Consultant Proficiency Resources "How to Series" continues with How to increase Revenue. As an entrepreneur cutting cost and increasing revenue goes hand in hand. In order to make a profit or break even, the leader must consider alternative ways to generate revenue. Increasing revenue aligns marketing, sales, and customer experience teams around: profitability. Considering a revenue strategy impacts all other aspects of planning and whether goals are achieved. This can be quickly assessed by looking at your tactical and strategic goals and milestones.
Revenue can be generated by reviewing your business plan and asking yourself some tough questions. Such questions include:
1. Do you have a business plan that needs to be tweaked for the 21st century?
2. Did you meet your overall business goals within the past year(s)? 3. Are you operating at a profit, loss, or breaking even over the past 5-4-3-2-1?(pending on how long you have been in business)
4. How do you define success?
5. Have you adopted Metrics, and if yes, are you monitoring them?
6. How do we measure the effectiveness of our sales process? 7. How do we measure the effectiveness of each stage of our sales process? 8. How are sales results measured? 9. What is our ROI on our marketing efforts? 10. What is the ROI of our sales efforts? 11. What is our current customer acquisition cost (CAC)?
12. Are we using and maximizing the resources we have? 13. Are there opportunities to lower costs with a more effective strategy?
14. Do we need to downsize?
15. What management systems are required? 16. How much time is dedicated to sales and sales management by key leaders or managers?
Stay tuned next week as we apply techniques to increase revenue.
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Warm Regards,
CeeCee