2023 Sales Planning Tips & Strategies
2022 was filled with learning experiences for small to mid-sized businesses. Amid a prolonged economic downturn and flashing signs pointing toward a possible recession in the United States, many business leaders have been forced to learn how to balance strategies for increasing short-term profitability and building long-term revenue.
Now, as we have settled into Q4, many firms and sales teams are primarily focused on reaching their end-of-year sales goals. But do not neglect the fact that 2023 will be here before we know it. And if the events of the past few years are any indication, no one can truly predict what next year has in store for the markets.
Take some time out in the next couple of months to reassess your 2023 sales planning and strategies. Below, we have compiled a list of areas in which to start.
Revaluate Your Sales Process
The new year presents a great opportunity to discover more effective ways to streamline your firm’s operations. Whether to incorporate new and useful technology or to better serve the strengths of your sales teams, your firm’s sales process should be regularly reexamined.
Keep an eye on new methods to increase collaboration among your sales team. Any revision of your firm’s sales process should be informed by the talents and perspectives of your sales teams first and foremost.
Before the end of the year, take time out to research new and emerging technologies aimed at empowering your sales process. Any adoption of a new platform or technology should be extra training time for your sales team.
Be Realistic About Your Current Resources
If your firm is ending the year with less revenue than desired at the start of 2022, you are not alone. Even as the national GDP grew at a rate of 2.6% in Q3, the pain of the first two quarters of the year still looms large in the minds of consumers. Business leaders should be prepared for the reality that they will likely not see major increases in revenue in the coming year.
In the next year, shoot for growth, but do not overextend your resources. Especially if your business has been forced to scale in the past year. If your firm’s revenue has shrunk in the past year, as a business leader, your first instinct should be on healing and saving. Resist the urge to make promises to clients that your firm may not be able to reasonably deliver in 2023.
Take a Critical Look Back at the Past Year
Regardless of the economy’s impact on your business, the new year can provide your management team with an opportunity to assess where things stand prior to conducting formal performance reviews. When reviewing the events of the past year, take a critical eye toward strategies, initiatives, and technologies that failed to deliver a meaningful ROI.
Dig deep and work to differentiate what did not work and why. For example, did a particular initiative or sales process peter out due to poor performance on the part of your firm, or because of unfortunate timing in the market? Revisiting past missteps can often feel frustrating or embarrassing, but without taking a closer look at the reasons behind these shortcomings, not only are you setting up your sales team to fail, but you may also be turning your back on strategies that, given time, may be workable in the new year.
Cultivate a Positive Work Culture
With the rise of workforce trends such as “quiet quitting” and the national conversation on the topics of “The Great Resignation” and decreasing employee engagement, 2022 has been regarded as a year of uniquely low morale for many businesses. With shrinking profit margins coupled with an overall increase in the cost of living, members of your workforce may be struggling in silence.
What can your firm do to foster a more positive workplace culture that addresses low morale and mental health while also encouraging productivity? In the new year, consider prioritizing recognition for talented team members, encouraging open and honest feedback, and exploring alternative work models for roles that can afford to go remote.
Low morale and disengagement can also often result from mounting pressures, particularly for business leaders who find themselves juggling more than the responsibilities of more than one management position.
We Can Help
Our team at Sebastian Lane Consulting can assist your firm with Sales Enablement and Annual Producer Planning for the new year. Reach out to our office for more information and to discover how our Fractional Sales Management services will help your firm develop new strategies and sales processes in order to start 2023 on the right foot.
To learn more about our outsourced sales management and business growth strategy services, call Sebastian Lane Consulting at 443-534-6783 or email us at jesse@sebastianlaneconsulting.com to schedule your free consultation.