Globally, the COVID-19 has now affected millions of lives with lacs of deaths worldwide. The coronavirus cases are increasing daily basis, which is very dangerous for the people and businesses. Due to lockdown, things have been changed; companies are not able to function efficiently, some of them performing remotely with ongoing challenges like communication issues, cybersecurity risk, lack of coordination, etc. It directly impacts company revenue and productivity. Due to uncertainty, many CFOs plan employee pay cut or delay, vendors payment delay, delay in rent or seeking some shorts of adjustments. Here, in this article, we are exploring COVID-19 impact on sales operations leaders, and how they can mitigate related risk.
COVID-19 impacted businesses badly, delivery, performance, sales, payment collection, and revenue, etc affected, so its impact goes across the department. According to the Gartner survey, 38% of companies have already deducted sales operations budgets, and 14% plan to deduct their sales operations budgets in the upcoming three months. The alarm bell rang, so sales operations leaders need to act quickly to mitigate risk, and to protect their teams with anticipating the dynamic demands of their sales companies.
Sales operations leaders should focus on the following 4 areas to mitigate COVID-19 related risks.
1. Sales Operations Teams
Due to lockdown, the company has implemented work from home policy, But unlike the sellers they support, sales operations teams are less frequent to working remotely. Sales operations leaders must understand performance and any challenges if they are facing by COVID-19 or working remotely. Leaders also should develop strategies to virtualize communities and promote active engagement among sales operations team members.
2. Forecast Uncertainty
Due to lockdown, uncertainty in supply and demand has affected buyer confidence. Sales leaders are not able to make any commitment based on their general leading indicators, resulting in higher forecast uncertainty. Sales forecasts are sales operations leader’s forecasts of future productivity-based inputs. In the uncertain times, nothing is fully trusted, neither data no raw commitment.
Leaders need to recognize and track markers that signal the worsening or increase of supply and demand to give strategic insights on how these factors operate forecast changes.
3. Sales Analytics
Sales analytics data helps in the company’s decision making. These decisions are based on how particular metrics are working on set targets. Still, the COVID-19 now means expectations for productivity need to be re-visited. Sales operations leaders must classify the signs of change and work with sales leadership; adjust the targets for their key performance indicators, respectively. The sales analytics program needs to adapt to the new state of the normal in COVID-19 and its aftermath to give relevant insight to the company.
4. Costs of Sales
Maintaining the cost of sales is a function of revenue and expenditures. This COVID-19 has most companies anticipating revenue drops; in this situation, companies may cut expenses. Sales operations leaders should closely work with sales leadership and financial teams to maintain close late-stage possibilities and recognize alternatives plans for reducing cost and generate revenue.
Also Read: Five key factors every SME/ MSME needs to follow to ensure speedy business revival post COVID-19
Also Read: Small Businesses CFOs Plan to Delay Vendors Payment to Manage Financial Disruptions
Also Read: COVID-19 Impact on the Insurance Industry, Does My Insurance Cover Death Due to Coronavirus?