For many companies, the fourth quarter in a fiscal year is their busiest when it comes to sales. Everybody wants and expects a strong finish to the calendar year and as everyone in sales knows, clients and prospects have budgets to use up – it should be the perfect storm!
But you can’t leave making your number to chance. Now is the time to check that your current quarter pipeline contains only genuine “closeable” opportunities and apply a fourth quarter simple qualification process. The end of Q3 and the start of October is time to remove the chaff and focus on winnable opportunities.
Consider these 6 simple suggestions to stay focused on closing deals:
1. Need: Does the prospect actually need the solution and have you verified that the need for a solution is meaningful to the prospect?
2. Budget: Does the prospect have access to approved funds to make the purchase and do they have the authority to make a purchase decision and cut a P.O?
3. Timescale: Be honest, has the purchase timescale been established and what are the specific steps of the buying process so it closes before year end?
4. Speed & Precision: The clock is ticking down. Focus on the deals that have the highest probability of closing. Close some big deals early and get ahead of your plan – this builds confidence and avoids desperation setting in later. Move quickly and retain focus.
5. Be nimble: Quarter 4 is about selling, it’s about getting out there in front of prospects with your sales team and closing deals. If it looks like that you will miss your numbers then take a look at your current customers. Current clients are more like to buy from you and you can incentivize them to do so.
6. Don’t panic! Now is not the time to make knee-jerk changes to your sales team and processes, save that for Q1. Instead think how you can incentivize, energize and capture all of that competitive spirit that sales teams thrive on. Ensure everyone on the team knows what they have to do, set the team up to close business and make sure they know what’s expected of them. Whatever the incentive, make sure it’s based on over-achievement and not just “hitting the number.”
The start of Q4 is a time to go on the offensive. The time to take a look at what was holding you back and what you must do to ensure it doesn’t happen again isn’t in the 4th Quarter, save that for Q1. Avoid getting to the end of the quarter and chasing deals at all costs. Prospects and customers can always tell when there is an air of desperation – stay focused on those “winnable” opportunities.
By Gareth Wade, OneAccord Principal