The process to close the quarter's revenue is an example. Account Planning, on the other hand, provides an opportunity for salespeople and their managers to develop a plan and drive it up the management chain for alignment and resourcing.
Facebook In every business there are customers and prospects of strategic importance. These are the customers that generate a disproportionate share of revenue and profits.
They are the prospects who will become the income stars of the future. These customers and prospects need proactive management. It requires robust account plans to set targets, define actions and track outcomes.
Essential Account Planning Features To be effective, the account planning tool must: Identify the strategic customers and prospect accounts. Track revenue against target for each strategic account. Define the account management strategy, business development initiatives and actions planned for each account segment.
Identify the risks and threats in achieving the targets, manage competitors and specify support required from colleagues. Enable the need for corrective action to be identified.
Key Account Plans in salesforce First you need a custom object, related to the Account. That period of time might be monthly, quarterly or annually depending on your business.
Here are some examples of fields you might create on the Key Account Plan. Again, other fields might be relevant in your business. The start date of the period of time to which the Account Plan relates. Typically this will be the first day of the month, quarter or year. The last date of the time period.
The last day of the quarter for example. The sales revenue that is targeted for this account for the given time period. The account management objectives for the period of this account plan.
The approach the Account Owner will take to achieving the Sales Target.
The internal resources that will be required to achieve the Sales Target Sales Achieved. The value of Closed Won opportunities. The total value of Pipeline opportunities. The Pipeline opportunities multiplied by the Probability.
The value of Closed Won opportunities plus the Weighted Amount of pipeline opportunities. Actions planned to achieve the objectives are attached to the Account Plan using the standard Open Activities and Activity History sections. In many businesses, the Account Owner updates the Account Plan midway through the period based on expected under or over performance of the revenue target.
And of course all Activities that relate to achievement of the Account Plan are recorded under the Open Activities and Activity History section of the page layout. The in-line chart gives a graphical view of how revenue on the account compares with the Sales Target.
This clearly shows whether the sales target for the Account in this Quarter will be met. The same approach can also be used if you import orders into salesforce.
Sales achieved thus far for the target period. Total forecast sales, and Forecast variance against target. The dashboard chart and underlying report enable managers to quickly see that two accounts are forecast to be below the Sales Target for this quarter the purple bar on the chart.
The report also shows that overall the business is forecast to be above target for its strategic accounts for this quarter the green shaded number on in the bottom right of the report. This powerful information means that executives and Account Owners can identify the remedial action they need to take to achieve sales targets.
For those accounts that are forecast to be above target, review the Key Account Plan to determine what additional steps can be taken to increase revenue further.Alan N.
Hoffman, MBA, DBA (Indiana University), is Professor of Strategic Management at Bentley University in Waltham, ashio-midori.com is the former Director of the MBA Program at Bentley University. He served as the course coordinator and Visiting Professor of Strategic Management for the Global Strategy course in the OneMBA Program at the Rotterdam School of Management .
Use a Strategic Plan Template. An effective small business strategy will help build your business. Use strategic planning samples or a strategic plan template (for example, a strategic planning SWOT or five forces model analysis) to streamline your strategic process and focus on getting the results you want for your business..
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