Archive | November 2014

Developing Your Execution Plan for Next Year

In our previous posting, we identified that most companies forget to build any “execution” into their business plans, financial plans, marketing plans, and sales plans.  Most sales and marketing professionals are very good at telling others what they want to do and hope to do, but terrible at telling others what they are going to do and when it is going to be completed. So, let’s develop your execution plan to merge with your other plans for next year.

Including Others: Nobody likes having a list of things handed to them to do and being given goals that seem unachievable.  You need to include the people that will be completing the necessary activities in this planning process.  It will help you understand what their capabilities are, identify the potential skills gaps are for you to invest in training or hiring another person, and it will help everyone understand what you are trying to accomplish and what their roles will be.

Setting Goals: We will start with the end in mind by first setting a goal of what exactly needs to be accomplished. What does success look like when we look back at the end of the year? Do you have a financial goal or a non-financial goal for next year? Are you targeting a specific sales goal (as an organization or individually) or do you want to launch a new product/service, hire a key employee, buy a new piece of equipment, build an inbound marketing function, enter a new market, on board a number of new customers, or break ground on your new building?  It does not matter what the goal is, but you need one, upon which, to align all of your resources and activities.

Reverse Engineer Success: Picture the instructions you laid out in front of you this past weekend to assemble that new TV stand, mount the stand alone wine rack, or install that kitchen sink faucet.  What are the key things that have to happen in order for you to get this done? What are the milestones that have to be met and what are the deadlines?  What tools do you need? What needs to happen step by step to get the job done?

Example 1: Let’s use an example of gaining 10 new clients next year: If your close ratio is 10%, you will have to pitch to 100 targeted prospects. If only 50% of your prospects let you pitch to them, then you will need 200 targets to meet with.  If only 50% of targets meet with you, then you will need 400 targets. If only 50% of prospect turn into targets, then you will need 800 prospects……See where this is going? You will need to look deeper then at how many leads you need, where those leads are going to come from, and how you are going to reach them. You also may want to look at the quality of leads you are chasing to be more efficient.

Example 2: How about hiring that new key employee as an example.  We will assume that you are not going to hire someone first and then start to find business to keep them busy and pay for them.  Define how much additional business you need for that position to add value to your efforts and then plan the steps that it will take in reverse order to get there.

Assign Duties/Accountability: Go back to our goal of gaining 10 new clients.  We now understand how many leads we need and maybe where they are going to come from. But however, we have not created the plan to contact them and convert them into clients. What are those key activities that need to be completed? How are we going to market to these leads? Who is going to contact these leads? How are we going to contact them?  When are we going to contact them? What happens if we don’t contact them? What is going to prevent us from contacting them?  Having your sales team develop their own plans will help keep them focused on what they need to do and help identify what support will be needed to keep them doing the right activities.

Develop Leading Indicator Metrics: Most sales management efforts are still like using a rear view mirror to drive forward.  Just tracking the activity from last week is not going to help you but looking at the results from last week will….and make them public for all to see! Again, go back to our goal of gaining 10 new clients.  Everything sales people do should be focused on growing their sales funnels and moving opportunities through their sales funnels…..that’s it!  Anything else needs to take a back seat, be automated, or be delegated to a support role.  With this in mind, how many meetings does the sales person need to have with “new” prospects per week?  How many new opportunities do we need to identify per week?  How many pitches do we need to make per month?  Focus on the metrics that will guarantee success based on your numbers.  If they are not met, then you can start asking questions about what is not happening based on best practices/training and what needs to be changed (coaching 101).

Release the Hounds:  No time like the present.  One useful line I remember from one of my coaches was “Every day that passes is an opportunity lost”.  So there is no time like the present to start focusing on what you need to do today to ensure your success in the future.  If you have a 6 month sales cycle and you do nothing today to grow or move opportunities in your funnel, guess what you can guarantee six months from now?

Execution will be the key to achieving your goals next year and following years.  If you need help developing an execution plan or if you would like a copy of our Integrated Sales and Marketing Calendar to help keep everyone on task and on time, please contact us and we’ll get a copy of it to you.

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The One Word You Will Forget in Your 2015 Plans

“Execution”. Short posting right?

We have reached that time of the year again where sales teams are trying desperately to meet their goals and put together last minute sales plans, where CFO’s are developing the financial plan and top line revenue budgets to be met in 2015, and where leaders are revising business plans and looking to make changes based on the lack of meeting goals this year or the hopes of making goals next year.

It is also that time of the year where you (the sales and marketing experts) start down the annual marketing plan path looking to do market research, re-define your target markets, plan the content for your new products and services to launch, make SEO changes to your website, update social media profiles, revisit your SWOT and competitive analysis, communicate your mission statement, develop your marketing communications tactics and activities, schedule tradeshows, look at the 4 P’s, begin the begging process for a budget from your CFO, establish  goals, define what metrics your are going to use to measure success, hopefully use some sort of system to track the results of your efforts, and put all of this nicely into a report that makes you look really busy to the powers that be.

Sound familiar?  This scenario is being played out in companies all over the globe.  You have all the latest articles that tell you what the trends are for next year, you have the latest templates downloaded from the various marketing associations for planning, you have your three focus words for the year, You even have a useful spreadsheet that a consultant left behind which performs brilliantly as a tool for organizing it all.  But there is still something missing when all of the planning is complete and the appropriate approved forms are filled out and submitted to the leadership team for their 2015 files.

Where is the execution in all of this? Someone will eventually have to do the activities that are necessary to make all of these plans work. I guarantee that most of you will overlook the following questions and just submit plans on what you “want” to do and not what you are “going” to do. You will need an execution plan and it will need to answer the following questions:

  • What exactly has to be completed?
  • When does it have to be completed by? What is the timeline?
  • Who is going to complete the activities?
  • Who is capable of completing the activities or do we have to invest in training?
  • What additional training and skills do we need to invest in?
  • What tools and resources have we given that person to make sure they are successful?
  • What benchmarks do we have to measure improvement?
  • What happens if that activity is not completed? What are we at risk of losing if we don’t get that activity completed?
  • What changes are we prepared to make if we can’t get the activity completed?

At the end of the day, the word “execution” and the execution plan are the only things that should matter to you for achieving your goals in 2015 and future years.  Without execution, your plans mean nothing and you can guarantee that you will fall short. Look for our next article on how to develop an execution plan.