Whether you are an experienced business owner proudly showing off their best-selling pet project or just a beginner in the world of business, analyzing your income isn’t always as straightforward as you’d expect it to be. Collecting pure data and inferring the right things can both be challenging to the point of daunting.
Luckily, there are tips and tricks that will help you sail through the challenge even if you lack confidence. Here’s what this article can teach you:
- what data to look at and how to make sure it’s representative,
- how you can use a Salesforce integration Outlook plugin for income analysis, and
- what some common mistakes are that you’d better avoid when analyzing your income.
Understanding to Improve
It’s essential that you are aware of the goal you are pursuing as you analyze your income. People typically say that it helps them make a forecast for the future. When you perform an income analysis, it also gives you an insight into what might be behind your revenue.
If done the right way, this practice might give you the answer to the following questions:
- What prevents me from earning more?
- Is it rather underbilling my customers or missing existing ones?
- How do I find out if this project is worth this and that effort? and more.
Data Collection: A Step You Can’t Skip
It’s safe to say that every analysis begins with collecting data. This might sound like a piece of cake given how digital the world has gone recently. In fact, however, the abundance of data makes it even more difficult to pick the right pieces of information and make sure it’s not spurious.
Content management systems such as Salesforce are great for the purpose of collecting and presenting data. Unfortunately, this has to be added by hand unless you are using a clever technical solution to automate it. One way in which you could spare yourself some precious analytical time is described below.
Automating the Process
Salesforce is not synchronized with your email or any other correspondence channels by default. However, you can change this by installing Revenuegrid, an Outlook plugin that enables you to store customer and lead data in Salesforce automatically.
What you get is ready-to-use statistics on leads, pricing, and revenue, as well as a lot of free time. Look into it closely to see the bottlenecks. For example, you’re most probably underpricing your product if you have a lot of customers and small revenue. Other reasons for not making enough money could be not being insistent enough with your leads.
You can also use historical data to forecast a project’s revenueand decide whether you should take it.
Learning From Your History
Diving into clean, automatically gathered stats in your sales can be highly rewarding. This kind of income analysis might highlight areas for improvement as well as opportunities not to be missed in future. Add Revenuegrid, and you get this all at the cost of just a little time as compared to the typical procedure.