Many relatively new macroeconomic and socioeconomic factors have changed how companies recruit, engage, and retain top talent. Factors include:
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Highly competitive labor market
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Wage inflation
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The Remote Workforce
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The Gig Economy
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The Great Resignation
Has your recruiting process kept current with the changing business landscape? What does your strategic sales recruiting process look like, and how has it performed recently? When was it last updated? Is it time to reassess the effectiveness of your strategic sales recruiting process?
I recently spoke to a sales leader struggling to find a new sales manager after his last sales manager left to join a competitor. He was frustrated because he had been unable to fill the position for over six months and had no qualified candidates in the funnel. To his credit, his sales team turnover was low, but it also revealed that because they hadn’t needed to use their recruiting process in years, they were unprepared when they needed to find this critical replacement.
The market changed while they weren’t looking. They needed to update their entire strategic sales recruiting process – from where they looked for candidates, how to engage candidates, and the compensation plan they were offering. We discussed several options he hadn’t considered, including:
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Benchmarking his Sales Compensation Plan (see Strategic Elevation’s Sept 2022 Newsletter).
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Engaging a high-quality, low-cost sales recruiter focused on SMB businesses (Amplify Article).
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Hiring outside his industry (See Amplify Recruiting Article).
Strategic Sales Recruiting Resources
This month, I’ve included several valuable resources to help business owners, sales leaders, and other functions involved with recruiting and filling open positions. Industry experts developed these resources (Forbes, Amplify Recruiting, and Sales Xceleration), which can provide valuable insight into ways to improve your Strategic Sales Recruiting process and performance.
“Your Most Valuable Resource: The Right People in the Right Positions”
“14 Techniques For Onboarding New Remote Employees”
“Hiring a Salesperson? Consider Recruiting Outside Your Industry”
Elevate Your Exit Price through Revenue Growth
During the exit planning process, it’s easy for owners to get distracted from elevating the top line. If sales flatline, the organization loses momentum, and the company’s value declines. On the other hand, exceeding sales forecasts, improving operating margins, and introducing new recurring revenue streams can make your business more valuable. Companies that successfully execute an aligned Sales & Marketing strategy are more likely to achieve their sales plan, improving the multiple a business can command.
It’s your name on the door. Most business owners have a tremendous amount of pride in the business they’ve built over the past 10, 20, or 30 years. They want to turn the keys over to the next owner, knowing it’s in great shape.
If you’re ready to explore exiting your business over the next 1-3 years, why not begin working with a professional Sales Advisor who can help you prepare for your transition? Contact Strategic Elevation today for a complimentary consultation and sales assessment.