Sales velocity is a robust metric used by sales managers for good reason. It presents a snapshot of how your entire sales process is performing. This guide will explain the sales velocity formula and what it means for your business. Key takeaways Sales velocity measures the rate at which your sales force generates revenue. The four factors of sales velocity are number of opportunities, average deal value, win rate, and sales cycle length. Analyzing your sales velocity helps identify pipeline bottlenecks and areas for improvement. Sales enablement tools like CRM platforms help increase sales v ..read more

Contract performance management is a strategic oversight of contracts, covering planning, execution, and optimization activities throughout the entire lifecycle. The primary goal is to maximize the value derived from contractual relationships while minimizing risks and ensuring compliance with agreed-upon terms. So which KPIs ensure your contracts hit the right targets? Read on to see how harnessing key performance metrics enhance outcomes and discover the ways contract management software optimizes workflow and drives contract performance. Key takeaways Contract performance metrics like tota ..read more

Thousands of small and midsize businesses (SMBs) are joining the market every week. In the U.S. alone there are about 33.2 million small businesses, which constitutes up to 99.9% of all the businesses across the country. Such huge numbers equate to huge revenue potential in terms of SMB sales. Which approach and tools should you implement to make the most of this potential? Read on as we cover everything you need to know about the SMB sales process, and how your sales team can crush it in the competitive landscape. Key takeaways With its specific business needs, budget restrictions, and custo ..read more

Document review has a rich history, tracing its roots back to the inception of the first documents, lawyers, and legal proceedings. The methods used in this process have undergone substantial transformations throughout history. Despite its journey, traditional document review faces numerous challenges in today’s fast-paced world. Going through a myriad of documents manually to find the right doc can take hours. Deciding on what’s important may vary between reviewers. The question is — how do you improve this process? In this article, we’ll uncover the mechanics of document review and highlight ..read more

An effective lead management process is one of the most critical factors driving sales through your funnel. When you capture the attention of a potential customer, this is the moment a lead is born. However, how that lead plays out, whether that person becomes a paying customer or client, is another matter. Optimizing your lead management process, in other words making sure all leads, once hooked, have the maximum chance of converting to a sale, is vital to your business’s success. Key takeaways Lead management involves monitoring and assessing leads to gauge their likelihood of converting in ..read more

If you’re a provider of professional services, engagement letters are essential—not just to set the terms of the client relationship, but to protect you from litigation. For example: in 53% of all claims asserted against CPA (Certified Professional Accountant) firms in 2021, there was no related engagement letter. In this post, we’ll share our guide to engagement letters and show you how to write one. Key takeaways An engagement letter is a written agreement between a client and a service provider It sets expectations, outlines responsibilities, and avoids misunderstandings Engagement letters ..read more

Document vs record – it can be confusing. There are so many terms we use in our daily work lives that it is understandable. Records vs documents are two terms that are often – wrongly – used interchangeably. We look at the differences so that you’ll never be perplexed again. Key Takeaways A document is a written, printed, or electronic communication that provides some sort of information. A record is something that evidences an event, from something as simple as a team meeting to recorded conversations used in a criminal trial. Documents can be altered, whether by a simple edit, additions mad ..read more

Regularly keeping track of incremental sales is one of the best ways of determining how best to allocate your marketing resources. In this article, you’ll find out how to calculate incremental sales for any given marketing campaign, as well as some useful tips and best practices on how to maximize this metric. Key takeaways Measuring incremental sales helps improve your marketing strategy. You should focus on personalization to build stronger customer relationships. It’s important to take account of seasonal sales patterns when calculating results. Remember to factor in the cost of incrementa ..read more

The terms “contract bond” and “performance bond” refer to types of surety bonds used in construction and other contract-based projects, but they serve different purposes. While a contract bond is a broad term covering various types of bonds ensuring overall contract fulfillment, a performance bond is specifically focused on the completion of the work as per the contract’s standards and specifications. Key takeaways Performance bonds serve both as a legal obligation and a trust-building tool for project owners, demonstrating the contractor’s ability to complete the project. The cost of a perfo ..read more

Virtual data rooms (VDRs) have become pivotal in meeting the demands of executing modern, complex business deals. A key component of successfully closing these deals is having all the online documents and folders easily located — and that’s where a data room index comes in. A data room index is an ordered list, like a table of contents, for all the docs inside your VDR. The index is used to simplify the search of information for all parties engaged in any business activity carried out via the data room; in particular, VDRs speed up conducting due diligence. Read on to learn more about the impo ..read more