Eight steps to making new business part of your DNA
Keeping that all-important new revenues pipeline full is the stuff of nightmares for business owners. But getting it right is key to survival. And if you help your boss win business, your career will sky-rocket. Here’s how to do it.
Making ‘Pipeline’ part of your business’s DNA is key to success and survival.
Identifying, nurturing and then converting new business revenue can be one of the most thrilling parts of our business. It’s also critical. The Pipeline must always be full, no matter how busy we are at any given time. The busyness suddenly ends as projects wrap up. You look into the Pipe and there’s nothing there. Oh dear.
Here are EIGHT STEPS to making Pipeline part of your DNA:
- Involve your senior people: your most senior people must lead from the front and be deeply involved on Pipeline work, always.
- Identify your rainmakers: not every senior colleague will be able to identify and seduce prospects. It’s not in their DNA. Find out who can do it. Get them engaged. Put others to work on other aspects of Pipeline- writing credentials documents, identifying targets, research, etc.
- Allocate and delegate: share responsibility. Give a range of people specific jobs to do, every week. Share the load to keep the Pipeline fresh and evolving.
- Set measurable KPIs: what gets measured gets done. Set specific KPIs for each person on the Pipeline team. Review and reset them every 100 days.
- Make it 100% transparent: create a war room, list all the targets up on a whiteboard, prioritise, set a 100 Day Revenue Target, and then keep updating the run rate as revenues are won and the gap to the target closes.
- Create rituals: play a ‘theme song’ when a team is leaving for a pitch or important Pipeline meeting (we used to blast out the music from ‘Apocalypse Now’ …remember when the helicopters are approaching the village they’re about to bomb…and we’d all cheer the team away as they went down the lifts). Ring a bell when a new project is won. Celebrate every win.
- Allocate set times for Pipeline work: set a weekly Pipeline session. Non-negotiable. Same time every week. Police this relentlessly. This meeting MUST happen. Set your own times to do your part. When John Gardner was leading Savage & Partners, he tried to work ‘in’ the business, on clients exclusively, from 8 am-4 pm daily. Whenever possible, he’d work ‘on’ the business after 4pm, and this always included Pipeline.
- Work your Pipeline in 100 day cycles: every three months, reset your goals, set new revenue goals, refresh your Pipeline targets (drop some, add others- see separate posts on this), allocate responsibilities, set individual KPIs, and get cracking. Three months later, start again.
And remember the advice of former Wallaby rugby captain Phil Waugh. If you want your teams do what you want them to do, set the example: be on your own game.