Your Sales Department Benefits from On-Demand Cash View, Too
Current cash drives everything the finance department does, but other business units also need this information at their fingertips to better fulfill their roles. Take the sales department. They generate the new business that brings money in, so knowing where company cash and customer payment status stands and seeing its impact gives sales more insight to do their job more effectively.
Furthermore, sales and finance need to work in concert as Insights for Professionals notes: “the firms that work best have good systems in place to allow departments to easily interact with each other.” For example, when sales can access the same on-demand cash view that finance does, these two critical functions can collaborate in real-time on strategies for driving more sales and on tactical plans for motivating customers to pay invoices quicker or to bring past-due accounts current.
Just consider what a real-time view of company cash reveals to sales.
What’s Bringing in the Most Cash
Business changes over time. Some long-term customers might not be generating as much cash as they once did. But are your salespeople still spending more time with them than on other customers who actually represent a larger share of your recent cash inflows?
Product popularity ebbs and flows, too. Are your sales and marketing teams focusing the optimum amount of attention on the products or services that can bring you the most cash in the near term? Markets also look different over time. Are sales and marketing plans currently directed at the ripest ones?
With an on-demand cash view, sales and marketing management can see which customers, products, and markets lead to the most current incoming cash. Then they can develop sales plans based on accurate cash forecasts.
See Opportunities and Risks and Collect Cash Faster
Imagine having a jump on your competition or identifying risk before it has time to do permanent damage. One of the best ways to get that upper hand is by giving sales access to a real-time cash view so it can detect trends at their outset. For example:
- When a customer orders more, sales can develop an action plan to capitalize on the uptick.
- The minute a product starts selling more, sales can work to identify additional potential users.
- If customers start carrying a past-due balance, together sales and finance can create a customized dunning campaign to bring them current and save the relationship.
How Individual Sales Impacts Cash Flow
Cultivating cash flow literacy throughout your organization helps your employees understand how their everyday actions impact the overall success of the company. To that end, an on-demand cash view provides sales management with a useful coaching tool. Managers can easily show individual team members exactly how their sales affect current company cash and its overall financial health.
Help Your Sales Department Generate More Cash
When sales and finance are in sync through integrated digital finance tools, companies are much better positioned to beat out their competition and ensure their long-term survival. Reach out today to see how Tesorio Cash Flow Direct can improve your sales strategies so they generate more cash for your business.