As the economy continues to rebound the focus is shifting toward growth and increasing profitability. Now is the time to make and implement plans for strategic, profitable revenue growth.
Many businesses have been so focused on getting by, that they find themselves making decisions, and changing directions like water seeking the path of least resistance when running downhill. Whether that is your intention or not, take the approach of successful businesses world-wide – be proactive. Taking control of your company’s future is a requirement to succeed.
Successful businesses share several proactive, strategic characteristics:
- Hold regular strategy or strategic planning meetings
- Document their strategy and go-forward plans
- Assign roles and responsibilities for plan development and implementation
- Hold each other accountable for follow-through
To achieve strategic, profitable revenue growth these are the 3 Key areas of focus I recommend to my clients.
Be willing to look objectively at your business. Turn the 80/20 rule on its head. Make plans to eliminate the 20% of your customers that you spend 80% of your time dealing with. Remember, just because they are breathing and have money doesn’t make them one of your best customers. Instead:
- Identify and get more of your best customers
- Focus on providing more of your core strength products and services
- Proactively manage your sales process with funnel, pipeline & CRM tools
Strategic revenue growth is achieved by deliberately increasing profitable sales.
Create an internal expectation of excellence. Hire only the best, don’t settle for someone who doesn’t quite fit in. Work with underperformers to get them into the right seat. Give employees a career path.
Engage your employees to increase their job performance, satisfaction and passion for the business. Lead them with transparency, honesty and caring. Empower them to do the right thing for your customers, without you. Develop a communications process that allows them to be heard. Reward and recognize them for their many contributions to your organization.
Successful leaders make company culture a priority. Let your employees know you value them.
The same approach applies to your customers. They need to feel that you value them. After all, without them you wouldn’t be in business.
Customers feel valued when they have a consistently exceptional experience with your company. Improve their ability to do business with you – make it easy for them to buy from you. If they have a problem, quickly make it right the first time. Rely on your front line employees to tell you where the problems are and empower them to address the situation as it happens. Develop ongoing relationships with them. Use the internet and social media to your advantage.
Let them know you value them and you will turn your customers into brand advocates.
There is both an art and a science to strategic revenue growth. The mechanics (the science) are readily available. In fact, you’ll find tools available for you to download throughout my blog. The art is being able to see the patterns and knowing when to apply which tool. As a business owner I successfully grew my profitable revenue 400% in under 4 years, that’s an article for another time. As a consultant my role is the same - to increase my client’s profits through strategic revenue growth. Whether you go it alone or hire a consultant, don’t wait any longer.
Start today - it’s time to shift gears, use these three keys and thrive!