When’s the last time you took a good look at your sales strategy?
Now that we’re halfway through the year, there’s no better time than now, to really review your processes.
Did you know, that a recession is officially declared after two-quarters of negative growth.
At the moment, there are a number of significant factors that can play a part in a recession, such as global supply chain issues, commodity costs, shipping costs, and inflation to name a few.
Although the idea of a recession may seem pretty dark, it provides a space for businesses to take a step back and think about how we can take advantage of the situation and make light of it all.
How future-proof is your team in a recession? What plans are you putting in place to make sure that you can support your team and your business?
If you’re feeling a little lost, here are some tips to start your journey of recession-proofing your business.
Analyse your current sales.
Where are you seeing growth and where do you think there’s room for improvement? It’s also a good time to take a moment to review where your team’s strengths are and where they may need support.
Revise your sales plan.
Pivot your current strategy and think about new markets which you could take advantage of. Say you haven’t quite explored a different market yet as the opportunity hasn’t presented itself, could you benefit from shifting and solving newly introduced problems?
Review your sales process.
In recessions, it’s likely that a buyer’s behaviour will shift to make more of a conscious decision, causing a longer wait period. Keep this in mind when it comes to your sales process – the less time you spend suiting their new process, the less you spend internally.
Think about your Systems & KPIs.
It’s standard practice to drive your current systems and KPI behaviours, but when in a recession, it’s highly critical. How can you better your systems in the climate? Make sure you are up to date on any required activity levels like additional proposals.
Motivate your Leadership and Management team.
Make sure they are focused by providing them with a positive and supportive environment. Focus more on deals that are winnable rather than dead ends by managing your pipeline and ensuring there are opportunities for progression.
Pre-plan your recruits.
Recessions are likely to see perfectly skilled and qualified staff seeking new jobs due to redundancy. Retain and recruit top talent so that post-recession, your business is ready to recover to avoid an unnecessary hit if you need to relaunch your business.
Maintain your mindset.
It’s important to stick to a positive can-do mindset in any business. Consider what you can do to make the most of a miserable situation and focus on what you can do to improve. Take the opportunity to take each struggle as a learning curve and have room to grow.
Review your skill set.
Skillset is particularly important in a recession as salespeople may face more challenges than before. Are your team selling based on the value over price and do they have the skills to negotiate well? Your team should be well across the Consultative Selling method and have strong Account Management skills to retain your customers. For more on Consultative Selling, download our free e-book here.
Continue to provide performance coaching.
My last note is that I highly encourage you to continue to develop your team’s skill set with ongoing coaching. Implementing a performance coaching programme for your sales team can have far-reaching benefits for a business.
Download our checklist to discover if you are recession ready here.
If you find that you’re not quite prepared, don’t panic. Reach out to one of our coaches – we’re here to help you succeed.