“I Didnt Know” Is No Excuse In A Business

To flourish in your job, you make decisions every day predicated on your understanding and view for your business. To achieve your job, you make decisions every day predicated on your grasp and outlook for your business. · You are in charge of sales; a competition does well and your management wants you to deal with the problem.

· You are responsible for finance; the marketing department wants to invest money and you are asked to approve the request, based on your view for the company’s cash flow in the approaching weeks. · You are a regional sales manager who must reassign sales territories between the reps. Before you are doing, you want to know what the impact of the change will be on revenue, commissions, and travel expenses based on past performance.

In today’s difficult financial climate, if something goes wrong, saying “I didn’t know” is not a good excuse. To increase your success you need good visibility into your business. How many times perhaps you have found yourself faced with a decision and looking desperately for data that may help you make your decision easier? If you’re the sales director who was simply called to cope with a new competition, you will want to look at your group’s earn/loss record against that rival.

You will also want to know what discount rates your sales force offered in those offers. And you’ll want to look at open public data on the competitors financial performance to see how they are doing relative to your company and to your industry. You can gain access to your CRM system and get a summary of sales prospects where the competitor was involved, combined with the status (win/loss) of the deal, the sales region, and the time. This information is helpful, however, not enough.

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Missing, for competitive wins, will be the amount that was actually booked and the discount that was presented with. To get this information, you go to your accounting system. However your accounting system doesn’t record competitive data, so you can’t simply generate a report that only lists wins against the rival. What you finish up doing is generating a summary of all recent deals from your accounting system. Afterward you look at the deals one at a time and try to match the offers in the survey from your CRM system with the ones that appear in the survey from the accounting system.

Adding to your challenge is the fact that company names that appear in your CRM system don’t always match those in the accounting system. Afterward you have to vacation resort to slicing and pasting data in Excel once again to compare your private company’s revenue performance to that of your competitor and the industry. You get the data on your industry and your competitor (a public company) from a business analyst site. You then combine it with your own company’s income data in Excel manually.