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Farida Yahya: 5 Sales Plans Founders Could Adopt to Support their Business Growth

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It is not news that the cost of raising money for a business keeps doubling due to inflation affecting every product in the country, yet, the most important thing managers and founders think about is how to sell more.

The current economic situation keeps making it tougher for businesses and overwhelming for founders, but for new entrepreneurs and business owners, it can be worse due to a lack of prior understanding of the business system in the country. A business might have different customer targets if it is an inclusive business, and exclusive if it has secluded customer targets. Thus, your business might require making more than one sales plan, each with a specific focus that functions together to aid sales objectives.

As a newcomer or business founder who is affected by the turbulence of the inflation wave, let’s explore basic types of sales plans that will help you drive the growth you need in these trying times.

Strategic Plan

A strategic plan is one that is used by most businesses and it establishes the standard for sales strategies and sales objectives in the entire company. A strategic sales plan also includes the roles, responsibilities, KPIs, assigned team members, and official tools required to accomplish those goals. This plan is cohesive and precise, especially as it is done at the beginning of the financial year, and plugs directly into the growth plan of the business going forward. It helps to build expectations for the year.

Tactical plan

A tactical plan is meant to stabilise the strategic plan. It is designed to support a strategic sales plan that a business has built. It simply responds to this question: How will the strategic plan not fail? Therefore, it focuses on a particular part of the company rather than the entire company. For instance, an internal sales manager can create a mini format of the corporate sales plan that focuses more on the metrics and strategies that will be utilised by the team members in his or her department.

Territory plan

A territory plan is a type of narrowly-defined strategic plan. It only contains tools, strategies, and tactics for a particular market segment, client base or group of potential customers. It helps you to build a focus for your business. It helps you to know where and when your products are needed.

Operational plan

An operational plan enhances a territory plan. It defines the company’s procedures and policies as they identify with the sales team in much depth. An operational plan may, for instance, state how you will handle or process cash transactions. It could also list the requirements for minimum order and how it is going to get to the required destination.

Contingency plan

A contingency plan serves as an auxiliary plan for the strategic plan by outlining how the company may proceed with sales-related tasks when the business is affected by unforeseen circumstances like natural disasters, a big change in supplier arrangements, or the abrupt loss of a key employee. Contingency plans must contain tactics for an alternative mode of communication, accessing records and data, and policies related to product liability, public safety threats, and mismanagement.

Some of these plans require to be executed separately or simultaneously. If they are properly planned and infused to work together seamlessly, I believe they will be able to deliver the growth and profitability your business deserves.

 

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Featured Image: Dreamstime 

Farida Yahya is the Founder of Lumo Naturals, an Abuja-based natural haircare solutions brand that provides a combination of natural products, techniques, artistic styles and education about African hair and the importance of healthy and natural hair to natural hair owners. She is also the founder of The Brief Academy, a learning hub dedicated to developing and supporting female-owned startups to achieving wealth and scalability. Farida is also the author of Redefining Beautiful, a book that discusses the realities of starting a natural hair business. You can connect with Farida Yahya on Instagram via her personal page @thefaridayahya and her business pages @lumonaturals and @thebriefacademy.

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