February 13th, 2015

BC_164_AIt’s Monday morning, you’re the first one into the office as usual. You take your keys out and unlock the door only to find your office in complete disarray. Documents are thrown everywhere, chairs are knocked over and the worst part – all of your computers are gone. To your right, you notice a smashed window and a trail of keyboards and cables. Then it hits you. You’ve been robbed. Situations like this can happen to businesses of all sizes. The question is, are you prepared? Here’s how you can create a business continuity plan that keeps you open and making profits when the unexpected strikes.

The difference between disaster recovery and business continuity

While it’s easy to overlook the differences between a disaster recovery and business continuity plan, there are actually some key variations you should be aware of.

Disaster recovery is the restoration of business operations and IT infrastructure after a disaster has already occurred. Business continuity, on the other hand, is focused on maintaining business operations and profits throughout a disaster. While disaster recovery is mainly focused on the slice of time immediately following a disaster (how you replace your equipment and restore IT infrastructure asap), business continuity looks at the bigger picture – the continuity of the company as a whole. It ensures you can run your business and maintain profits during the process of recovering from a catastrophe. It generally includes a disaster recovery plan as part of it.

Creating your business continuity plan

The first step in creating your plan is to identify which of your IT assets are vulnerable to disaster. To do this, you need to ask yourself some important questions, starting with what might happen if you were to lose the functionality of a specific asset for a day, a week or even longer. Answering this question will help you identify your most critical IT assets; the ones that are integral to your business operations.

Here are some other important questions to ask when drafting your business continuity plan:

  • What is the purpose of my business continuity plan?
  • What disasters can affect my IT infrastructure?
  •  What are my key business areas?
  • Which different business areas, assets and departments depend on each other?
  • What is the longest amount of time I can go without functionality of IT assets?

Once you can answer these, it’s time to start planning. Write down your thoughts, and then contact an IT provider like us for assistance. We’ve helped countless businesses just like yours prepare themselves in order to remain operational throughout catastrophes. We can also help you identify potential problems that you may not have thought of.

Need help creating your business continuity plan? Contact us today to see how we can help you stay running and turning profits when disaster hits.

Published with permission from Source.
February 6th, 2015

BusinessValue_Feb6_AIn today’s society of instant gratification, people have short attention spans. They want to have everything accessible at their fingertips via smartphones and tablets. For businesses with an online presence, this is either a new opportunity – or a missed one. Establishing mobile strategies to target smartphone addicts can give you an edge over competitors who are not going mobile. Here are some mobile marketing tips that could help your business to fly high.

Use QR codes

As far as mobile marketing tools go, QR coding is among one of the most powerful. With QR codes you can set up announcements about special events, coupons, newsletters, updates on your latest products, etc. Your potential customers can simply scan the QR code with their mobile devices and see what you have to offer.

The real benefit of QR codes is they can be put virtually anywhere to lead people anywhere online. Imagine putting a QR code on a T-shirt and having it lead to an online coupon for special deals. While the possibilities for placing QR codes are endless, it’s probably not very useful to put them somewhere that doesn’t make sense, like on a street billboard; people can’t scan your QR code while they’re driving.

Buy Facebook mobile ads

Facebook currently has over 700 million active mobile users. Even if that number’s not increasing at the moment, it’s still huge. Many businesses that are competing online have a Facebook page and advertising plans already. But with the majority of mobile visitors on Facebook, all your content and ads should be easy to read and engage with.

Facebook mobile ads display better than normal ads on the right column on Facebook’s news feed. If you don’t make use of this feature, you might be missing out on a large audience.

Make your website responsive

Back in the old days all websites were static, meaning that content was fixed unless you edited the HTML files. Later came the dynamic website, where content was changeable once you refreshed a web page. Now we have responsive websites, which conveniently adjust themselves to different browser sizes or a mobile device’s screen size.

Responsive websites are the future of the web. Imagine how high the bounce rate is likely to be if a potential buyer visits your website on a mobile device, scrolls around to read your content with difficulty, gives it up as a bad job and finds your competitor’s website that is mobile-friendly. That’s why your business website is better off on a responsive design.

Mobilize your E-mail

There are many up and coming marketing tools, but email is still one of the best ways to get great results for businesses. As with Facebook, most people check their emails on a smartphone or tablet. Make sure your message reads well on mobile devices, or your customers might ignore and delete it or, even worse, unsubscribe from future emails.

There are plenty of mobile marketing tools out there. Before implementing them get in touch with us to find the best solution that works for your business.

Published with permission from Source.
February 4th, 2015

BI_Feb4_AThe business intelligence market is changing. While most of you are probably familiar with business intelligence software such as Excel, the new wave of BI products is making it easier for you to track down data and organize it into easily viewable graphs and reports. So if you’re looking for data on how well a new product sold this past year, you can save time by not having to gather that information and organize it yourself. Now Microsoft is joining the scene and trying to make noise with its free Power BI product offer.

What is Power BI?

Power BI is a Cloud service which mainly functions as a self-service data analysis tool. What makes it unique is its use of advanced visualization options (graphs, charts, etc.) and the ability to find data by using natural language to ask questions and get answers. For example, you can simply type, “which department had the lowest sales profits last month?” and then get a chart that will visually display the sales from the different departments.

Another distinct characteristic of Power BI is its ability to collect and analyze data from various applications and services. These include, Marketo, Excel, Zendesk and more.

And lastly, being a Cloud based service, the data is easily shareable, and employees can access it whether they’re in the office or on another continent.

Do I really need data analysis for my business?

It’s easier to get ahead of the competition if you know where you’ve been. With knowledge of your past failings or successes, you’ll know what methods and strategies are working and which ones aren’t. Then you can make appropriate business decisions based on facts and not assumptions.

For some, Excel may give you the ability to track all the Business Intelligence you desire – if the data you need is relatively simple and is kept all in one place. But if you have large amounts of data over various applications, then a product like Power BI can be a huge time saver since you won’t have to waste hours finding and organizing it.

If Power BI is so awesome, why is it free?

Power BI comes in two versions: the free one and a pro version for $9.99 a month. The pro version will feature more support for streaming data, quicker scheduled data refresh, and more storage. But light to medium data analysis users will still gain much from the free version.

Likely the real reason for the free version of Power BI is to capture market share from Tableau software, which currently dominates the self-service analytics market. Microsoft appears to be trying to create a simpler data analytic system that will be less complex than Tableau and more appealing to non-tech users.

And once they get sign-ups, Microsoft can then use this as a gateway to sell other Microsoft business products.

Want to discover how Microsoft’s Power BI or other Business Intelligence products can give your business an edge? Contact us today to see how we can help.

Published with permission from Source.
January 29th, 2015

Security_Jan28_AAs far as viruses, worms and other security infections go, there are probably none quite as frustrating as Poweliks. While most threats can wreak havoc on your computer system and cause untold damage to your business as day-to-day processes are interrupted by unstable IT, information leaks and data losses, the majority at least leave a trace of their work that enables them to be detected and ultimately removed. Not so with Poweliks – this nightmare of a malware completely hides away in your system and is pretty much invisible. Here’s what you need to be aware of and how you can protect yourself against Poweliks.

What is Poweliks?

Security firm Symantec describes Poweliks as a trojan horse that performs malicious activities on the compromised computer. But it’s no ordinary trojan – unlike the majority, which infect your computer with malicious files, Poweliks is a silent and invisible threat that hides away in the memory registry of your system. It’s not entirely new for a virus to seek to cover its tracks by making itself “file-less” but, in contrast with Poweliks, most are wiped when you restart your computer and its memory is cleared. Worse still, Poweliks hijacks the legitimate processes and applications running on your network, inserting its code into them where it can largely evade detection.

First discovered back in August 2014, Poweliks has therefore created something of a headache for firms behind conventional security solutions like anti-virus software. Symantec and others have admittedly managed a number of updates to their protection in response to the threat posed by Poweliks. But although very minor records of the presence of the trojan are left behind by way, for instance, of registry logs, the signs of its destructive presence are much lower key than the computer world is used to, meaning Poweliks is unlikely to show up on most system scans.

Poweliks has links to Kazakhstan, the home of two servers the malware connects to once it is up and running from within your computer. The servers in Kazakhstan then send commands to the bug to tell it what to do next. In theory, this then makes way for the tool to be used to download other undesirable programs that could infect your system without your knowledge. It could equally be used to steal and disseminate data from your network.

How can I best protect myself?

As well as the anti-virus updates that have gradually been released – but which are still likely to have only a limited impact on threats of this type compared with those of the past – a number of Poweliks removal guides are now available online. Nevertheless, prevention as ever, remains better than cure. One method reported to have been employed in the distribution of the Poweliks infection is embedding it in a Microsoft Word document, which is then sent as an attachment to spam emails, and which the attackers hope your curiosity will lead you to open. Among the senders that these spam messages have masqueraded as being from are the United States Postal Service and Canada Post. Of course the best advice remains to be suspicious of any and every email attachment you open, particularly if you weren’t expecting mail or it’s from someone you don’t know.

Should I be concerned?

In fact, revisiting your everyday security precautions is probably pretty good advice all round, since experts predict that this type of threat is likely to become ever more common as attackers seek to exploit the techniques of Poweliks in order for their infiltration to remain unnoticed for as long as possible. Sure enough, a number of copycat threats have already been detected by security specialists as of the start of 2015.

General awareness around web sites you choose to visit is also recommendable in particular, since others have also reported the bug making its way onto their systems thanks to so-called ‘drive-by download attacks’ – whereby simply visiting a malicious web site is enough to trigger the infection, and actively downloading a file isn’t even necessary. As a result, organizations may wish to consider more comprehensive filtering of internet access, or at the very least reactive blocking of known malicious sites, in order to prevent employees from inadvertently infecting a company network.

To find out more about IT security solutions and protecting your technology from attack, contact us today.

Published with permission from Source.
Topic Security
January 14th, 2015

Security_Jan12_CThe scale of the recent security breaches at Sony, which led to the cancellation of The Interview’s theatrical release, can make the company’s problems seem beyond the realm of the average small business. But the security mishaps that created the circumstances for the hack are as applicable to modest local and regional companies as they are to multimillion dollar corporations. These three tips will take you back to security basics and help avert your own big-screen drama.

Don’t let basic security habits slip

Our modern-day instinct tells us that the answer to potential security breaches is to install new layers of antivirus software, firewalls and further encryption systems. While these are all worthy additions to your company’s armor of security shields, they will do little to help if good old-fashioned protective habits are allowed to slide.

Instill a disciplined, security-conscious mentality in your organization, and keep the messages simple so that staff remember and follow them. Focus on regularly changing passwords and keeping them secret, being vigilant about avoiding unexpected links in email messages, and limiting network access for the likes of external contractors to that which is absolutely necessary.

One of the ways hackers made their way into the Sony network was by tricking administrators into thinking they had a legitimate need for access: teach your staff to be careful, and praise cautiousness even if it turns out access is warranted. Encourage staff to flag up potential security lapses, and make sure they know that reports will be followed up and loopholes closed.

Take a flexible and agile approach to IT

IT changes, and so do the ways best suited to keeping it safe. This means it is vitally important to keep your IT systems up to date, and where necessary to do away with outdated practices that could leave your business technology exposed. This involves more than just ensuring that your network is running updated antivirus software to catch the latest bugs and worms – it means staying abreast of emerging methods to mitigate potential threats from hackers worldwide.

All of this uses staff and resources that your small business might not have – which is where outsourced managed services come in. Using a managed service provider as an add-on to your own IT team can give you extra flexibility and the ability to keep abreast of industry security developments, even when you lack the time to do so yourself.

Equally, know when it is time to ditch data – think of emerging social networks like Snapchat, which set messages to self-destruct after a set time, as your cue to make your data retention policy less permanent, particularly in relation to email. If you no longer have a business need or a regulatory requirement to retain information, then delete it – in the process you can limit the possible damage even if the worst should occur and you fall victim to an external attack.

Backup, backup, backup

The last thing you want in the event of a security breach is for it to hit your day-to-day operations – the potential damage caused by the hack itself is likely to give you enough to worry about. But that is exactly the situation Sony found itself in after its latest hack, with its email system down and staff forced to return to the days of pen, paper and even the fax machine.

As well as ensuring alternative means of communication remain open to your business in the aftermath of a possible attack, it is also vital to make sure that you retain access to the information most critical to your work. Regular, secured backups help ensure that, whatever happens, the show is able to go on and your firm’s productivity and revenue are not unduly hit. Engaging professionals to undertake your backups on a managed service basis also means this can happen routinely and without fail, while you stay focused on running your business.

Want to learn more about how to reduce your IT network’s vulnerability to attack? Get in touch with us today.

Published with permission from Source.
Topic Security
December 31st, 2014

security_dec24_AThere are so many ways that hackers can gain access to your computers and systems it boggles the mind. One of the more popular tactics employed is the increasingly common spear phishing. In early December 2014, news broke of a new, super savvy, spear phishing campaign that had succeeded in scamming top Wall Street companies and could be a danger to small businesses as well.

What is spear phishing?

Spear phishing is an advanced form of phishing where attackers troll the Internet for relevant information about you and then create a personalized email that is sent to you. This email is usually developed so that it appears to be coming from a friend or trusted partner and contains links to a site or program that can initiate an attack or steal information.

More often than not, these links are to websites where you enter account information, passwords, and even bank account details, or any other personal information which can be used to break into computers and even steal your identity.

What is this latest spear phishing attack?

This new form of spear phishing, being carried out by an organization who calls themselves FIN4, has actually been around since as early as mid 2013. When they attack Wall Street listed companies they are doing so to steal valuable plans and insider information.

What we know is that they send highly savvy and targeted emails to people at a company, trying to harvest Microsoft Outlook account information. Once they have this crucial data they then target others inside, or connected to, the organization, with the same email, while also injecting the code into ongoing messages. This method can spread the attack quickly, leading to a potentially massive security breach.

In the email examples of this phishing threat, the attackers write mainly about mergers and other highly valuable information. They also include a link to a forum to discuss the issues raised further. These emails come from people the recipient already knows, and the link is to a site that asks them to enter their Outlook account and password before gaining access. When this information is entered, it is captured by the attacker and used to launch more attacks.

What can we do to protect our systems?

From what we know, this attack is being carried out largely against law firms, finance companies, and other large organizations. While this discounts many small businesses, there is a good chance that the attackers will turn to small businesses operating with larger companies at some point.

Because this is an email-based attack, you need to be extra vigilant when opening all emails. Be sure to look at the sender’s address, and read the body of the email carefully. While hackers generally have good English skills, they aren’t fully fluent, which means you will notice small mistakes. Also, keep in mind previous emails sent by the recipient. If the tone and style is off, then the email may be fake.

It is important to always look carefully at all links in email messages. If a link looks suspicious, then ask the recipient for more information or to tell you where the link goes. If you come across any site asking you to enter account information, be extra careful. Look at the URL address in your browser, if it doesn’t sat HTTPS:// before the address, then it may be a good idea to avoid this.

If you have any questions on spear phishing and how you can prevent it, contact us today to see how we can protect your business.

Published with permission from Source.
Topic Security
December 30th, 2014

BCP_Dec23_AWhen it comes to backing up your important business data, there are many options available to your company. One of the increasingly common choices is to use online or cloud-based backups. Despite the popularity of these systems, there is still confusion over what exactly online backup is and the benefits it can bring businesses.

What exactly is online backup?

In a wide sense, online backup is a backup system where your files, folders, and even systems, are backed up to an offsite storage server over your Internet connection. Tech experts also refer to this service as remote or cloud-based backup.

When you back up your files and systems to an online solution, your files are stored off site, usually in redundant data centers. This means that should something happen to your files you can access the system via another computer and restore your backups onto that computer, as long as you have an Internet connection.

For many companies, this is arguably the most efficient form of backup, not because of the backup method itself, but because of the fact that your backups are stored remotely The chance your data will be accessible if your business faces disaster increase, as data can be recovered quicker than most other systems.

How do online backups work

Like most other technical systems out there, there are numerous varieties of online backups. Some of the most effective are image-based, which take a snapshot of a computer or server at a specific time and then upload this to the remote backup servers. This snapshot contains the whole system as it is and can be easily recovered.

Other solutions can be automated to back up specific files and folders, and run through a Web-based interface that can execute a backup from almost anywhere. Beyond this, many systems can be managed by a company like us. We can implement a system that works best for your company and your data, and then manage it so that your data will always be available when you need it. Should something go wrong, we can even help you recover your systems.

4 Benefits of online backup

Companies that implement an online-based backup have been able to realize the following benefits:

  1. Decreased recovery time – Because your data is stored online, as long as you have an Internet connection you can begin recovery at the click of a button; there is no having to go find your backup, then figure out how to recover it. Most companies see a generally reduced backup recovery time when they implement an online system.
  2. Increased backup reliability – Over time, physical systems break and need to be replaced, and this can happen at any time. Because online systems are managed by other companies, whose main job is to ensure backups are always available, you see increased reliability with these systems.
  3. Decreased costs – Physical backup systems can be costly, especially if you have a large number of systems or a large amount of data to back up. Many online providers charge a flat monthly fee that often works out to be less costly than other solutions. Beyond this, you don’t need to invest in physical backup solutions and the storage space to house and maintain these. As a result you should see lower costs.
  4. Increased data availability – As long as you have an Internet connection, your data will be available. This means you don’t have to worry about your offsite physical data being okay, if you have a problem or disaster strikes on your premises. With online services data is available when you need it.

If you would like to learn more about online backup, contact us today and let us reveal just how dynamic and effective our solutions can be. Don’t wait until you have to face a backup issue to back up your vital data!

Published with permission from Source.
December 11th, 2014

BusinessValue_Dec11_AThe holiday season can be stressful and expensive for everyone, employees and business owners alike. While it is great to start a new year, it can be tough to justify or find the funds for new expenses, even if there is a real need. Instead, you may want to look for cost saving tools that can help improve business operations for less. To help, here are five free or affordable tools that can make your business life easier.

  1. Canva
    If you are a business owner, chances are that you aren’t the world’s best graphic designer, unless you run a graphics company of course! In order to design graphics, icons, flyers, and even posters you need specific graphics software. This can be expensive and the software is not going to be easy to use for design novices. You may even need an in-house graphic designer. This is where Canva comes in.

Canva is an online app that allows users to quickly and easily create professional looking graphics using drag and drop functionality and a wealth of free, or affordable, stock images. In other words, you can create designs in a short amount of time.

The service itself is free, but some images do need to be purchased.

  1. FreshBooks
    Most business owners are not certified accountants either, and even if you understand the basics of accounting and tracking of finances, the money side of your business is often a full time or at least a specialized job. If not handled correctly, this could spell disaster for your business. One solution is cloud-based FreshBooks.

FreshBooks is accounting software that allows you to invoice clients, track payments, accept payments, track expenses, and access financial reports at the click of a button. Beyond this, you can connect FreshBooks with your payroll services to ensure that your employees are paid on time.

The platform offers a free plan that allows you to track and manage one client, while paid subscriptions start at USD 19.95 a month.

  1. Hootsuite
    Many businesses have a presence on more than one social media network. While this is a great way to reach out to the highest number of customers, it can be a chore to manage and maintain a presence on all of these networks all of the time. Hootsuite is specifically aimed at this task.

Hootsuite is a tool that allows you to manage your social media accounts from one platform. Using Hootsuite you can schedule posts, set up streams, establish keyword tracking, and track engagement. It really is a one-stop-shop for all of your social media platforms.

Hootsuite offers a free subscription which allows you to manage three social media profiles, while a business subscription starts at USD 8.99 and allows you to track up to 50 profiles and gives you access to more advanced analytics and features.

  1. Podio
    Managing projects and ensuring that all employees are aware of what they should be doing, and what others are doing, can be one of the toughest tasks for any business owner. Sure, spreadsheets and communication work to a point, but there is always room for error and of course improvement, which is what Podio provides.

Podio is a project management app that allows you to easily manage projects, tasks, deadlines, and even files. Using an intuitive dashboard that all users have access to, employees and managers can easily see who is doing what, as well as what needs to be done and what has already been done.

Podio is free with limited features for five users and costs USD 9 per user, per month for the full subscription plan.

  1. CoSchedule
    If you have a blog, either on WordPress or hosted by WordPress, sharing the articles you post on your social media profiles is a great way to increase content reach and interaction. However, it can be time consuming to actually create posts on each different platform, unless you use CoSchedule.

With CoSchedule you can write your social media posts for a blog article and schedule them to be posted once the article goes live. Think of it as automating the sharing of your blog articles. This will save you time, while making it easier to manage your content, largely because the calendar included in CoSchedule is easy to work with and gives you a good view of your content.

CoSchedule is USD 10 per month, per blog.

If you are looking for more affordable ways to improve your business operations, contact us today to see what boost we can offer you at a price you can afford in 2015.

Published with permission from Source.
December 3rd, 2014

Security_Dec01_ASpend even a small amount of time looking at the various massive malware threats out there and you will find that security experts are usually able to figure out who developed it, the intended targets, and where it is most prevalent. In early November, news broke about a mystery security threat called Regin that has been around for years, but which experts seem to know comparatively little about. Many business owners are worried about Regin, but should they be?

What exactly is Regin?

What is most interesting about Regin is that a number of security experts seem to not really fully understand it. They know that it exists, they know it is complex, and they know it is one of the most advanced pieces of malware ever created. But, they don’t know what exactly it does, or where it comes from.

What we do know is that Internet security firm Symantec is credited with first bringing Regin to public attention, and that it has been around since at least 2008. So far, the company has said it is similar to the Stuxnet virus that was supposedly developed in (or by) the US and used to attack and subvert the Iranian nuclear program.

Regin is known to infect Windows-based computers and at its core is a backdoor trojan style of infection. From detected infections it is looks like the purpose of the malware is not to steal information but to gather intelligence and facilitate other types of attacks.

What makes this malware so powerful and disturbing is that it is much more advanced than other infections. Using various encryption methods it can hide itself extremely well, making it difficult to detect. It can also communicate with the hacker who deployed it in a number of different ways, thus making it a challenge to block or stop. As a result, it is far from easy to actually figure out what exactly this malware is doing and why.

Who has been infected?

According to various security experts we have been able to compile a list of companies and organizations that have been targeted to date. These include:

  • Telecommunications companies
  • Government institutions
  • Financial companies
  • Research companies
  • Individuals and companies involved in crypto-graphical and mathematical research

At the time of this article, no known attacks have been carried out against companies in the US, Canada, or the UK. The main countries targeted so far have been Russia and Saudi Arabia, along with a smaller number of infections in Malaysia, Indonesia, Ireland, and Iran. A total of 10-15 countries have been targeted since the malware was first discovered in 2008.

Is this a big deal for my company?

Just because your company is operating in a country that hasn’t been affected thus far, doesn’t mean that you aren’t at risk of being attacked by this malware in the future. If you operate in any of the industries or sectors listed above, you could still be at risk, especially if you do business with clients in infected regions.

For now, however, it appears that Regin is only infecting larger government bodies and large companies outside of North America and much of Europe, so the chances of you being infected are relatively low. Although as with any threat, this can change at any moment.

What we recommend is that you ensure your antivirus and antimalware solutions are kept up to date and always switched on. You can rest assured that eventually experts will learn more and block this malware from infecting systems. Beyond this, working with an IT partner, like us, who can ensure that your valuable data and systems are secure, is also be a good idea. The same goes with watching what you download and any emails you open. If you don’t know or trust the source, don’t download any program, open an attachment, or read an email connected to it.

Looking to learn more about the security of your systems? Contact us today.

Published with permission from Source.
Topic Security
December 3rd, 2014

BI_Dec2_AWith the steady increase in the adoption of business intelligence suites and solutions by small to medium businesses, managers and owners have been able to take advantage of better data. One business function that has really benefited is sales. There are so many sales-related metrics to employ, it can be tough to actually pick the ones that work for your business. To help, here are five of the most common and most useful sales metrics.

The sales pipeline

This metric is often employed by businesses to show current sales opportunities and estimate the number of sales or revenue the sales team will bring in over a set period of time, usually a couple of months. When employed correctly, team members are better able to track and remain in control of their sales. Managers can also be assured that targets are more accurately set and reached.

When companies set up their sales pipeline metrics they often set out to measure:

  1. Average time deals remain in the pipeline.
  2. Average percentage of converted leads.
  3. Average worth of every deal.
  4. The number of potential deals in the pipeline.

Overall sales revenue

This metric is often seen to be the most important sales-related metric to implement, largely because it provides managers and owners with a good overview of the health of their company and overall performance. In short, sales revenue allows you to accurately view the profitability of your business, even if your profits aren’t presently growing.

Beyond giving a useful whole-business overview, this metric can also uncover exactly how much each sale influences or contributes to the bottom line. This can be calculated by using the standard profit-ratio equation – net income over sales revenue.

Accuracy of forecasts

Any sales manager knows that forecasts are just that, predictions. But, because so much of sales is based on informed speculation it is important to track the overall accuracy of any future forecasts. By doing so, you can uncover gaps in processes and reveal any forecasting tools that need to be improved.

From here, you can track improvements and tweak forecasts to ensure that they become as accurate as possible. After all, if you can show that you are meeting your goals, or are close to meeting them, you can make more reliable decisions and be assured that your company is doing as well as it appears to be.

Win rate

The win rate, also known as the closure rate, is the rate that shows how many opportunities are being translated into closed sales. Because this rate looks at the number of sales, you want it to be as high as possible, especially when you look at the time your sales team puts into closing sales.

While a high rate is preferable, low win rates are also useful largely because they can highlight areas where improvement is needed. For example, if your team has constantly low win rates across the board, then it could signify that there is a need for more training on closing sales, or that sales staff may not be knowledgeable enough about the products or services being offered. A fluctuating rate could show increased industry competitiveness and highlight when a sales push could be beneficial.

Loss rate

The loss rate can be just as important as the win rate, largely because it focuses on how many potential customers did not purchase products and/or services from you. It can really highlight problematic areas in the early sales process. For example, by tracking the loss rate you may be able to see that response time is low, causing potential customers to walk away.

Essentially, when measured correctly, you can use loss rate to improve the overall sales process and hopefully bump up your overall win rate. You can also compare the two rates to really see how big of a gap there is and give your team a solid goal to try and find ways to reduce this gap.

If you are looking for solutions that allow you to track and measure your sales and any other data you generate, contact us today to learn how we can help turn your data into valuable, viable business information to lead your company to better success.

Published with permission from Source.