It sounds like the stuff of fantasy to suggest £1m of revenue is lying untapped in the business, yet it is surprisingly common. Obviously the actual number depends on your existing sales pipeline, but even for smaller businesses it is possible to identify over £250k.
Where is this revenue and why is it untapped?
Typically it lies in four different areas:
- Pipeline inefficiency: It is surprising common for prospects to be sitting for far too long in a specific stage of the pipeline. There can be a myriad of reasons why this happens. But the key point is – it happens. Inefficient pipelines suffocate sales and ultimately lose buyers.
- Conversion gaps: There is a general acceptance of a ‘funnelling’ of prospects in the sales pipeline. How narrow the funnel becomes at different stages in the pipeline can become a cause for real concern. There can be plenty of valid excuses – poor qualification, interest not intent, weak value proposition. Fixing narrowing funnels to improve flow is critical.
- Pricing / deal value issues: “We lost on price” is the refrain, in some cases that can be genuine but it frequently masks a failing value proposition. Then there is the issue of discounting to ‘get it over the line’. Sacrificing margin for revenue even if it doesn’t accelerate the sale. Depending on the nature of the business, creatively adapting the offer, the pricing and the deal value without reducing margin can work for the seller and the buyer.
- Missed expansion opportunities: This is particularly common in professional services, but can also be relevant to technology firms. Buyers are rarely single individuals. More often than not in B2B there are multiple stakeholders. Failure to engage all stakeholders in the sales process and getting too fixated on a specific solution risks not just the sale, but the greater opportunity that has gone unnoticed.
Getting under the skin of the business to identify these opportunities isn’t simple. It requires a real focus and the tenacity to challenge conventional thinking. That’s where I come in. Working with your senior team I will identify these untapped revenue opportunities and unlock those revenue streams. Contact me to discuss this in more detail.
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