As an entrepreneur in business, we like to think that we are continually striving to improve both the finances and position of our enterprises. However, the truth is that we often strive and focus on maintaining the delicate status-quo of a break-even or profit making business.
Fail Friday isn’t quite as unpleasant as it sounds. Although Fail is never a word with which an entrepreneur wishes to engage, a Fail Friday every few months is way of getting us to think specifically about the things that don’t contribute to the positive aspects of the business balance. Today is the day we face up to those expensive or time consuming parts of our business that we know fail to deliver – and either get rid of the burden or improve the situation.
In one business, we confronted an issue where our CRM (Customer Relationship Management Software) had become swamped with old leads. As a result, during sales activities, we found it hard getting through the list of warm leads – for all the time wasters or long term projects. In fact, the CRM had become bloated as a result of two years successful marketing! Unfortunatley, the very means of recording customer contact had become an inefficient directory of every single lead.
The difficult decision was taken to use one sales session to sort every lead into an ‘active’ ‘long term’ ‘low potential’ and ‘passive’ grouping. Active were the hot or warm leads that were to be persued regularly, long term and low potential were set for alternate callbacks and passive were grouped for no activity on our part until they next contacted us.
We now operate two CRM systems – one for Sales Lead Management, and the other for active clients. The result? Our production team can easily see live work, sales can quickly work through the most likely prospects, old clients aren’t neglected and low potential / passive prospects do not take up valuable sales time.
We did lose one sales session but the result has more than doubled the efficiency and performance of our sales activity!
So – for this Friday Thinker – think about one aspect of your business that you could tweak or remove to improve focus and use of resources. The new capacity could empower you to engage with new ideas from The Entrepreneur’s Marketing Club!
As a final recommendation, for businesses that don’t use CRM – we use Jitbit CRM - http://www.jitbit.com/net-crm/ - it’s a very simple web based tool that has saved us a small fortune on other, more popular CRMs.