7 Easy Steps to Solve gaps in Sales Performance for your Business

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The start of a new year is a time when most businesses reflect on their organizational performance so they can identify how to grow into the next year and propel their sales in a scalable and sustainable way. In order to ensure optimised sales, a gap analysis is a crucial undertaking for any business so they may achieve their ‘peak sales potential’.

Reza Sisakhti, in his book, Success in Selling states that, “a gap analysis is a formal study of what your business is currently doing, where it wants to go and how you can close the gap between the two”. Sales-oriented SMEs use gap analyses to improve their sales processes, customer acquisition processes, and team performance evaluations. He further states that “A gap analysis is an even-handed assessment of business activities without the need to frame it as a performance review”. This requires a holistic overview centred on overall sales enchantment so SMEs can identify what works and what doesn’t in their structures, policies, processes, and strategies.

How to Conduct a Gap Analysis:

Step 1 – Select a focus area: in order for the gap analysis to be effective, a very precise focus area is required.

Step 2 – Where are we currently?: You should be able to answer this question in correspondence with the focus area. There are a few ways to go about this; by undergoing a SWOT analysis, reviewing customer feedback, receiving sales figures, interviewing members of the sales team, and by reviewing current policies that have resulted in a downtick in sales.

Step 3 – What do we hope to achieve?: You can narrow in on goals by using the SMART analysis, a tool that breaks down objectives into goals that are; Specific, Achievable, Measurable, Realistic, and Time-bound.

Step 4 – Preparing an outline: Using targeted goals, you can then outline your “ideal state” within the sales process.

Step 5– Identifying gaps: Bringing in your sales team to participate in brainstorming activities will help pinpoint how your business can bridge the gap. Visual aids such as fishbone diagrams can often be helpful in visualizing gaps, alongside McKinsey 7’s technique to identify if there are any foundational issues i.e., strategic, systematic, skills, staffing, style, structure, or shared values.

Step 6 – Bridge the gap, make a plan: At this point, you will have enough to go on to create a comprehensive action plan. An objective eye is required to make sure that solutions are sustainable and can be realistically implemented within the timeline allotted. McKinsey 7’s technique is also useful here in order to identify the resources needed to successfully bridge the gap.

Step 7– Report and analyze: the final step involves reporting on the findings from this analysis so your business can accurately chart its growth.

A simple gap analysis  template can be  found on https://www.template.net/pro/9069/gap-analysis

Book a free consultation here to find out how we can support you conduct a gap analysis for your business.

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