How to create a Functional Pipeline for your business
How to create a Functional Pipeline for your business
Creating a pipeline involves understanding your processes and mapping them effectively. Remember, a Pipeline is your visual representation of where clients our, in their journey with your business. Here are some steps you can take to set up your pipelines today:
Step 1: Define Your Objective
What process will this pipeline track? (e.g., sales, project management, hiring)
What does success look like at the end of the pipeline?
Step 2: Identify Key Stages
Break down the process into actionable stages. For example, a sales pipeline might include:
New Leads
Initial Contact
Proposal Sent
Work Completed
Payment Received
Client Nurture
Each stage should represent a specific milestone in the process. Don’t forget, you can have multiple pipelines, and move contacts between them. For example, a lead pipeline vs a client/sales pipeline.
Step 3: Set Clear Criteria for Each Stage
Define what needs to happen for an clinet to move to the next stage. For example:
A lead moves to “initial contact” if they return your calls.
A client moves to “proposal sent” if they want to move forward with a good or service.
Step 4: Choose the Right Tools
While you can start with a simple spreadsheet, specialized tools can offer better functionality and automation. Platforms like Taft Systems, incorporate pipelines, with opportunities, and automation. So as you interact with your clients, they can be automatically nurtured, and moved to the next stage simultaneously.
Step 5: Automate Where Possible
Automation saves time and reduces errors. Automations can also assign tasks when a deal reaches a certain stage, or send follow-up emails to prospects who linger on a stage for too long.
Step 6: Track and Adjust
Regularly review your pipeline to ensure it’s meeting your needs:
Are stages moving too slowly?
Are there recurring issues in specific stages?
Does the pipeline reflect your actual processes?
Once you’ve made your pipelines, follow these best practices for Pipeline Management
Keep It Simple
Overcomplicating your pipeline with too many stages or unnecessary details can make it harder to use. Focus on the essentials.
Train Your Team
Ensure that everyone understands how the pipeline works and their role in keeping it updated.
Use Data to Improve
Use metrics like conversion rates, time spent in each stage, and success rates to refine your pipeline over time.
Customize to Fit Your Needs
No two businesses are the same. Tailor your pipeline stages, tools, and criteria to match your specific operations.
Common Mistakes to Avoid
Neglecting bottlenecks, failing to update your pipeline, and relying on manual processes can significantly hinder your workflow. When items get stuck in one stage, it’s crucial to address the root cause rather than ignoring the issue. An outdated pipeline can lead to missed opportunities and inefficiencies, while a lack of automation slows down processes and increases the likelihood of errors. Proactively addressing these challenges ensures a smoother and more effective system.
By building realistic and functional pipelines, your business will be able to improve efficiency, and set itself up for future success, Scale your business confidently, and track progress with each stage and opportunity. Want to learn more? Reach out to us at Taft Systems.com/discovery-call
Are you ready to take the next step with your business? Schedule a call with us today, at TaftSystems.com/Discovery-call to see what Taft Systems can do for you!
