Weekly Top 5 – Everything you need to track turnaround time in Salesforce
When you’ve got a product to sell and your competitors are chomping at the bit to snipe your potential clients away, the name of the game is speed. If you can move faster than the competition, you maximize your chances to win the deal. In order to accelerate your sales process, you need to get a handle on the turnaround time for each step, identify the bottlenecks, and collaborate with your team to identify solutions for streamlining those rough spots. Below are the 5 things you need to start speeding up your sales cycle in Salesforce.
- Date/Time fields for each Stage – Creating a date/time field for each Stage lets you time-stamp when a Lead or Opportunity reaches that stage
- Workflow Rules to update the Stage date/time fields – For each date/time field, you’ll need a Workflow Rule to update that field when the Stage is updated to match that.
- Formula fields to calculate the time between each Stage – For example, if your first two stages are App Out and App In, you’ll need a Formula to calculate App In – App out.
- Reports to calculate average time per stage – It’s best to filter out open deals so that you’re working with the most complete data set. You might want to create one Report for deals you won and another for deals you lost to get a solid understanding of why you win some and lose others.
- Goals for improvement – Information is all well and good, but if you don’t set goals for future improvements, there will be no urgency to make those improvements.
This is a simple Salesforce solution for identifying bottlenecks and improving your processes, but it can be very powerful. If you need a more dynamic solution, something targeted at your specific Salesforce process, or recommendations on how to meet your goals, talk to the team at CloudMyBiz today!
-Jared and the Salesforce Guys
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.