Is Your Revenue Strategy Antifragile?

Turning Market Disruptions into Strategic Growth

The pandemic has led us to ask many questions.

“Are we really more productive working from home?”

“If this is the future of work, how do we keep making sales and growing revenue?”

And mostly, “How are some businesses thriving right now when so many are struggling and failing? How are they turning barriers and disruptions into revenue growth, and how can we too?”

The answer is antifragility.

The conversation happening at most organizations right now is centered around pivoting strategy to make up for lost revenue in 2020. When this is the topic, the focus is on simply getting back to neutral – filling in the hole that the pandemic caused when it upset the market this year and hoping that next year will provide an easier opportunity for growth.

But what if these sweeping disruptions could be a catalyst for growth right now instead? What if the conversation were about how much your business could grow instead of whether it would survive?

Topics: Profitability Profit Leadership Strategic Revenue Growth Action Plan Revenue Generation Business Development Planning Revenue Development Action Plan Change Management

Business Networking - How Do You Make Connections in a Virtual World?

A study on remote work from Xant summarizes its findings in saying,

“Sales teams are facing unique challenges – not only are they working from home, but their customers are too. They are adjusting to remote work, fighting distraction, and also facing an out of sight, out of mind mentality with their leads and potential customers.”

In fact, their research reveals that sales teams are reporting their top challenge right now as the “inability to communicate or connect with customers.”

But salespeople are not alone.

Remember, anyone meeting someone new right now is doing so virtually.

Everyone is in the same boat trying to navigate making virtual connections with new people both professionally and personally. And while some have felt natural, like messaging potential collaborators over social media, others have not, like going on a first date via video call.

Our current normal has changed how we connect with new people. For introverts, this shift has been a welcome change, whereas extroverts have typically found it harder to adapt. However, removing the in-person aspect of making a new connection does not change the reasoning behind connecting in the first place.

Ultimately, the methods to meet new people may have changed, but why we connect is still the same. New introductions require a genuine desire to offer something of value, listening, nurturing the connection, and following-up, whether the relationship is sales-related or not. The people that aim to engage, understand, and build trust will succeed whether they are connecting with other people online or offline.

Topics: Networking Hiring Customer Relationship Management Recruiting Referrals Business Development Professional Development Social Media Inbound Marketing Personal Development

Build a Sales Process 101

Are you a new business that needs to develop its sales process? Or, maybe you're an established firm that sells things the same way today as you did 10 years ago.

Many companies are finding that their sales processes aren't keeping up with the times. Selling techniques have evolved significantly over the years, and companies must adapt their sales methods to meet customers' changing needs.

The vast majority (83%) of senior-level B2B executives report that business needs and priorities have resulted in them either accelerating or postponing purchase decisions in the past year.

Topics: Business Development Planning

How to Develop Your Company's Purpose

The second foundational question (FQ) in the Revenue Development Action Plan is:

What is your company’s purpose? Why are you here?”

In the early stages of creating a business there is a strong focus on developing a vision, a formal mission statement and company values. However, the company purpose is something that is often more elusive.

Most new businesses are primarily focused on generating enough revenue to be sustainable. Business owners may have a strong personal sense of why they formed the business, but that purpose is not always reflected throughout the company. As businesses grow, however, they may naturally begin to develop a purpose that drives strategic decision-making. This direction must be refined into a clear purpose statement or the company will aimlessly wander.

Topics: Brand Management Strategy Business Development Brand Integrity Revenue Development Action Plan

How to Develop Your Company Mission Statement

While creating a mission statement is typically an early step in starting a business, many mature companies have outdated versions, poorly written attempts, or are missing them altogether.

Most frequently, time is the limiting factor. Business owners and founders can be reluctant to invest the time needed and effort required to craft an effective mission statement. They wonder whether it is truly essential for growing their businesses and if customers will ever read it. These doubts can relegate creating or updating a mission statement to non-critical status, freeing up valuable time for other essentials.

However, a mission statement is a crucial document that describes the purpose of the business. It states what the business is going to do, for whom, and why. A successful organization should know the answers to these questions because they speak to the most basic elements of a business plan. As such, the company mission should essentially write itself. Yet, owners, founders, and executive leadership still struggle with formulating an effective mission statement.

Topics: Business Development Planning Revenue Development Action Plan

Predictions for 2018 (and My Recommendations)

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I believe it is important to start working on next year’s strategy about four months in advance of the new year. By doing so, you have enough time to make an impact on the last quarter and lay the foundation for the next fiscal year to start well. If you find yourself working on your 2018 strategies now, don't delay - there's still time to complete them.

Have you seen the predictions for this year? Some are wild and crazy, and others astound me.

Topics: Business Development Planning Forecasting

What Is a Value Proposition?

Regardless of your industry, what you do, or your business type, two things are probably true: 1) you rely on customers and clients for success, and 2) you have competitors. As such, how you market your business is a critical part of business longevity, reputation, and influence.

This is why value proposition becomes so important. Indeed, a value proposition is arguably the most important aspect of your overarching company message, and potentially the most critical element of your marketing strategy.

Topics: Brand Management Strategy Business Development Brand Integrity

Distinguishing Between a Business Development Consultant and a Sales Person

While sales and business development are often used interchangeably, it would be an error for these two very different jobs to be characterized in exactly the same manner. Business Development may also be used as a mask when a sales person does not want to be viewed as a sales person. Some companies will make the sales people feel more important by giving them a special title for their new business cards.

Those who focus primarily on sales and those who work in business development have unique objectives and pathways for accomplishing those objectives. Both business development consultants and salespeople are integral to the growth of a business, but the two roles should complement one another rather than being considered as interchangeable.

Topics: Hiring Sales Training Business Development