Don't let lost deals get you down!

I have just had a coaching session with Dan, a recruiter who lost $60K this month in withdrawn offers. He was devastated as you can imagine. We got to talking about what he could have done to avoid this. The plain and simple truth was both situations were out of his control. He had done everything he possibly could do to control the process with both clients giving verbal commitment that offers were coming and then changing their minds a few days later.

He asked me for ideas on how these blows might be less devastating in terms of reaching his target and I got to thinking about how he manages his numbers.

Let's assume for a moment that on average you lose 1 in every 5 offers to a counter or conflicting offer. That means that you need ensure that you have enough in your pipeline that the loss of one fee is not life and death to meeting your target.

I explained how I used to work on my desk. I always ran at least $20K in fees more than I needed to from live opportunities to ensure that I always met and exceeded target each month. I also worked a month ahead of everyone else. So for example, if you invoice on start date then you should be closing your quarter at the end of this month (May) not next (June). Make sure that you have enough "closeable" jobs covered in your pipeline so that you have reached target for this quarter at the end of May.

How do you ensure enough "fillable" jobs in your pipeline? Increase your activities!
Always look at your target as the minimum you need to attain as opposed to the maximum. That way, if something goes wrong, you will still have enough in your pipeline to meet target and won't be in the situation Dan currently is in with not enough starters invoiced this quarter to meet his target.

Start today thinking about next quarter. How many jobs need to be filled to reach target + 20K?
What is your average fee?
What are your fill statistics? ie. How many jobs must you work to fill the number required?
What job coverage do you currently have on those jobs? ie. how many candidate CV's have you sent out and how many client/candidate interviews have your organised?
What actions do you need to take THIS WEEK to increase your activities?

Need some help getting and staying focused, then why now consider a coaching program with me. Visit www.gaynorlowndes.com/Gaynor%20Lowndes/coaching for more details on how I can help you reach your potential.