There are multiple ways to optimize your sales process. A simple credit check on a potential customer is a good start - first of all, to be well prepared before your initial meeting, but also to find out if you are in contact with the right decision-maker. In practice, this can yield a higher revenue on a deal or give you more time for value-adding work.
Is it a healthy company?
- Get a quick overview of the company by checking potential customers credit rating - are they located in the low or high end of the spectrum and assess afterwards if you should continue pursuing the lead.
- See if there are any critical attention points or things to be aware of. Are there any bankruptcies or loss of equity? In that case, you need to be extra wary.
- Look into their financial key performance indicators. It is a simple and overseeable way to get an insight into a company’s economical prosperity.
How big is the potential?
- Investigate the company’s size by looking into e.g. the number of employees or the company’s equity. By assessing these pieces of information, you can get a quick overview of the company’s size.
- Look at the recommended credit maximum. This give you an indication of whether the company can run smoothly through debtor control, or whether higher demands should be taken for stricter requirements in terms of deposit, prepayments etc.
How can you make the best preparations?
- Understand the provisions regulating the power to bind. Who is eligible to establish the company? Who is the true decision-maker? By knowing this before going into a meeting, you know who you should focus your energy towards.
- Look at the relation overview. If you have a meeting with e.g. the CEO, get an overview of who he/she is, where he/she is associate partner etc., so you can have the edge and put yourself in the best position as possible.