From sales prospecting to cold calling and emailing, and qualifying leads to closing the sale, it’s a well-known fact that sales reps have their work cut out.
But did you know that, according to research by The Bridge Group, 1/3rd of salespeople fail to meet their sales quotas? Not just from time-to-time either, but on a permanent basis.
As somebody who’s at the helm of your sales team, it’s your duty to supply your colleagues with the right systems, processes, and tools. You must make sure your team succeeds.
For sales success – specifically, qualifying leads for the sales pipeline properly, getting higher close rates, meeting quotas, and dramatically boosting your bottom-line – use the MEDDIC methodology and process.
Never heard of MEDDIC before?
Read through the following sections in this Process Street post to get clued up:
If there’s one thing the COVID-19 pandemic has taught the world of business (apart from that remote work is the future), it’s this: We aren’t prepared for disruption.
Supply chains, in particular, suffered a massive shockwave, with supermarkets, shops, and services being unable to operate the way they did before the virus struck. In fact, more than 3,000 suppliers in China were driven to force majeure declarations in the first few months alone.
As the world moves toward a new normal, you’ll be thinking about disruption and risk a lot more than you had done previously.
For businesses using suppliers, it’s necessary – now more so than ever – to establish a stellar procurement process to ensure goods and/or services can always be secured, no matter if micro (small, every day) and macro (large, extraordinary) disruptions happen.
That’s why, in this post, I’ll be discussing what the procurement process is, the benefits a documented and solid process brings, what the flow of a robust procurement process looks like, and how Process Street can help.
Read through the below sections to get up-to-date:
This is a guest post by Jory MacKay. MacKay is a productivity obsessed writer and editor of the RescueTime blog. He loves to use data and storytelling to help people take back control of their time.
A recent survey of 850+ knowledge workers from around the world found that 92% of people regularly work on evenings and weekends. That’s a terrifying statistic. And while it’s easy to lay the blame on ballooning priorities and overwhelmed teammates, those are only a small part of a bigger problem.
Our days have become cluttered with busywork, non-stop communication, and unclear priorities. We rarely have more than half an hour to focus on any one task at a time and so we end up taking our most important work home with us to make progress.
But as study after study has shown, we need to be able to disconnect from the workday to stay happy, healthy, and productive.
So how can you help your team take back control of their time, make meaningful progress on important work, and still punch out at the end of the day? It comes down to a combination of using the right data and adopting effective time management strategies.
After the Second World War, Japan was faced with tremendous infrastructural damage and needed to begin the long, difficult process of repairing pretty much everything. During this time, Allied forces occupied Japan and oversaw the process of reparation – many American experts were enlisted to aid in the efforts to rebuild Japan’s economy and infrastructure, while at the same time ensuring no military force was re-established.
Among those enlisted was W. Edwards Deming (of the Deming Cycle and PDCA fame). One of the early goals was to begin production of new radios; the problem was, new management was unskilled, production facilities and raw materials were in short supply, and quality management was a big issue.
Long story short, Deming helped to spearhead the establishment of quality control initiatives focusing on top-level management taking responsibility for clearly defining quality policy and procedures. This kind of quality control framework came to be known as Hoshin Kanri, and it eventually proliferated beyond Japan and over to America and the rest of the globe.
A 2020 report by the IPMA Organisational Competence Baseline (IPMA OCB) explained that to execute business vision, mission, and strategy, implementation of the Hoshin Kanri approach – also referred to as Hoshin planning – is vital for lean and strategic management, and for future-proofing a business.
When was the last time you actively went shopping? More to the point, when was the last time you bought something without checking it out online first?
Welcome to the retail apocalypse.
Or, in less dramatic terms, the demise of brick-and-mortar shops as the world shifts to buying online.
Where opportunities lie, entrepreneurs will pounce. That’s why at least part of ecommerce’s success can be attributed to people quickly learning how to start an online boutique, grocery delivery service, and so on.
Evidently, it is true. The retail apocalypse is upon us. Fortunately, we at Process Street are here to provide you with the tools to build your doomsday bunker. We have created 9 superpowered checklists that will ensure that you are equipped and ready to ride the wave of retail Armageddon.
If you’re just here for a checklist to use when learning how to start an online boutique, check out our free Business Plan checklist below!
Feel free to jump to a specific section of this post by clicking on the relevant subheader below. Or, just keep on scrolling.
Buyer journeys are becoming more and more complex, not to mention competitive. To stay afloat, you should maximize every interaction you make with each potential customer. You need to focus on building meaningful relationships with your prospects through consistent personal interactions.
That is exactly what sales engagement is and, coincidentally, what this Process Street post is all about.
In this article, we’ll talk about the importance of sales engagement and give you some tips on how to get started. This is a brief overview of what’s to come:
What makes it worse (or perhaps better?!) is that it wasn’t my money.
It was my previous employer’s.
I was managing a website build for a big client and was under huge pressure to meet a tight deadline. So, as many do, I decided to start the project before the Statement of Work (SoW) was signed by the client.
This was a big, expensive, mistake to make.
It cost an additional $45,000 to re-work parts of the build that the client had verbally approved, but hadn’t legally signed off.
(Despite what you might think, this isn’t the reason I don’t work there anymore!)
According to research, 37% of projects fail due to a lack of defined and approved project goals and objectives, which come with a Statement of Work (SoW). This causes around 80% of organizations to spend at least half their time on expensive rework.
“Not using a Statement of Work – SOW during the project initiation is a major cause of project failure” – 4PM, Statement of Work – SOW
But what is a Statement of Work (SoW) and how do you create one?
Tom: “I need a new warm, down jacket for my next trip.”
Me: “Great, I would opt for Patagonia or Arcteryx.”
Why did I recommend these brands to Tom and these brands only?
It is due to brand trust. I know these brands deliver exactly what I want consistently.
As consumers, Tom and I are Patagonia and Arcteryx stakeholders. We have expectations these two outdoor brands need to satisfy to retain our custom. These expectations translate into requirements. In this scenario, our requirements were:
Value for money
Robust, long-lasting products
Products that deliver on their intention
Patagonia and Arcteryx meet the business requirements for their products, satisfying stakeholder and business needs. And so the brands thrive with a good reputation, brand identity, leading to a healthy bottom-line and company success.
Defining the business requirements of a new product, project, system, service, or software is vital. Without defined requirements, there is an absence of clear goals, focus, and progression measures. This doesn’t bode well for success.
Because we don’t want you to fail, in this Process Street article we explain exactly what business requirements are and how you can identify them for your business or line of work. We explain the benefits that come from correctly defining business requirements. We then clarify how you can document business requirements in a Business Requirements Document using Process Street’s Business Requirements Template.
Sounds like the article you need to read to succeed…right? 😉
As such, let’s jump to it. Click on the relevant subheaders below to hop-across to that section. Alternatively, scroll down to read all we have to say: