Case Study: From $400k to $1M a month in sales growth!
Very often we hear from clients that they want to grow to the next level. Well 95% of companies never make it beyond $1M in annual sales. Of that, 97% never make it beyond $5M and 98% never make it beyond $10M. You can imagine it’s an even smaller amount that make it to $100M and beyond.
The lack of sales growth is NOT because of your product or service.
(Contrary to popular belief).
If sales growth was dependent on pure quality of product, the local mom and pop hamburger joint would be HUGE, not McDonalds. We can agree that McDonalds hasn’t become one of the largest food franchises in the world because of their superior burger.
As Chet Holmes always said,
The difference between mediocrity and greatness it’s not the product or service you sell, it is the skills you develop to grow the business.
We recently had a great success story of a company in this same predicament. They’d been making $400,000 a month for quite some time. Always trying to raise the bar, but never quite getting to their goal of hitting $600,000 a month in revenue.
They came to us looking for assistance to figure out how to grow to the next level. One of CHI’s growth experts, Coach Jerel, came in to assist. Just like all CHI trained coaches, Jerel has owned many successful businesses. A founder of nine to be exact, traveling around the world as a keynote speaker, helping companies jump from seven to eight, even nine figures.
The major reason for growth stagnation is inability to learn the new skillsets needed to grow to the next level.
Many business owners think that doing more of what they’re already doing will take them to the next level. However it takes a new set of skills to get from one revenue level to the next.
This client for instance, the executives had an idea for what the sales people should be doing, while the sales people had their own beliefs around what should happen with each sale. Neither documented, neither built into a repeatable sales machine.
How could they ever grow when each person does their job in a silo? (This is very common by the way, 92% of companies have an incomplete or non-existent sales process).
When Coach Jerel came in to look under the hood, he collected from the sales team their steps to a sale. For this particular client a sale took on average 45 days, and after going back and forth with the team they identified 43 steps it took to close a deal. Starting with researching the prospect before speaking to them all the way to money in the bank. It tracked how to do each step correctly, and if done correctly, this should be the desired outcome.
Jerel went back and forth between the sales team and the executive team to find an agreed upon “process” for how each sale should be conducted to provide the greatest quality experience at the maximum efficiency.
To everyone’s shock, just 30 days of rolling out this clearly defined sales machine, they didn’t just hit their goal of $600,000 they far surpassed it to a whopping $1,400,000!
Yes, they achieved their first ever million dollar month!
To grow to the next level, you must be willing to adopt a new skillset. For many companies you can strong arm your team to get to a million in sales with pure grit. But once you start bringing on sales talent, if you don’t have a process in place, you won’t be able to drive it to the next level.
Once that process is clearly defined, now you need Pig Headed Discipline and Determination to stick to the plan and keep refining it with mastery.
Clearly define your sales process right now by writing down every step it takes for you to generate a sale. From start to finish, how many steps does it take you? 10 steps? 43 steps? 150 steps?
Having clearly defined business processes will lead your company in the right direction to properly scale and grow.
Talk with someone for a complimentary business insight session.
- Where are you sales failing at?
- Are you losing deals because of your sales process or something else entirely?
This will be a 7-15 minute session where you will speak with someone about the current biggest challenge you are facing in your business.