The greatest challenge for most founders with revenue between $1M – $10M is to keep their focus on signals and stay away from noise. Focus has an important element that is setting priority.
Make revenue maximisation a priority across the top 20% of the growth services/ products/ solutions
The top 20% of your growth services/ products/ solutions are adding the most value to your company you will argue. This is exactly the time when you must plan for revenue maximisation across them. Example:
- If your product is a hit with customers ; its time you plan to re-write the code from scratch and invest in features that will make you future ready
- If your solutions are a hit with customers ; invest time in speaking with the top 20% of your customers and ask them what future needs do they foresee.
The best time to invest in revenue maximisation is when your business is growing. This is when you move ahead of others and unlock new opportunities.
How do you begin with creating this culture of revenue maximisation?
Host revenue maximisation workshops with your customers. Revenue maximisation is linked directly with your customer seeing greater value in what you are proposing them.
Can you maximise revenue without adding too much cost of people / technology?
The answer to this question cannot be common for everyone. But there is one factor that is common. TIME. The one critical goal you must achieve is to make your people more efficient. When they utilise their time well, you will grow faster.
About the author:
Time and Growth Advisors helps companies maximise revenue with training people, introducing technology and initiate customer involving initiatives.