What is a New Business Record?
In Salentica Elements, New Business is the potential sale, service, or product you are offering your client. With New Business, you can forecast revenue, set a potential close date, and factor in a probability for the sale. You can also track Contact details and pull pipeline reports and expected revenue detail. You must link a New Business record to an existing Relationship, whether it's a Prospect or Client Relationship.
On existing Relationships, New Business can be accessed through the Related List Quick Links, if it has been added there by your System Administrator. If they have not added New Business as a Related List Quick Link, you will need to go to the Business Development App.
New Business on the Business Development App
- Select the App Icon.
- Select the Elements Business Development App.
- Select the New Business Object from the Navigation Bar. You will see a list view of New Business associated with your firm.
- Select the New Business Topic to manage the New Business record.
New Business on an Existing Relationship
- Select the Relationship.
- In the Related Quick links section, hover over or click into the New Business Related Quick Link.
- Select the New Business Topic to manage the New Business record.
New Business in the Elements App
- Select the New Business Object from the Navigation Bar. You will see a list view of New Business associated with your firm.
- Select the New Business Topic to manage the New Business record.
What's in a New Business Record?
Highlights Panel
A fully customizable part of the New Business object, the Highlights Panel includes the New Business topic, along with top information that your System Administrator has indicated as most important to your New Business records.
Related Lists Quick Links
Related List Quick Links are just that, quick links to access information that is related to the New Business object. You can either hover over the links to see the first related records (up to 10), or you can click on the links to see the full list. System Administrators can customize these links for your firm, and with the proper permission, you can choose to also customize your personal Related List Quick Links. To customize quick links, go to your Personal Settings > enter Customize My Pages in the Quick Find box > select Customize My Pages > select New Business.
Salentica has chosen the following quick links:
- Notes
- Time & Expense
- Files
New Business Timeline
New Business has a timeline that defines where the record is in the sales process for tracking and reporting purposes. The New Business Timeline has predefined steps with corresponding fields. These steps and fields are customizable by your System Administrators.
The default steps and fields are:
1. Qualify
- Projected Investment
- Est. Close Date
- Warmth
- Referral Source
- Referred By
2. Discover
- Net Worth
- Follow Up Next On
- Est. Close Date
- Warmth
3. Propose
- Proposal Ready
- Proposal Presented
- Proposal Signed and Received
- Est. Close Date
4. Closed
- Actual Investment
- Actual Close Date
- Won/Lost
- Reason Won/Lost
New Business Details
Below your Highlights Panel, Related Quick Links, and New Business Timeline, the bulk of the information about the New Business is included. The data points that are listed below are defaults based on Element's initial template. They can be edited, moved, or removed by your System Administrator. Please reach out to your System Administrator or the Elements Service team for more information.
Details
This section provides high-level information about your New Business record. Default fields include:
- Topic
- New Business Type
- InTouch Service Level
- Owner, Contact
- Relationship
Forecast Details
These fields are important to provide a holistic view of your pipeline for tracking and reporting purposes. If this information was entered when creating the New Business record, it will populate into the corresponding fields. Default fields include:
- Net Worth
- Projected Investment
- Estimated Revenue
- Estimated Close Date
- Warmth
- Probability
Last/Next Touch
This section will track last contacted on information. You can assign InTouch Service Levels to your New Business records and manage your next contact on dates. Default fields include:
- Last Contacted On
- Last Contact Activity
- Last Contacted By
- Last Email
- Next Email
- Last Conversation
- Next Conversation
Referral Details
Manage how you were connected with your New Business records. Default fields include:
- Referral Source
- Referral Outreach
- Referred By
- Other
Proposal Information
This section will track information related to the New Business Proposal stage. You can update these fields in the Proposal Information section, as well as in the New Business Timeline. Default fields include:
- Proposal Ready
- Proposal Presented
- Proposal Signed and Received
Closed Details
This section will track information related to the New Business Closed stage. You can update these fields in the Closed Details section, as well as in the New Business Timeline. Values must be provided for the Reason Won/Lost and Won/Lost fields in order to mark the New Business record as complete. Default fields include:
- Investment Date
- Reason Won/Lost
- Won/Lost
- Actual Investment
- Actual Close Date
Activity
You can create new activities associated with the New Business record that already have the New Business information prepopulated. These activities will roll up to the associated Relationship automatically if a Contact related to the Relationship is added to the Activity.
Default Activities include:
- New Task
- New Event (Meetings)
- Log a Call
Chatter
Use Chatter to share information, collaborate, and keep up with the latest updates in the New Business. From here, you can also tag teammates to notify them about discussions being had about New Business with which they are associated. Your System Administrator determines the permissions for Chatter and it works in accordance with all of the security and permission settings.
