Well, the first month of the 2nd half of the year is almost over, so let’s look at your sales goals. How are we doing so far? Are you on track to meet or exceed your fiscal year-end goals? If not, what’s your strategy to get things moving in the right direction?
Delete the words “One of these days” from your vocabulary.
If you’re looking for ways to get your business results back on the right track or set the table for a strong finish and even better 2018, consider these 6 actions to rev up your 2nd-half results.
1. Focus on the Now for your sales goals.
With only 5+ months left in the year, there’s no time for “one of these days” brainstorming, or procrastination. It is time for action, so postpone those conversations that have a longer-term planning horizon. Focus instead on what to get done today, this week, this month, etc., and make it happen!
2. Apply the 10% Rule to everything.
With a shorter planning horizon, expectations must rise proportionately. Determine the impact the following would have on results:
Would these across-the-board improvements be enough to address the shortfall? If not, what else needs to be done to achieve the targeted results?
3. Increase prices.
Increasing prices is an effective way to improve both top-line and bottom-line results. Why? Because increasing prices requires minimal resources to implement, the returns to the business are immediate, and represent net profit improvements. Do your homework in advance to ensure that proposed price increases will not result in excessive customer losses that could offset any revenue and profit improvements.
4. Offer special incentives, discounts and promotions.
This will pull through more sales volume from both current and new customers into the 3rd and 4th quarters. Short-term actions such as value bundles, upsells, cross sells, back-end sales, upgrades and special offers are great ways to attract more prospective buyers and increase sales.
5. Likewise, establish new short-term programs to recognize and reward employees.
Yes, recognize those who go the extra mile to help the business meet its 2nd-half goals, or close more business in the next 30-60-90 days. This is also a great way to ensure buy-in from the team.
6. Above all, making the work fun can help meet sales goals.
Sure, there’s going to be more stress involved when you are chasing the rabbit, but don’t let that dampen your enthusiasm or hurt morale. Keep the team focused and energized with both designated and spontaneous activities – i.e. cold calling pizza day, team building exercises, group outings, etc.
Investing solely in organic growth is an expensive way to grow any business. Why? Because in net present value (NPV) terms, costs hit the books before the revenue is recognized. I refer to this as the “Wimpy Effect” – remember Wimpy’s favorite line from Popeye, “I will gladly pay you Tuesday for a hamburger today.” By relying solely on organic growth to address the gap, you’re “betting on the come,” and in Las Vegas there’s a term for that – it’s called gambling!
“If everything seems under control you’re just not going fast enough.” – Mario Andretti
No one wants to be playing catch-up (or gambling) during the 2nd half, or at any other time of the year for that matter. However, when your results are lagging behind you have to be more aggressive, and not just rely on organic growth to get to the finish line. It is also essential to create that extra sense of urgency and drive for performance without making yourself and everyone around you crazy.
Taking corrective actions like the ones highlighted above will help you rev up 2nd-half results, and prepare for a brighter future ahead.
Are you on track to meet this year’s sales goals? Have a favorite tip? Let us hear how you plan to pick up the pace in the 2nd half!