When you’ve put all your time and energy into a business idea, seeing it fail can be a soul-crushing experience. It’s certainly not uncommon, though, and the rate of business failure gets higher with every year. You have only a 50% chance of hitting the five-year mark, and less than one-third of small businesses make it to year 10.
It’s critical that small businesses figure out the best way of protecting and increasing revenues—not default to merely containing or cutting costs. Proper sales management is needed. Indeed, the ability to grow and manage sales properly will separate the leaders from the pack when the global economy rebounds.
Once sales management leaders have stabilised the immediate situation, they must turn to what it will take in order to sustain momentum.
Here are some steps that can be put in place in order to make sure that sales management can help small businesses to bounce back.
Budget And Plan
First things first. What does your marketing budget looking like? While it’s great to have ideas about strategies that you’d like to pursue, you also need to be realistic as well as determine if they’re even viable with your budget.
Take a look at your previous year’s revenue in order to see how aggressive you’d like to invest in this coming year. For guidance, make use of a trusted marketing budget calculator in order to sort out your budget. From there, you will be able to identify how to allocate that money into different marketing channels, for example SEO, social media or PPC, etc.
Don’t give a second’s thought to tapping into industry research while you’re crunching the numbers. It can assist with ensuring you’re investing in the right places and are on track to grow. And who knows? Your findings may also provide ideas on how to build more agile strategies.