Today is the second day of the second half of the year. It's worth taking a couple minutes to assess where you are against your goal for the year. This is a great exercise whether you're running a sales team or selling yourself. Below is a sample of a model I've used in the past. Note that to build this for yourself you'll have to fill in the fields in blue to match it to your pipeline (definitions of each field below).
- Goal - 2014 goal
- Actual - revenue closed to date
- Value of late stage deals - deals that are either in contract or just about to be in contract
- Late stage close rate - likelihood that late stage deals will close (in the next 6 months)
- Number of highly engaged deals - number of early stage deals that you're speaking to weekly
- Highly engaged close rate - likelihood that you'll close the average early stage deal (in the next 6 months)
- Average deal size - for early stage deals you very likely don't know how much their worth; go back and look at the last 5 to 10 deals that you've closed and take an average
The number in red should give you a very good sense of where you need to focus your time for the rest of the year. That is, should you focus on executing and growing deals that are already in motion or do you need fill up the pipeline with new opportunities. Based on this number, it's a good idea to write down three things that you're going to focus on over the next six months to ensure that you get to goal.
If you'd like the model in Excel feel free to email me