Blog

April 13th, 2015

(Lenexa, KS, March 27, 2015)RESULTS Technology, a managed technology services firm headquartered in Kansas City with offices in St. Louis, today announced it has once again achieved SSAE 16 SOC II compliance for 2015. SSAE 16 (Statement on Standards for Attestation Engagements No. 16) is the gold standard for the validation of a service organization’s operations and procedures. RESULTS is audited annually in nine specific areas including all aspects of data and physical security, data backup, network monitoring, change management and systems maintenance.

“Successfully completing the SSAE 16 audit demonstrates that we are committed to best practices and continually ensure our process management meets the highest industry standards,” said Mike Gilmore, Chief Technical Officer at RESULTS Technology. “Our ability to successfully pass this rigorous, in-depth audit verifies RESULTS has the proper controls and processes in place to deliver the high-quality services our customers expect.”

The completion of the audit is of particular importance to RESULTS’ financial services customers for which SSAE 16 compliance is often a requirement. The audit was completed, Mayer Hoffman McCann P.C., a top ten national accounting firm.

About RESULTS Technology

RESULTS Technology is a leading provider of proactive IT solutions for small and midsized businesses. Founded in 1992, our full-service technology solutions include RESULTS Information Technology Administration (RITA™), a family of Managed Services that provides our clients with the peace of mind that their network and the invaluable data it holds are properly maintained and secure. All of our services are delivered with a consultative approach and supported by our own in-house expert team of engineers. Headquartered in Lenexa, Kansas, RESULTS Technology is consistently ranked as one of the best IT firms in both Kansas City and St. Louis. The firm was named one of the Top 25 Small Businesses in 2014 by ThinkingBigger Media. For more information, visit http://www.resultstechnology.com or call 913-928-8300.

Topic Articles
February 26th, 2015


(Kansas City –ALSO ST. LOUIS, February 20, 2015) – Nathan Keller has joined RESULTS Technology, a managed technology services firm with offices in St. Louis and Kansas City, as Vice President of Business Development. 63005 63005

Keller comes to RESULTS Technology with several years of sales and business strategy development experience. Most recently he served as the director of business development for ATB Technologies where he was responsible for all sales activity including cold calls, networking, price negotiation and existing account development. Prior to that he served in a similar role for Contegix, a managed hosting and cloud computing company in St. Louis.

“We are pleased to welcome Nathan to RESULTS Technology’s executive management team,” said Patrick Murphy, President of RESULTS Technology. “Nathan brings to RESULTS a stellar track record of developing, implementing and executing sales growth strategies and consistently improving the performance of the sales organizations that he has managed. He knows what it takes to bring an organization to the next level and will bring that experience to RESULTS Technology’s sales teams.”

“RESULTS Technology is a well-respected company,” added Nathan. “I’m excited to be part of the team and utilize my experience and one-on-one approach to providing top-notch service and support to customers in my territory. I’ve been immersed in the industry for many years and look forward to working with my customers to understand their technology needs and come up with a solution that best fits those needs.”

Keller graduated from the University of Tulsa in business management and is on the Board of St. Louis Children’s Hospital in St. Louis.

About RESULTS Technology

RESULTS Technology is a leading provider of proactive IT solutions for small and midsized businesses. Founded in 1992, our full-service technology solutions include RESULTS Information Technology Administration (RITA™), a family of Managed Services that provides our clients with the peace of mind that their network and the invaluable data it holds are properly maintained and secure. All of our services are delivered with a consultative approach and supported by our own in-house expert team of engineers. RESULTS Technology is one of only two IT companies in the region who have an SSAE16 certification. This certification is the gold standard for service organizations and ensures that our firm’s controls have been strictly assessed by a third party auditor. Headquartered in Lenexa, Kansas, RESULTS Technology is consistently ranked as one of the best IT firms in both Kansas City and St. Louis. The firm was named one of the Top 25 Small Businesses in 2014 by ThinkingBigger Media. For more information, visit http://www.resultstechnology.com or call 913-928-8300.

January 28th, 2015

(Lenexa, KS, –January 26, 2015) – RESULTS Technology, an award-winning Kansas City-based technology consulting firm, announces senior leadership changes with John French named Chairman and CEO. Patrick Murphy has been promoted to President.

As Chairman and CEO, French is responsible for driving business strategy as well as marketing, service quality, and future mergers and acquisitions. As President, Murphy is responsible for operations, administration, sales and growth. Murphy will report to French.

“RESULTS Technology has an extraordinary opportunity to help customers transform IT and deliver fundamentally more value to the businesses they serve,” commented John French, Chief Executive Officer. “I’m very proud to be part of an exceptional team of people who are committed to excellence in everything they do. RESULTS Technology has not only transformed current IT practices by focusing on the person rather than the technology, but is leading the way in bringing “Worry-free IT” to small business owners across Kansas City and St. Louis.”

Restructuring the leadership team also allows Mike Gilmore, Chief Technology Officer, to focus on expanding services including IT security (especially for bank clients), cloud computing solutions, and helping clients manage ever changing IT compliance regulations. “This transition allows our team to focus on meeting technology challenges that are impacting our clients,” says Gilmore.

Commenting on the team, French added, “Patrick, with his impressive leadership abilities and his successful sales track record, will complement the strong team that is already in place at RESULTS Technology. I want to congratulate Patrick for all he’s accomplished over the past several years helping transform RESULTS Technology to an industry leader in IT services and I’m excited about where he’ll take us as President. Our team was recently strengthened by the addition of Darla Liebl as Director of Marketing. This all means that I can devote more time to the part of this business that I enjoy most — developing customer relationships.”

French’s experience with the company dates back to 2003, when he served as CEO of Computer Source, a consulting firm providing technology products and services to over 1,000 clients in seven cities. Recognizing an opportunity to grow the firm’s client base of small businesses, Computer Source was re-invented and branded as RESULTS Technology in 2005. French also brings technology experience in the banking industry having served as Chairman and CEO of Bankline, a full service bank automation and data processing company.

Having spent over 25 years in sales and operations, Murphy has unique expertise in the technology industry. He has held several leadership positions in Fortune 500 companies as well as small businesses.

Murphy said, “For almost five years, I have worked with the best team at RESULTS Technology and have developed a deep admiration for the people and technology of this remarkable company. I am really excited about this new opportunity to continue to grow RESULTS.”

About RESULTS Technology

RESULTS Technology is a leading provider of proactive IT solutions for small and midsized businesses. Founded in 1992, our full-service technology solutions include RESULTS Information Technology Administration (RITA™), a family of Managed Services that provides our clients with the peace of mind that their network and the invaluable data it holds are properly maintained and secure. All of our services are delivered with a consultative approach and supported by our own in-house expert team of engineers. RESULTS Technology is one of only two IT companies in the region who have an SSAE16 certification. This certification is the gold standard for service organizations and ensures that our firm’s controls have been strictly assessed by a third party auditor. Headquartered in Lenexa, Kansas, RESULTS Technology is consistently ranked as one of the best IT firms in both Kansas City and St. Louis. The firm was named one of the Top 25 Small Businesses in 2014 by ThinkingBigger Media. For more information, visit www.resultstechnology.com or call 913-928-8300.

January 14th, 2015

Security_Jan12_BAny business can become the victim of security breaches on a mass scale, as shown by the debacle which recently eclipsed Sony and forced it to temporarily cancel the release of the blockbuster movie The Interview. Beneath the dramatic headlines are lessons for small business owners everywhere in how simple errors in IT security management can have grave consequences. These tips will help prevent your firm being the next to suffer Sony’s fate.

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 TechAdvisory.org. Source.

Topic Security
December 31st, 2014

security_dec24_BTake some time and research how companies are hacked and you will quickly come to realize that there are a wide variety of methods at a hackers disposal. One of the increasingly common, and effective strategies being employed is spear phishing. In early December 2014, a new spear phishing attack was uncovered, one that has proven to be quite effective against large businesses, and could possibly target small companies 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 say 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 TechAdvisory.org. Source.

Topic Security
December 30th, 2014

BCP_Dec23_BWith a Disaster Recovery Plan and Business Continuity Plan, businesses need to ensure that a proper data and system backup solution is in place. There are many different ways to implement a backup solution, with one of the most common being online or cloud-based backup. While these systems are popular, there is still confusion over what exactly it is.

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 TechAdvisory.org. Source.

December 12th, 2014

productivity_Dec12_BWhen first introduced, email was viewed simply as an electronic version of memos and business letters, and were usually formatted thus. Over time, email has become much more informal, leading to a more natural form of communication. While this is great, there can be times when emails come across as unstructured and unclear, leading to frustration and even a loss of productivity. PAR is an effective way you can avoid this though.

Better email structure for small businesses

In order for your emails to be clearer and to get the overall message across easily, you might want to implement a PAR structure. This three part framework has been used by many business owners and managers to improve overall communications, and consists of:

Problem

At the very top of the email, below the salutation, provide a brief yet clear overview of the problem which is the subject of the email or the reason you are making contact. When writing this overview don't assume anything, including shared knowledge or agreements, unless you have discussed these with all recipients beforehand. The key here is that you are looking to be able to summarize the main issue.

If you need more than two paragraphs, then you should probably create a longer form report that is attached in the email. The reason for this is because the vast majority of people will simply scan an email, and if it's too long, they will usually skip it, or possibly miss key points. If it is easy to scan and read, then there is a greater chance all parties will be on the same page.

Beyond this, if you are struggling to come up with a short explanation or can't clearly summarize the problem in writing, then email may not be the best medium to be using. Opt instead for a meeting or phone call to discuss the issue more fully.

Action

After stating what the problem is, clearly mark any proposed actions or recommendations using a relevant heading, then specifically lay them out in an easy to read format. You want to be as specific as possible here, ensuring that all parties understand what you want to happen and the actions they will need to take as a result.

For example, if you use vague language, such as: "I need this by the end of the month", people may only carry out what you are asking for on the very last day of the month. Instead, you might be better to give a specific delivery date, and possibly a set time, so that any deadlines are clearly defined. Bulleted and numbered lists can really help here, as long as they are clear and understandable and don't muddle the issue.

Results

Finally, identify the expected results based on the actions you want the recipients to take. This helps ensure that every recipient knows what they should be striving for, as well as serving as an indicator of whether the problem has been specifically solved or not.

If the results aren't met, you have a good opportunity to look back at the process and see if there is any room for improvement, or try to pinpoint exactly why something went wrong or didn't happen as you planned. This in turn, if leveraged correctly, can help improve overall productivity.

Looking to learn more about increasing productivity in your office? Contact us today to see how our systems can benefit your business.

Published with permission from TechAdvisory.org. Source.

Topic Productivity
December 11th, 2014

BusinessValue_Dec11_BThe end of the year can be a stressful time for all. Businesses are busy preparing to finish the year and are usually tied up planning for the year ahead. This often means looking for new, yet affordable, business systems that can make tasks and business operations easier. To help, here are five free or affordable business systems that could be a real help to your business.

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.

2. 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.

3. 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.

4. 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.

5. 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 TechAdvisory.org. Source.

December 3rd, 2014

Security_Dec01_BWhile there are many different types of malware out there, the good news is that with many threats we know where they come from and their purpose. Recently, news broke of a new form of malware called Regin that is causing quite a stir in the security community, largely because it’s tough to deal with and not much is actually known about it. This has naturally caused some security concerns for businesses, but what threat does this malware really pose for companies?

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 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 TechAdvisory.org. Source.
Topic Security
December 3rd, 2014

BI_Dec2_BBusiness intelligence, and more specifically the metrics that support it, is among one of the most important processes a company can integrate. While it can be tough to get started, many companies find success to begin with by tracking overall sales metrics. There are a ton of sales metrics you can employ that can give you a better overall picture of your business, and here are five of the most common.

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 TechAdvisory.org. Source.