Time Value
(and a quick video with more details)
💡Today's Slattery Sales tip for leaders: How much does one extra 1-hour meeting cost your team?
If you’re in a company culture that values having lots of internal meetings, it’s worth it to run the math and calculate the rough opportunity cost of each meeting. The opportunity cost doesn’t just affect the hunters who are kept from hunting – it affects the entire company depending on the anticipated growth.
➡️ Let’s say you have a team of 10, and your team’s quota for the year is $600 million. That’s an average of $60 million per seller.
➡️ Let's say there are about 1,500 selling hours in a year where real selling -- having conversations with prospects that move the needle -- can happen. (This is less than FT, since we lose time to busywork, whirlwind, vacations, etc. I use a generous approximation of 48 sellable weeks X 30 hours a week of real selling. You may see less than that due to other responsibilities, busywork, etc., but it's a start.)
➡️ With an average quota of $60 million per seller, every seller’s available selling hour is worth $40k this year.
Every seller's time is $40,000 per hour. That's the opportunity cost of not being out there, selling.
💡 This means that allowing your sales team of ten to sit in on yet another corporate meeting in your meeting-happy culture costs your company $400k per hour.
💡 Three meetings will push the opportunity cost over a million dollars.
The opportunity cost is real. In our four decades of sales consulting, training, and coaching, we’ve seen some incredibly skilled sales teams benched by the requirement to attend endless cycles of more meetings. Entire companies suffer as a result of depressed revenue.
Help your company grow and thrive by guarding your sales team’s time. Do your hunters really need to sit in on another corporate broadcast for an hour, or can they get a quick summary later?
Run the math. ✨ Determine the opportunity cost of team-wide attendance at corporate meetings. ✨ Require the necessary ones. Free your hunters from the rest of them. Let them hunt.
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