Use stages that mean something
Begin with four stages: new conversation, qualified need, proposal and decision. Write down the event that moves a lead into each stage. A proposal stage should mean that a proposal has actually been sent.
Record the next action
For every active lead, record an owner, next action and date. “Follow up” is less useful than “Ask Sam to confirm the project start date on Thursday.”
Review the pipeline every week
Look for conversations without a next step, overdue decisions and work that no longer fits. Close stale opportunities with a short reason. A smaller accurate pipeline is more helpful than a large neglected one.