74% of Canadian companies want to achieve high growth, according to the Canadian Sales Growth Report from CPSA. High growth is classified as growing by more than 6.7% per year. In my experience, this is not high sales growth. When we work with sales teams, we want to see at least 25% sales growth.
If you really want to be better than the other 74% of Canadian companies, you’ll have to kick up your game and your team! Here’s the reality – if you want to double your sales in the next 3-5 years here’s what it will take:
Consistently grow your business by 26%:
| Individual Rep | Company | ||
| Based on $1,000,000 | Based on $50,0000,000 | ||
| Year 1 | 26% increase | $1,260,000 | $63,000,000 |
| Year 2 | 26% increase | $1,587,600 | $79,380,000 |
| Year 3 | 26% increase | $2,000,376 | $100,018,800 |
If that is too aggressive, let’s map out a 5-year plan, based on a +15% increase:
| Individual Rep | Company | ||
| Based on $1,000,000 | based on $50,0000,000 | ||
| Year 1 | 15% increase | $1,150,000 | $57,500,000 |
| Year 2 | 15% increase | $1,322,500 | $66,125,000 |
| Year 3 | 15% increase | $1,520,875 | $76,043,750 |
| Year 4 | 15% increase | $1,749,006 | $87,450,312 |
| Year 5 | 15% increase | $2,011,357 | $100,567,859 |
The other staggering statistic is that 40% of Canadian organizations do not have a strategic plan to increase their sales and revenue.
You’ve heard me say this before and I’ll say it again: If you fail to plan you plan to fail.
Use these additional sales stats to your advantage – use them to build a strategic plan to grow your sales and sales team:
- 2 million in the Canadian workforce are sales professionals, representing 6.6% of the Canadian workforce. Only 16% are selling B2B to other businesses.
- Professional sales is ranked as one of Canada’s 7 most in-demand positions.
- 75% of companies are having difficulty finding good sales professionals to add to their team.
- 38% of companies don’t sponsor any formal sales training to their team.
- 32% of Sales Managers said they would spend more time coaching their sales team.
What is your strategy to become a high growth company?
Here are a few strategies to become a high growth company and double your sales in the next 3-5 years:
- Focus your sales on your ideal profitable type customers and double sales with your existing clients
- Double your sales team
- Expand your sales team through your customer service and inside sales team
- Mergers & acquisition – buy your competition or smaller players in your marketplace
- Expand your products & services to be selling more consultative selling solutions to offer long term contracts with your customer base
If you want to double your sales, contact me at lisa@teneoresults.com.
Lisa is driven by the mantra – Be Strategic. Be Pro-active. Be Brave. – and has been successfully training and coaching sales leaders and their teams to do the same for over 15 years. As the President of Teneo Results since 2003, she has trained thousands of sales professionals at more than 250 companies across North America. She transitions salespeople away from the standard “product & price” approach to having purposeful business conversations with their customers that drive results.