Blog

January 30th, 2015

Productivity_Jan29_ASmall to medium size businesses and startups have always had to squeeze the most they can out of a small team. But with every business trying to gain a foothold in the market and costs on the rise, productivity is more important than ever. Doing more with less is not an option anymore, it’s a necessity. It’s no wonder businesses are looking towards the latest technology to help carry the load. Below are four ways technology can help you make better use of your most valuable resource of all: your employees.

Work together from anywhere

With the onset of Cloud technology, it’s now possible for your employees to work easily from anywhere - be it Bangkok, Belize or Boston. With Cloud-based suite products, employees can log on from remote locations and access company files. All they need is a web-enabled device.

Cloud-based technology also makes it easier than ever for your staff to collaborate. While one employee is in a coffee shop in Vancouver and another is at a desktop in your office, they can both be editing the same document at the same time. This makes it easy for your staff to remain on the same page, both literally and metaphorically, which in turn boosts both productivity and profits.

While many SMBs use public Cloud applications like Google Drive, Dropbox and Evernote, private pro-level options are available, which come with more security and more features.

Keep all your data in the Cloud

The fact is that searching through spreadsheets for information stored in bloated data sets can be a huge waste of time. By having all your data in the Cloud, all your information will be in one place. So when you’re looking for that critical client receipt for your taxes, you’ll know where it is immediately.

Thanks to its remote access and collaboration possibilities, the Cloud also gives you and your staff easy access to all of your data wherever in the world you are.

Identify bottlenecks and upgrade your technology

Facing the facts about your current technology is key to increasing productivity. Yes we know you love your tablet from way back in 2008. You even named her Susie, after your niece, because they’re both so darn creative. But let’s face it, Susie is old now and is slowing down your business. She’s served you well, but it’s time to upgrade.

And desktops aren’t the only technology that can slow you down. There are also unreliable internet connections, obsolete software and outdated email providers. The list goes on…

The solution is to take a careful inventory of your current IT technology and see what’s keeping your business from reaching its true productivity potential. After you have your list, update your technology accordingly. Then create a plan to regularly upgrade your IT resources, so your employees are never being slowed down.

Outsource your IT

As the old saying goes, ‘out of sight, out of mind’. Whether you have a part-time contractor or a fully-staffed IT department, the mere presence of tech staff onsite in your workplace can be a distraction. When you’re focusing on sales or setting up meetings with potential clients, a knock at your door from your IT colleague - because he or she has just discovered a glitch in your system - can take you out of the flow of the task at hand.

On the other hand, outsourced IT departments are proactive in preventing technical issues from popping up in the first place. They’ll fix problems without you even knowing they existed, and without distracting you from your core work. All of which means a great boost to your day-to-day productivity - and therefore profitability.

Want to know more ways IT can enhance your company’s productivity? Contact us today to learn how.

Published with permission from TechAdvisory.org. Source.

Topic Productivity
January 23rd, 2015

Office365_Jan21_AThe tech climate for businesses is likely to be permanently cloudy for the foreseeable future, especially with the growing demand for Office 365. Collaboration and the cloud go hand in hand but what about protecting data along the way? While most business users believe their data is safe in cloud systems, problems can still occur at the user end. Spanning is the latest data protection solution set to cover Office 365.

Data backup provider Spanning is widening its ambit to include Office 365 this coming year. With an increasing amount of data located in cloud applications, this expansion will likely be welcomed by business bosses all over the world.

Isn't my data protected in the cloud? Well, yes it is, but not 100%, and it is this gap that users need to be wary of. A 2014 report by IT hardware storage providers, EMC, who recently acquired Spanning, points to a 400% rise in data loss since 2012. With platforms such as Office 365, each end-user represents an opportunity for data to be compromised. In other words, it is not the solid core of the cloud and its backup and recovery services that is the issue, but this increase in cloud-based collaboration and file sharing.

How can data be lost? Each cloud provider offers certain protections and terms which it is vital you understand first and foremost. On top of this, an awareness of how data is at risk from user influence is essential too. Some data loss issues include:

  • Accidentally deleting files.
  • Intentionally deleting files with malicious intent.
  • File corruption and data wipes due to tech glitches.
  • Retrieving files deleted over 30 days previously or locating a previous file version due to errors in current documents.
What will Spanning offer Office 365 users? Spanning allows for automated and manual daily backups of mail, calendar and contacts, whilst ensuring there is a copy of data from applications and cloud files. Other benefits include:
  • Ability to find previous backups and restore these.
  • Ability for data restoration, from one Office 365 account to another to allow for smoother and security-conscious recruitment and end-of-employment changes.
  • Protection through 256 bit encryption with intrusion detection.
  • Data control with compartmentalized access.
When it comes to data loss there is clear and present danger that could spell financial ruin for your business. There is always need for a copy of your data so that recovery is possible. To ignore cloud security and not consider data protection for Office 365 could be costly and for many businesses even deliver a fatal blow.

According to some recent statistics from IDG Research, 58% of businesses surveyed had suffered some hosted software data loss in the last year and 31% were debating whether to invest in backup and recovery for this data. Cloud data storage protection does not cover human error or problems with system configurations, nor IT service management process errors.

Find out how to protect your Office 365 data by getting in touch today.

Published with permission from TechAdvisory.org. Source.

Topic Office 365
January 22nd, 2015

socialmedia_Jan20_ASocial media has been increasing in popularity amongst business owners more than ever before. From LinkedIn to Twitter and Facebook, social media has enhanced ways in which businesses communicate with one another, leading to quicker connections and even stronger relationships. Is it time you took a look at different ways social media can help drive your business development?

In most cases, a business development manager already has an idea of the kind of company with which to partner. Their next step is to contact that company via a phone call or email. However, this can be an unreliable way to reach out, especially when your potential partner has never heard of you. Social media speeds up this process by identifying the best person to contact, as well as determining if you have any mutual connections.

Simply put, social media lets you understand the background of different companies and gives you an idea of the different players involved, before you even engage in a dialogue. With this in mind, let’s take a look at four ways you can utilize information available on social media to enhance your business development success.

  1. Social media is an extra pair of eyes Social media allows you to see first-hand what potential partners, competitors, and customers are doing, which is a major asset when it comes to your business development and performance. This can also reveal business-relationship possibilities or even warn where it is best to stay away. It’s crucial to position yourself and your company as industry experts by sharing mind-blowing content as well as highlighting recent successes.
  2. There’s no universal message in social media The way people behave and connect across different social media platforms varies, therefore it is important to adjust accordingly. For instance, you might use Twitter to promote ongoing marketing campaigns, share content, and direct customer service requests. You may use Facebook for larger marketing initiatives, such as showcasing a company’s culture and resources. It’s important to remember that there’s no universal rule to utilizing social media and that it is beneficial to be flexible. Think about what your individual goals are and work out which social media platform is the best avenue to explore.
  3. Leverage employee relationships If you’re looking to connect with an individual in a specific company, make it a habit to check and see if anyone in your company has a pre-existing relationship with that person. Social media channels like Facebook and LinkedIn make it fairly easy to spot mutual connections, so it is a good idea to get into the habit of checking. Whether you ask your colleague to help make an introduction or to arrange a meeting, a mutual connection gives you the competitive edge in effective business development.
  4. Use social media as a touchpoint Social media is not only essential to business development, but also complements other more traditional practices, such as when you’ve sent an email or voicemail to a business prospect that has gone unanswered. It’s understandable that people get so busy they can delay, forget or pass over an inquiry, but instead of passively waiting for a reply, why not make it standard practice to follow up separately via LinkedIn or other social media platforms? This way you can build additional opportunities with potential partners, increase the likelihood of a response, and even forge a future business relationship.
The fundamentals of business development are strong relationships with a partner or companies with a good reputation, who will have a positive impact on your business, such as marketing an initiative collaboratively. Social media can get this whole process started, so the next time you’re looking to contact a business prospect or potential partner, start by visiting their social media channels to get the heads up to help you in your quest.

Looking to learn more about the benefits of social media in business? Contact us today.

Published with permission from TechAdvisory.org. Source.

Topic Social Media
January 21st, 2015

Facebook_Jan20_AYou just got a Facebook message from a close friend. You sign on to read it, and suddenly you're assaulted with photos from high school pals you haven't seen in ages and cryptic status updates from your 40-year-old brother-in-law who still lives with his parents. Before you know it, you find yourself scrolling through travel pics of a former employee, and you have yet to get to that message from your actual friend. If this distracting scenario sounds familiar, it’s time to take control of your Facebook News Feed with these five tips.

1. Become good friends with the "Unfollow" button

If you haven't heard, there's this amazing little tab that instantly allows a person to disappear from your News Feed. It's called the "Unfollow" tab, and you'll soon become best buddies with it.

Don't worry though, when you unfollow someone, you’re not unfriending him or her. And they'll never even know you did it (unless you tell them). It just keeps their TMI and updates about visiting the grocery store out of your feed.

To unfollow a person, click on the drop-down arrow in the top right corner of whomever's post and click "Unfollow [Name]"

An alternative option is to visit said person's profile and click on the "Following" button at the bottom-right corner of their cover photo. Once you click, it will change from "Following" to "Follow." Goodbye happy hashtag Sarah. #solongSarah #won'tbemissed

2. Avoid content from Facebook Pages

What if you don't want to unfollow someone but are sick of all the links they share? Not a problem. No more seeing surveys from Anotherdumbsurvey.net about which Hunger Games character you are or what baked good best describes your personality.

If you want to say goodbye to a page's content you're not interested in, click on that same top-right arrow in the upper right hand corner of the post and hit the "Hide all from [Page Name]" option.

3. Tell Facebook what posts annoy you

Sometimes you need to speak directly to the Facebook gods. Maybe you’re tired of seeing all those Facebook check ins, event spam, and baby pictures of little Tommy’s first experience eating cake...

To stop seeing posts you're not interested in, hit that same drop-down arrow and select "I don't want to see this." In theory, and if you do it enough times to the same type of content, this should put an end to all those baby updates for good.

4. Complete a Facebook survey

Yes, they do exist. And well, they kind of seem to work. We've tested this feature out, and it appears that some of the more spammy/annoying posts have disappeared. So back to the top-right arrow we go.

Click on it and the very last option is "Take a survey to make News Feed better." You'll click through 15 screenshots and rate how much they look like an advertisement.

5. Adjust your News Feed preferences

At the top of your home page is a little arrow that, when clicked on, shows you the option to choose your "News Feed Preferences." When you open it, you'll see the content you’ve viewed most and what you're currently following. Opt out of what you don’t want to see anymore.

Don’t get sucked into the online lives of people you rarely see in real life. Take action and control your News Feed today. If you're looking to learn more about Facebook and its features, contact us and learn how we can help.

Published with permission from TechAdvisory.org. Source.

Topic Facebook
January 13th, 2015

office365_jan12_AMicrosoft is set to roll out security even further for Office 365 users to reflect the growing use of data collaborative business apps. This extended reach will provide tools to protect crucial data shared using SharePoint Online, OneDrive for Business, Windows File Share and Office apps. The security plans promise more control of data in real-time.

Beyond email security

There has long been an awareness of security when it comes to email content and Office 365 incorporated data loss prevention in Exchange and Outlook, as well as Outlook Web App. It is understandable that when you write an email you don't want the information within it to be seen by anyone else, and whilst Google maintains its email scanning policies, data loss prevention tools can help stop hackers from getting a glimpse on your private data. This is all good and well but sharing critical data via email is not the only way and Microsoft's latest data loss prevention strategy recognizes these changes.

Collaboration needs to be safe

Microsoft has enhanced collaboration capabilities with Office 365 but along with these new ways of sharing data, there needs to be solid security measures in place too. Documents in Word and spreadsheets in Excel are created using applications and then shared via various collaboration tools. To ensure this data is safe access restrictions and permissions need to be activated.

Data loss prevention in SharePoint and OneDrive for Business

Recently eDiscovery has allowed users of SharePoint and OneDrive for Business to identify sensitive information within collaborative content. This security is set to expand to policies on restricting and blocking access, user education and to include email notifications.

Data loss prevention in Windows File Share

Windows File Server already have file classification infrastructure in place, whereby the server scans files to identify sensitive data. This data is then tagged and classified according to the definitions users set, with an ability to initiate action on this identified or classified files. The latest security, or data loss prevention, measures involve this content classification being extended to Office files in Exchange, SharePoint and OneDrive for Business. In time, this will continue to grow to include centrally managed policies and allow for greater user education within companies.

Data loss prevention in Office applications

This protection is being expanded to Microsoft applications so that when content is created users will be able to set up policies with regard to sharing permissions at the same time. Tips connected to the policies that have been established will then be offered as well. Initially, Excel will benefit from this expansion, with Word and PowerPoint being included later in the year.

The importance of data loss prevention

With so many different ways to create and share content, it is essential that business leaders can take advantage of a stable strategy for preventing data loss. If sensitive and crucial information is allowed to leak out this could be potentially incredibly damaging to a business and put productivity and profitability in jeopardy. With greater collaborative tools comes greater risk and the latest plans for Office 365 data loss prevention are a welcome layer of security to protect against data dangers.

Find out more about how Office 365 can benefit your business. Get in touch today.

Published with permission from TechAdvisory.org. Source.

Topic Office 365
January 1st, 2015

hardware_Dec25_AIf you want to keep your business data and systems secure it is essential that you have an antivirus or antimalware scanner installed on every system. While the install rates of these programs in businesses is nearly 100%, there is an increasing trend where some companies are letting their subscriptions expire. So, if your antivirus subscription expires is this really a big deal?

What happens when an antivirus subscription expires?

While each program will treat an expired subscription slightly different, generally speaking, most will still function in some way. You will normally be able to run a scan, but you likely won't be able to deal with any malware or security threats. Features like automated scanning will also be turned off.

Other programs will stop updating the essential virus and malware databases that are used by the program to identify and clean new malware. This means that while you will be secure from known viruses and security flaws up to the date of the last database update, you will not be secure against newly discovered viruses.

Some popular programs like Kaspersky offer an antivirus scanner trial version or a program that comes with a newly purchased computer.With programs like these, they will normally stop functioning once the trial period is over. Yes, they will still open, but you won't be able to scan or perform any tasks.

In short, when your subscription expires, your systems will no longer be secure, or as protected as they should be. Interestingly enough, in mid-November 2014, Microsoft released its Security Intelligence Report 17. This report found that computers and systems with expired malware were only slightly less likely to be infected than systems without any malware scanners installed.

What do I do if my subscription is about to expire?

Before your subscription expires you should take steps to back up all of your systems and data. The reason for this is that should something happen you have a clean backup to revert to. Once this is carried out, then consider renewing your subscription. Most programs allow you to do this directly from the scanner itself, so it is often fairly straightforward.

As a business owner however, you are going to need to keep track of your systems and licenses. What we recommend is creating a spreadsheet with information on the subscription applied to all systems. Take account of when the scanner was installed on each system, how long the subscription period is for, and when it will expire.

What if my subscriptions are about to expire, but I don't like my current program?

There may come a time when the scanner you have selected simply isn't living up to your expectations. Maybe it takes too long to scan, uses too many resources, or simply isn't able to protect all of your systems. Regardless of the reason, switching scanners is always an option.

If you are thinking of moving to another scanner, we strongly recommend that before you do anything, you back up your systems. You can then start looking for other systems. We strongly recommend that you contact us, as we can help identify a solution that will work for your business and systems. We can then help ensure that the transition is carried out in a way that will not leave your systems open to attack.

We may have a managed antivirus solution that will work for your business. By using a system like this, we can help protect your systems, keeping them secure and always up to date, all without you having to get involved. All you need to do is get in touch to find our more.

Published with permission from TechAdvisory.org. Source.

Topic Hardware
December 30th, 2014

BCP_Dec23_AWhen it comes to backing up your important business data, there are many options available to your company. One of the increasingly common choices is to use online or cloud-based backups. Despite the popularity of these systems, there is still confusion over what exactly online backup is and the benefits it can bring businesses.

What exactly is online backup?

In a wide sense, online backup is a backup system where your files, folders, and even systems, are backed up to an offsite storage server over your Internet connection. Tech experts also refer to this service as remote or cloud-based backup.

When you back up your files and systems to an online solution, your files are stored off site, usually in redundant data centers. This means that should something happen to your files you can access the system via another computer and restore your backups onto that computer, as long as you have an Internet connection.

For many companies, this is arguably the most efficient form of backup, not because of the backup method itself, but because of the fact that your backups are stored remotely The chance your data will be accessible if your business faces disaster increase, as data can be recovered quicker than most other systems.

How do online backups work

Like most other technical systems out there, there are numerous varieties of online backups. Some of the most effective are image-based, which take a snapshot of a computer or server at a specific time and then upload this to the remote backup servers. This snapshot contains the whole system as it is and can be easily recovered.

Other solutions can be automated to back up specific files and folders, and run through a Web-based interface that can execute a backup from almost anywhere. Beyond this, many systems can be managed by a company like us. We can implement a system that works best for your company and your data, and then manage it so that your data will always be available when you need it. Should something go wrong, we can even help you recover your systems.

4 Benefits of online backup

Companies that implement an online-based backup have been able to realize the following benefits:
  1. Decreased recovery time - Because your data is stored online, as long as you have an Internet connection you can begin recovery at the click of a button; there is no having to go find your backup, then figure out how to recover it. Most companies see a generally reduced backup recovery time when they implement an online system.
  2. Increased backup reliability - Over time, physical systems break and need to be replaced, and this can happen at any time. Because online systems are managed by other companies, whose main job is to ensure backups are always available, you see increased reliability with these systems.
  3. Decreased costs - Physical backup systems can be costly, especially if you have a large number of systems or a large amount of data to back up. Many online providers charge a flat monthly fee that often works out to be less costly than other solutions. Beyond this, you don't need to invest in physical backup solutions and the storage space to house and maintain these. As a result you should see lower costs.
  4. Increased data availability - As long as you have an Internet connection, your data will be available. This means you don't have to worry about your offsite physical data being okay, if you have a problem or disaster strikes on your premises. With online services data is available when you need it.
If you would like to learn more about online backup, contact us today and let us reveal just how dynamic and effective our solutions can be. Don't wait until you have to face a backup issue to back up your vital data!
Published with permission from TechAdvisory.org. Source.

December 18th, 2014

SocialMedia_Dec15_AWhen working with social media in your business there are a number of metrics commonly used to determine whether the content you create and share is effective. One of the best metrics to employ is the number of shares each piece of content receives. More shares usually means higher visibility and therefore a greater impact. However, many businesses struggle to get their content shared. Here's four reasons why.

1. The vast majority of people are hesitant to share content

According to a study conducted by Carnegie Mellon University and Facebook over a 17 day period, approximately 15.3 billion comments and posts were written but were then deleted and not posted on Facebook alone.

While the reasons will have been varied, the numbers highlight that the vast majority of users are sensitive to what they post on Facebook, and most most likely other networks as well. What does this mean for businesses? Well, you need to ensure that the content you are posting offers value to not only your audience, but their audience as well.

Think about when you have shared content on any network. You probably didn't do so 100% for yourself, but instead shared the content or created a post so your audience would interact with it, or possibly get something out of it. Think of this as the "hmm, that's interesting, other people will like it too, so I'll post it" mentality. By sharing content others enjoy or respond to you get the benefit of increased recognition.

If you can create content that gets people to think this way, there is an increased chance that they will share it.

2. Facebook users want to be seen in a positive light

According to a study carried out by INC. 80% of respondents share content because it shows that they are being a good friend to those they care about. People use social media to foster good relationships and connect with those they care about. And if somebody regards your posts as potentially able to tarnish their image on social media, they won't share it.

Businesses looking to capitalize on this need to try to create content and campaigns that help users better relate to one another. Combine this with the above example of creating interesting-to-share content and you will be more likely to see an increase in shares.

3. Content doesn't fit our salient identities

Because social media has become an extension of society, many experts apply common social science principles to it. The most commonly applied theory is of the five identities (relational, personal, social, superficial, and collective) that determine how people behave in a certain situation.

If you are posting content that doesn't fit with an an individual's current identity then it's not going to be shared. So, how can businesses capitalize on these changing identifies? One effective way is to get to know your main target audience; how they act and react to certain social cues, and then create content to fit with this behavior.

For example, if your target group for posts is parents, then using language and content that triggers parental instincts could increase shares as parents associate better with it.

You might want to widen your focus too and try developing content that capitalizes on different identities, tracking what works best.

4. Content doesn't mesh with a user's values and goals

The same INC. study found that after being a good friend, 63% of users surveyed noted that they were more likely to share content that reflected their goals, values, and dreams.

How can a business capitalize on this? The best way is to get to know your audience. Look at their posting and sharing habits and the type of content they share on a regular basis. This may change over time, but you will see patterns evolve for different groups. If you can develop and post content that reflects these main goals and values then you are more likely to see your content being shared. Try different approaches and keep in mind who you are developing content for.

If you are looking to learn more about social media, contact us today to see how our systems can help you integrate it with your business success.

Published with permission from TechAdvisory.org. Source.

Topic Social Media
December 12th, 2014

productivity_Dec12_AEmail has become the main form of communication for many businesses. When first launched, many people treated email as simply an electronic version of company memos and letters and therefore created and styled them as such. Over time, email has become much more informal, and while this is great it can lead to problems in overall clarity of communication. However, there is one effective way you can ensure all of your messages are clear and understandable, by adopting PAR.

Better email structure for small businesses

In order for your emails to be clearer and to get the overall message across easily, you might want to implement a PAR structure. This three part framework has been used by many business owners and managers to improve overall communications, and consists of:

Problem

At the very top of the email, below the salutation, provide a brief yet clear overview of the problem which is the subject of the email or the reason you are making contact. When writing this overview don't assume anything, including shared knowledge or agreements, unless you have discussed these with all recipients beforehand. The key here is that you are looking to be able to summarize the main issue.

If you need more than two paragraphs, then you should probably create a longer form report that is attached in the email. The reason for this is because the vast majority of people will simply scan an email, and if it's too long, they will usually skip it, or possibly miss key points. If it is easy to scan and read, then there is a greater chance all parties will be on the same page.

Beyond this, if you are struggling to come up with a short explanation or can't clearly summarize the problem in writing, then email may not be the best medium to be using. Opt instead for a meeting or phone call to discuss the issue more fully.

Action

After stating what the problem is, clearly mark any proposed actions or recommendations using a relevant heading, then specifically lay them out in an easy to read format. You want to be as specific as possible here, ensuring that all parties understand what you want to happen and the actions they will need to take as a result.

For example, if you use vague language, such as: "I need this by the end of the month", people may only carry out what you are asking for on the very last day of the month. Instead, you might be better to give a specific delivery date, and possibly a set time, so that any deadlines are clearly defined. Bulleted and numbered lists can really help here, as long as they are clear and understandable and don't muddle the issue.

Results

Finally, identify the expected results based on the actions you want the recipients to take. This helps ensure that every recipient knows what they should be striving for, as well as serving as an indicator of whether the problem has been specifically solved or not.

If the results aren't met, you have a good opportunity to look back at the process and see if there is any room for improvement, or try to pinpoint exactly why something went wrong or didn't happen as you planned. This in turn, if leveraged correctly, can help improve overall productivity.

Looking to learn more about increasing productivity in your office? Contact us today to see how our systems can benefit your business.

Published with permission from TechAdvisory.org. Source.

Topic Productivity
December 3rd, 2014

BI_Dec2_AWith the steady increase in the adoption of business intelligence suites and solutions by small to medium businesses, managers and owners have been able to take advantage of better data. One business function that has really benefited is sales. There are so many sales-related metrics to employ, it can be tough to actually pick the ones that work for your business. To help, here are five of the most common and most useful sales metrics.

The sales pipeline

This metric is often employed by businesses to show current sales opportunities and estimate the number of sales or revenue the sales team will bring in over a set period of time, usually a couple of months. When employed correctly, team members are better able to track and remain in control of their sales. Managers can also be assured that targets are more accurately set and reached.

When companies set up their sales pipeline metrics they often set out to measure:

  1. Average time deals remain in the pipeline.
  2. Average percentage of converted leads.
  3. Average worth of every deal.
  4. The number of potential deals in the pipeline.

Overall sales revenue

This metric is often seen to be the most important sales-related metric to implement, largely because it provides managers and owners with a good overview of the health of their company and overall performance. In short, sales revenue allows you to accurately view the profitability of your business, even if your profits aren't presently growing.

Beyond giving a useful whole-business overview, this metric can also uncover exactly how much each sale influences or contributes to the bottom line. This can be calculated by using the standard profit-ratio equation - net income over sales revenue.

Accuracy of forecasts

Any sales manager knows that forecasts are just that, predictions. But, because so much of sales is based on informed speculation it is important to track the overall accuracy of any future forecasts. By doing so, you can uncover gaps in processes and reveal any forecasting tools that need to be improved.

From here, you can track improvements and tweak forecasts to ensure that they become as accurate as possible. After all, if you can show that you are meeting your goals, or are close to meeting them, you can make more reliable decisions and be assured that your company is doing as well as it appears to be.

Win rate

The win rate, also known as the closure rate, is the rate that shows how many opportunities are being translated into closed sales. Because this rate looks at the number of sales, you want it to be as high as possible, especially when you look at the time your sales team puts into closing sales.

While a high rate is preferable, low win rates are also useful largely because they can highlight areas where improvement is needed. For example, if your team has constantly low win rates across the board, then it could signify that there is a need for more training on closing sales, or that sales staff may not be knowledgeable enough about the products or services being offered. A fluctuating rate could show increased industry competitiveness and highlight when a sales push could be beneficial.

Loss rate

The loss rate can be just as important as the win rate, largely because it focuses on how many potential customers did not purchase products and/or services from you. It can really highlight problematic areas in the early sales process. For example, by tracking the loss rate you may be able to see that response time is low, causing potential customers to walk away.

Essentially, when measured correctly, you can use loss rate to improve the overall sales process and hopefully bump up your overall win rate. You can also compare the two rates to really see how big of a gap there is and give your team a solid goal to try and find ways to reduce this gap.

If you are looking for solutions that allow you to track and measure your sales and any other data you generate, contact us today to learn how we can help turn your data into valuable, viable business information to lead your company to better success.

Published with permission from TechAdvisory.org. Source.