to position your proposition in the minds of prospects and drawing them into your sales pipeline. Sales is about engaging the prospect and getting them to buy your product or service. Marketing is a process of measuring and improvement of the ways you employ to attract prospects. Sales is the process of getting leads, forecasting sales and closing business. In well run companies a decent marketing and sales system is consistently supported by a effective sales forecasting software system. The tools in these systems help you to track and measure the actions and results in the sales and marketing processes. Results arederived from reports created by the software which can then be used to compare planned vs actual results. To sum up what gets measured gets improved or discontinued. This is the key formula for success.

Lack a system to monetise their captive customer list

There is a well known phrase that 80 percent of your sales should come from 20% of your customers. Your task is to achieve or surpass this figure. Customers who have already purchased from you are simpler and cheaper to reach than prospects that haven’t. A combination of decent web based crm software and sales forecasting software will give you the knowledge of recent activity and enable you to find opportunities in your current customer lists.