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Formal Sales Process = More Revenue

Formal Sales Process = More Revenue

Does your business have a formal sales process?  If not, then the probability is high that you’re running short of your full potential.  In a recent HBR.org article titled “Companies with a Formal Sales Process Generate More Revenue,” Jason Jordan and Robert Kelly explain why it’s critically important to define a process, stick to it, and train your sales team accordingly.

Jordan and Kelly write that “on average, companies that reported having ineffective pipeline management had an average growth rate of 4.6; companies with effective pipeline management had an average growth rate of 5.3, a 15% increase. Even more interestingly, companies that mastered three specific pipeline practices saw 28% higher revenue growth.”

Jordan and Kelly identify three best practices to formalize a sales process:

  1. Clearly define the process
  2. Spend at least three hours a month on pipeline management
  3. Train sales managers on pipeline management

To read more, check out the full article at https://hbr.org/2015/01/companies-with-a-formal-sales-process-generate-more-revenue.

To learn more about Bolt’s pipeline and CRM solutions, check out www.bolt.today.

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