Can a sales process be good for your wealth?

I asked this question a few weeks ago in a LinkedIn discussion and gained some interesting and supportive responses. I had attended a webinar run by The Sales Management Association which was based on research they had done across businesses ranging from very small to very large. The research produced clear evidence that those companies that have a solid sales process, people who follow it and managers who ensure it happens consistently do better in terms of revenue and profit than companies who do not have the same level of discipline. One of the responses referenced research conducted by CSO Insights over several years which drew the same conclusions in their 2013 report on Sales Performance Optimisation. Here are some quotes from people who engaged in the discussion:

“Traditionally we have not been particularly formal with our processes, but this is starting to be addressed, which has certainly made a difference to visibility of pipelines and client relations.”

“Any process needs to be driven from the top of a company and it needs multiple inputs to the creation in order to make it as robust as possible.”

“A well thought through sales process which is embedded into the planning, action, reporting (and coaching and development) generates more consistent sales results and also saves time on identifying the minimal to no hope deals.”

“I can see that they could/would/should make a difference to both time management and profitability.”