When you buy an expensive car and start driving it for several days you eventually start taking it for servicing, even more than often. No one asks you to do it. You do it because you want the car to be in prime condition.
Concerns arise because your car needs an expert to look under the hood every now and then.
Then why do you avoid Audits for your business? Sales Audits is like getting services for your expensive car, and if you want maximum performance from the engine, you got to have the time for it, right?
A business owner typically bothers about how to make more money from his Sales, but without a Sales Audit how can you overcome the shortcomings and invest in growths and opportunities for your business?
I’m sure that you might be skipping the very idea for long, but it is, my friend, inescapable!
This article here is going to persuade you with all the ‘Ifs and buts’ you’re encountering while running a Sales Audit for your business.
Why is It Important?
Meeting up with customer satisfaction, and achieving business goals always require us to keep a close, vigilant eye on business performance.
However, audits of all kinds are related to the fundamental areas of business growth. There are Audits on finances, marketing audits, and also income tax audits.
But, what makes the Sales Audit Process so important is that it concerns an entire process, rather than feeding individual aspects. It is about isolating the strengths and weaknesses of a business.
The deep-dive analysis of Auditing Sales processes generally involves the following aspects:
- Who are your Stakeholders?
- The Quality of Sales Channels
- The Sales Strategy
- Marketing Procedures
- The Key Sales Metrics
- Uncovering after-sales retention and upscales the selling opportunities.
Sales Audits ensure to resolve the most anticipated conundrum of how to increase sales.
Modern businesses often run these assessments via a Sales Auditor person who might be a part of the organization or an outsider who’s a hired professional.
Companies are also reaching out for consultancies to run their Sales Audit on their behalf.
Forecast business possibilities
Managers and owners must conduct the sales and revenue analysis for generating new ideas on how to increase sales once, and for all. Sales Audits with a simple, go-to approach can predict or forecast what the scenario would look like if a company is about to take certain actions or not. It comes with the very distinct ideas of how different actions may impact the sales of products and services differently.
When would you need a sales audit?
I often come across people who conduct a Sales Audit once/ twice a year, but it doesn’t work like that. You have to remember that Sales audits don’t work like disaster management. Although the principal goal here is to check for all of your current sales statements and to align your sales forces with business policies and goals. Carrying out a regular business Sales Audit process can save you from tons of business crises, but not after it has taken place. Also, it benefits in finalizing constructive feedback for moving the business forward from where it stands now.
7 Research-backed Reasons on Why You need to audit your sales
Sales Audits identify the areas of problems and feasibilities while building recommendations for improvements.
We’re sharing here seven reasons on why Sales Auditing is a must for your business.
#1 Your Best Ally for Meeting Annual Goals!
Sales audit looks out for the business loopholes and provides valuable ways on how to generate more leads. As revenue generation is directly involved with sales, business earnings are dependent on sales, and what is a better way to keep a track on revenues and other errands than running a Sales Audit Analysis? The income statements, sales of products and services, costs per inventory, business returns, labour costs, shipping and delivery charges all can be taken care of, under the same roof. Sales Audits add value-based information that encourages the business to increase their sales volumes. Companies design their business operations that respond to the simple issue of how to increase more profits while making proper uses of their sales.
#2 Cleans up Your Sales Funnel for Good!
You may very often find yourself tangled in your sales slump. So, there have to be ways to get out of there and foster business growth as well as customer loyalty. Sales Audits can clean up your sales funnel on your behalf, it provides a fresh outlook on the quality of your current leads and revitalizes the old ones, reviews the already existing tools and assets for your sales team. Evaluation of your sales synergies and resources becomes easy, assessing your current reports and establishing an efficient pipeline process can surely take your burden off.
# 3 Improves Your Customer Acquisition Ordeals
A sales audit reveals the shortcomings in your customer acquisition process. Client Acquisition comes as a very important aspect of Sales Audit. Analyzing the key areas of Sales Auditing reports your sales team can venture the prospective client lists and may shed the light on key account management areas. The audit may lead you to a better understanding of how to validate your relevant stakeholders and verify business proposals for the sales team.
#4. Sales Audit for Prospecting Your Leads
Audits navigate your sales processes to the direction of prospecting leads. With this, you’re getting the very idea on how your sales strategies are working and how can you better them for Sales prospecting. Researching and tracking potential customers down for your business can really make the rough business roads smoother for growth and Sales Audits are a great way to find out what kind of marketing tactics are actually working out for your company.
# 5. Dramatically Boosts Your Conversion Rates!
Once you have cleaned up your sales funnels, you have opened doors for other more important stuff. Sales Auditing Reports while taking the weights off can give you the time for writing proposals and pitching to the potential buyers. Optimizing your conversion rates becomes effortless when you’ve time to evaluate your audience and analyze your traffic while redesigning your strategies and testing your forms.
# 6. Competitive Intelligence Tops the Funnel Now!
A sales audit reveals good and weak things your competitors are up to. You can learn, improve and beat them at their own game. The volume of market share and customer perception are also given equal importance when it comes to monitoring business position. Sales managers can then analyse and compare the results and organisational performance based on such reports. It helps them sort things out with a calculated approach and make necessary changes to advance their performance.
#7. Be in More Control of Your Sales Processes
A Sales Audit provisions the company as well as its shareholders with explicit, authentic data and plays a pivotal role in maintaining a transparent image of the business to its external shareholders. Audits for your sales processes can draw a clear picture of your sales projections and help you in meeting your revenue target by forecasting the possibilities as well as the potential business issues when you’ve still got time to mitigate them.