As a CEO, you must continually seek ways to increase revenue and having a well-planned approach that has defined outcomes is core to achieving your company strategy.
When the strategy is set, the next step is for a revenue improvement plan related to marketing and sales. An improvement plan is your way of maximising the return from your existing business assets and ensuring any new assets deliver real growth.
Like all plans, they can be well intended but the delivery can be problematic, and marketing and sales are fluid in most years and can quickly stray from the intended strategy. Selecting the right person to keep on the plan is only part of the key to ensuring it happens. Most plans are not sufficiently granular enough to be delivered and often leave chasms with essential functions out.
To bolster plans, pro-active CEOs seek a revenue improvement review to complete a thorough independent review of marketing and sales and identify precisely where to focus attention and remove chasms and potential skill gaps that will hinder revenue growth. This mitigates the risk of essential elements being overlooked and raises the overall performance standard within the business.
A well-documented improvement plan will nominate the skills required to deliver. With the implementation roadmap in place, the plan needs to come to life, and as CEO you need to ask, “Who will own the implementation of the plan? Who on my executive team will manage my initiative?” Do I need one or more people to ensure the implementation is completed successfully and embedded in the company?
You can draw on the internal leadership team, or you may need additional resources depending on the complexity of what is uncovered. You need to assign specific individuals to tasks and ensure those tasks are clear to achieve.
The implementation roadmap and clearly assigned roles support the company has clarity over what is required to be achieved. The ensures you do not fall into the two most common pitfalls.
- They do things that were not needed and waste time and resources heading in the wrong direction
- They blame others for things that were not included in the plan and needed to be done.
Clearly defining the implementation plan will have several benefits to your company:
- Avoid Disruption. Ever changing priorities and focus disrupts improvements and halts creating a repeatable and sustainable business. It lowers productivity and overall effectiveness. The plan will stabilise the company and build momentum where you need it in revenue achievement.
- Minimise Lost Opportunity Cost. You embark on an improvement initiative for one reason – to deliver the revenue number. With every initiative delay, it is an opportunity lost. You are holding back the ability to deliver the revenue in that year. There comes the point in time where recovery within a year is not possible. You must avoid the lost opportunity cost by acting timely to the needs of growth.
- Reduce Sales Costs. When initiatives stall sales teams, and their leadership, become distracted. They become less productive and effective at generating revenue. The team leans toward focusing on non-sales activity under the shadow of it being customer service. This ultimately cuts into your profitability. A well-planned rapid roll-out keeps your team focused on the real revenue drivers.
- Assign roles according to know-how. Like any hiring process, the best person must be sought for each position and not default to those already in the business. You may need to hire additional personnel to contribute the skills required to achieve the results. Like any growing business new skills are necessary, and you need to identify quickly when a person cannot deliver what is needed. The risk is high in poor hiring decisions when it comes to revenue achievement. Experts in the right roles will produce superior results.
If you did not deliver the revenue in the past two years, you need to intervene now and take action with a revenue improvement review. Please contact Adele directly and discuss your specific situation.
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