Sales and finance departments have the same goal – drive revenue and minimize company expenses. But their approach to achieving their goals varies. The sales department is responsible for selling a company’s goods and services, maintaining a customer base, and creating growth strategies. The finance department’s tasks involve obtaining and handling money on behalf of the organization, controlling expenditures, and ensuring that the business runs with minimum disruptions.
Although the sales and finance departments need to collaborate to maximize profit for the company, sometimes the two departments face challenges working together. This can involve conflicts about how money is spent. But since both departments must work together to maximize growth, consider implementing the following strategies to sync sales and finance.
A sales team’s duties involve growing its customer base, implementing strategies for growth, and closing deals to increase company revenue. On the other hand, the finance team is responsible for limiting costs to increase the company’s profits. So, the finance team may distrust the accuracy of forecasts created by the sales team and may be skeptical about the expenditure. The good news is, enhancing communication between the two teams can minimize these problems.
Effective communication and collaboration between the sales and finance departments are crucial, as unsolved disputes can adversely affect the organization. So, team leaders must develop operational strategies that improve communication between the finance and sales teams. This can involve frequent team meetings, investment in training, and offering better tools for communication. Some great tools that enhance collaboration among team members include instant messaging apps, video conferencing software, shared calendars, and online whiteboard collaboration.
Develop Common Goals
Management can bridge the gap between the finance and sales teams by developing common goals. Agreeing on shared KPIs and creating common dashboards can help both teams collaborate. The first step in this process would require upgraded CRM systems that allow both teams to view and update their shared goals on a single platform.
It’s important to highlight the common goal between the two teams – to drive revenue and maintain loyal customer base. The finance team has access to the information the sales team needs to take a more strategic and data-driven approach to win over customers. This involves customer analysis, insights into numbers, and accurate forecasts. When the finance team relays this information to the sales team, the sales team can understand changes in consumer behavior, leading to smarter pitches, shortened sales cycles, and opening up of new opportunities.
Hire Knowledgeable Sales Professionals
The sales team needs to know how to portray their efforts to the finance team best to avoid conflict. An inexperienced team may face difficulties relaying important messages, leading to more problems between the two teams. The best way to prevent this is by building a solid team of qualified sales professionals. Work with a streamlined team of sales recruiters in NYC to attract top talent to your company and build a winning sales team that knows how to resolve conflict effectively.
Working with a sales recruiter takes the guesswork out of the hiring process and ensures you save time and money when looking for new team members. Their experience enables them to match employers with suitable candidates, allowing you to enjoy the perks of a highly motivated team without the extra work.
The finance and sales departments individually play critical roles in a company’s success. But when they work together, they can transform a company and help it reach its maximum potential. Use this guide to sync your sales and finance team to accelerate growth.