Before you can move ahead with a sale, you will require the signature of the buyer. The problem is that many of these buyers may take a while to sign off on the sales proposal, elongating the sales cycle. This can cause all sorts of issues including:
- The longer it takes for a document to be signed, the more chance there is that the client will go somewhere else. In other cases, they may end up forgetting about the proposal or, perhaps, realizing that other solutions may benefit them more. This means that you will be losing out on a sale.
- In some situations, you may put yourself in a position where you rely on a sale. You may be unable to make additional sales during that time as your company does not have the infrastructure in place to deal with multiple large sales at once. This can cause issues when it comes to cash flow. Of course, you should always try to avoid relying on just a single sale to keep your business afloat, but in some cases you have little choice.
Methods You Can Utilize to Increase the Speed at Which Documents Are Signed
There are several different methods that you can utilize to increase the speed at which you end up making sales. In this section, we want to discuss a few solutions which have worked for clients just like yourself in the past.
- Perhaps the best option is to allow electronic signatures. With digital signatures, the client will be able to sign the document as soon as they have finished reading it. They will have very little time to ‘put it off’ as they will not have to print a document off to mail or fax to you. They can sign the proposal and return it to you within seconds.
- One method which seems to be very successful is the usage of smaller documents. In our experience, smaller documents can lead to a hit rate of about 38%. This means that the document will be signed quicker and sent back to you, allowing the rest of your business to get to work on fulfilling the order.
- Other methods may include the usage of business proposal templates. For many people, the major benefit of utilizing templates is to make proposal creation easier, as part of sales process automation. We look beyond this. We believe that the use of templates will ensure consistency among your proposals. It will ensure that the style and techniques utilized are the same. When you find out something works for generating fast signatures, you will be able to use the same techniques again.
There are a variety of different solutions that may assist you in generating more consistency between your sales documents. This may have an impact on how quickly documents are signed and returned to you. Software such as GetAccept will help to reduce the length of your sales cycle. Look at our demo to find out how our software can assist you.