Your "bank of business", of course, is the prospects and proposals that you have working towards a sale. Another popular term for this is your "pipeline".
As we sit at the midway point in 2006, you should take a serious look at your bank of business. Why? Because if its not where it should be, you're going to be in for a long few months as we close out the year.
The rule I was taught to follow as an outside sales representative is that you will usually close between 5-10% of your bank of business total every month. In other words, if you have $200,000 in working business (real business, real proposals...not fantasy stuff that will never happen) then you should probably close $10,000 to $20,000 in business for the month.
Your percentage may be greater...or less. Actually, you should know what percentage of business you close every month compared to your working bank of business. If you don't know what percentage you're closing, go figure it out. Quick! That's the key to accurately predicting your month-to-month sales totals.
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