All About Mid Year Sales Reports
As we enter the month of June, the subject of Mid Year Sales Reports comes to mind. Here are a few tips and advice about Mid Year Sales Reports for new sales reps. This is very basic stuff but we all need to start someplace.
Let’s cover the easy stuff first. If you are over quota your Mid Year Sales Reports need not be stressful. You are doing your job and hitting your numbers. The goal of your Mid Year Sales Report is to insure you will end the year in the same great shape. Consider what could go wrong and show that you have contingency plans in place.
If you are underperforming, your Mid Year Sales Reports need to take on a whole new meaning. First and foremost, you must demonstrate that you are ready and capable of making up for any YTD Quota variance by the end of the year. If you can’t do that, your Mid Year Sales Reports will be a disaster.
If, as an example, the variance to your YTD quota is $600, add $10 to the quotas of the remaining six-month. The rest of your Mid Year Sales Report is all about having a solid plan to achieve that higher quota.
Hopefully, you know your Close Rate. This calculation is necessary not only for your Mid Year Sales Reports but for just about anything associated with sales success. If you don’t know your close rate you are totally lost.
Calculate your close rate based on your sales funnel. If, during the first half of the year, you had $1000 in your funnel and you closed $250 in sales, you have a 25% close rate. That number is key to the strategies you incorporate in your Mid Year Sales Reports.
Let’s assume your sales quota is $100 a month. Earlier, we said we said we would add $10 to that quota to make up for the shortfall from your YTD quota. Your new monthly quota is now $110.
So, what is your plan to be at or over quota by the end of the year? That’s the question that must be answered in your Mid Year Sales Reports.
We already know you monthly quota for the next six months is $110. You’ll need to generate at total sales amount of $660 (6 months X $110 per month).
We also know your close rate is 25%. You close 1 in every 4 opportunities.
Since you’ll need to close $660 a month, you’ll need $2,640 in your funnel ($660 X 4)… but there is a problem. How long is your average sales cycle? If you average a 30-day sales cycle, you have only 5 months (not 6 months) to pack your funnel with $2,640 in solid qualified prospects. But, we are still not finished with our Mid Year Sales Reports.
Why are you going to accomplish more in the next six months than you did in the previous six months? Answering this question gives your Mid Year Sales Reports some substance.
Why will you be a better salesperson in the next six months? To successfully address this question, your Mid Year Sales Reports must include a development plan.
If you are underperforming, your Mid Year Sales Reports must include an Improvement Plan component. Get some solid sales training that will give you the tools required to success. Add that sales training program to your Mid Year Sales Report.
Good luck with your Mid Year Sales Reports.
I wish you great sales success!