Founders Time/Investor Relations/MASTERCLASS/Revenue Maximisation

How can pure services and productised service companies maximise revenue?

Posted on
How can pure services and productised service companies maximise revenue?

Revenue maximisation is important especially for services only companies and productised services companies.

Define revenue maximisation – who is the customer?

  • Is revenue maximisation related to your customers, investors or your employees or all of them?

Design initiatives that involve the customer very meaningfully.

  • Investor relations – before you raise money, aim to gain mutual respect with a great relationship
  • Customer relations – before you ask the customer to pay more, ask how you can be responsible for more of their wins?
  • Employee relations – upgrade people skills and make them ready for deeper and more valuable journeys in your organisation

Customers today demand more without having to spend more, how can services companies address this challenge?

The smartest way to do this is to think and act like a consulting firm.

  • Engage your customer deeply in the customer involvement initiative that you have designed. Let the customer deeply describe what exact value are they seeking and what would they invest to solve this problem?
  • Help the customer deeply define the problem statement and suggest innovative solutions that reduce overall cost of ownership and get your customers closer to the results they want to achieve.

Founders Time/MASTERCLASS/Revenue Maximisation

Steve Jobs explained why operational productivity is the key to business growth

Posted on
Steve Jobs explained why operational productivity is the key to business growth

In a 1992 talk at MIT, Steve Jobs spoke on a variety of topics. One of the most important was why operational productivity matters for business growth than management productivity.

From Apple to NeXT. From management to operational productivity!

Steve shared the fantastic example of the thinking philosophy that the Macintosh team had at Apple. He then related it to the problem that NeXT was solving. He focused more on the value of building software that solves operational challenges and brings more productivity and efficiency.

Operational productivity is what growth stage founders must optimise

For growth stage founders the critical war to win is to increase operational productivity. If the people responsible for delivery and growth are under productive it directly impacts founders time leverage and hence organisational efficiency, costs and success.

How to build operational productivity?

  1. Software / tools
    1. Improve online collaboration and communication
    2. Time tracking for tasks – are people spending more time than they normally should in defined tasks?
    3. Improve customer interaction – tools that automate customer interaction (eg: chat bots) and others that lead to quick answers to queries/ questions
    4. Improve reporting – define the metrics to track and use dash-boarding tools
  2. Training
    1. No technology can create positive change if the people using it are not aligned to the larger goal and inspired to increase operational productivity

Steve Job’s talk at MIT

Founders Time/MASTERCLASS/Revenue Maximisation

Why optimising Uber’s wait time matter to one of the youngest billionaire entrepreneur?

Posted on
Why optimising Uber’s wait time matter to one of the youngest billionaire entrepreneur?

Bhavin Turakhia is One of the world’s youngest and amongst the fewest self made billionaire entrepreneurs. For the most he wouldn’t need an introduction. For the one’s who do, please Google / Linkedin.

Read this post from his Linkedin profile:

Exiting from Heathrow airport, he has optimising his Uber’s wait time on his mind!

This is a clear indication of two foundations of entrepreneurial success.

  1. SPEED
  2. PRODUCTIVITY / EFFICIENCY

We are excited about Bhavin’s update because we recently blogged about SPEED and PRODUCTIVITY being the most important elements for business success.

SPEED and PRODUCTIVITY transformed our customers in 2018

The growth stage companies that we worked with in 2018 are seeing transformational change since they started focusing on people training, speed in execution, setting entrepreneurial productivity and sharp focus on mapping goals to people input.

Founders Time/MASTERCLASS/Revenue Maximisation

The biggest battle that Indian growth stage businesses need to win right now

Posted on
The biggest battle that Indian growth stage businesses need to win right now

The world is looking upon India as the next big economic growth opportunity. India, China and other parts of Asia are well positioned to grow. But they all face a major challenge – skills training and productivity.

The greatest war for Indian growth stage businesses

For Indian growth stage businesses, the greatest battle to win is of people productivity. Most founders of growth stage companies, especially the one’s that are growing with their own money, they expect more productivity from their people.

Productivity breakdown

  1. Increase in speed of execution (from strategy to actual action)
  2. Increase in overall efficiency (people to be more aware of their time and goals)
  3. Increase in adoption of technology (people to use more tools)

Indian growth stage companies choosing productive consultants than full-timers?

A rising trend across new age growth stage companies is to design special projects with defined timelines and clear goals to achieve. India Inc. is increasingly hiring ultra productive and experienced advisors / consultants to get on the fast track. Such a structure creates a win-win for everyone involved.

The strategy for Indian growth stage founders to grow with sustainability and speed?

  1. Deeply define growth projects with clear processes set to measure execution and goals achievement
  2. Hire experienced advisors / consultants for the first 6-12 months of the project to ensure a clear direction for the project backed with execution
  3. If you already have a team, align the advisor the goal to increase the overall productivity of the team ; if not, let the advisors own the process and the goal, fail fast and build the system for you that will scale as you hire people
  4. Beyond this period build an execution team that follows the set processes and delivers to the responsibilities

 

Founders Time/MASTERCLASS/Revenue Maximisation

Growth stage founders – this is the biggest fight you have to win in 2019

Posted on
Growth stage founders – this is the biggest fight you have to win in 2019

2019 is going to be the year of SPEED.

We are calling it the year of speed because technology has already transformed the work we do and the way we do our work. SPEED is going to be the key element that will create unfair advantages especially for growth stage companies.

Speed will matter especially across key growth functions – pre-sales, marketing, support

Our experience working with founders and CXO’s of growth stage companies has revealed an important insight. As the founders invest time in creating structured processes to increase speed across key growth functions, the overall organisational growth increases. It also elevates the overall organisational culture.

The 10 steps to create a culture of speed: 

  1. Kill the comfort zones – Implement technology to track actual execution by your team (GRC)
  2. Re-inforce speed as a culture with a 2 hour training every month
  3. Schedule structured time in your calendar to spot trends
  4. Weed out the bureaucracy + get other fast people on your side
  5. Get to market faster (prepare to learn fast and execute)
  6. Stay under the radar  – you don’t have to PR announce / launch everything
  7. Outsource customer support (we recommend DialDesk)
  8. Be ruthless with resources – a lot more can be done with less
  9. Put the “3” key metrics on the dashboard – nothing else for 6 months
  10. Stay very very close to the customer – involve them as often as possible

Founders Time/MASTERCLASS/Revenue Maximisation

The critical revenue maximisation strategy for founders doing $1M – $10M in revenue

Posted on
The critical revenue maximisation strategy for founders doing $1M – $10M in revenue

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. 

Founders Time/MASTERCLASS/Revenue Maximisation

How do you get $100 million tech conference to your city? Ask Drake and Toronto

Posted on
How do you get $100 million tech conference to your city? Ask Drake and Toronto

The city of Toronto is incredible. Its a cultural mix of people from across the world. It has the right mix of most elements that make a global city in the ever changing times today.

But the city of Toronto has one more thing to it, a phenomenon called, DRAKE. Who is DRAKE?

Drake is a Canadian rapper, singer, songwriter, producer, actor and entrepreneur. His co-sign to the city of Toronto is also worth 5% of Toronto’s economy. That makes him about $440 Million in worth to the city of Toronto. He is a sensation. Period.

Drake by no means is a full time philanthropist, but he has almost single handedly become an economic and brand positioning booster for Toronto around the world.

About the $100 Million and the tech conference

Ask Michael Thompson, Councillor Ward no 37, Scarborough Center. In a recent interview to Vice he mentioned about how he pitched to a tech conference to choose Toronto as their venue for 3 years. This will bring $147 million in revenue to the city of Toronto. The deal clincher was DRAKE!

Lesson in revenue maximisation for businesses from Drake and Toronto

  • Unlock your founders / key executives time and let them build more people to people relationships
  • Give back to the community – whatever size of business that you are, in small ways give back to your immediate community – this will spread and do a lot more good
  • Re-think – your existing services and solutions and position them for your most valuable customers

About the author:
Time and Growth Advisors helps companies maximise revenue with training people, introducing technology and initiate customer involving initiatives. 

Image Credit

Founders Time/MASTERCLASS/Revenue Maximisation

Have you set your plans for revenue maximisation in 2019?

Posted on
Have you set your plans for revenue maximisation in 2019?

Revenue maximisation is critical for every business. Whether you are a startup, an SME or a large enterprise, it is important to have a clear strategy for revenue maximisation.

So how do you ready your business for revenue maximisation?

From a 30,000 feet level, below are the fundamentals that you must be prepared for:

  1. Discipline : consistent people training and a follow-up process is required to be set-up
  2. Time : you must unlock time. Especially the time of key customer facing / growth stakeholders must be unlocked from daily operations.
  3. Understand your top customer : it is critical to understand your top customer and create more value for them.
  4. Deep innovation / more value design : you must work closely with your top customers and create deeper value for them.
  5. Mergers and Acquisitions : if you are a large firm, dedicate time on thinking at least 5 years in the future. Acquire smaller and nimble teams to add exponential value to your system.

What are the execution level details, how do we begin this practise?

  1. Train for time and efficiency : The most important pillar for the above is ‘time’. If the CXO’s, founders or the teams are not optimally using time, everything else will slow down and you will never reach the goals ‘in time’.
  2. Implement ‘governance and compliance’ for your growth teams : ensure that your growth teams (marketing, pre-sales, sales) are working in a system that they has compliance in-built.

If the above two fundamentals are implemented strongly, within two quarters you see change happening within the company and more value being created for customers.

About the author:
Time and Growth Advisors helps companies maximise revenue by unlocking time, setting systems and people discipline

Founders Time/MASTERCLASS

How do productive founders get over the frustrations of low days faster and prevent burnout?

Posted on
How do productive founders get over the frustrations of low days faster and prevent burnout?

Almost every founder goes through these days that are a mix of highs and lows. There of-course are exceptions when the lows overpower and negativity takes over. These are the times when you have to have a ‘process’ that you follow to get your mojo back.

Un-cloud yourself.

When you are in such a zone, your brain gets clouded with more thoughts that seem related. So first tell yourself that this is normal. In such a situation random thoughts will take shape. As you do that, your brain will stop creating such thoughts and you will calm down.

The process?

If you are in the zone of negative emotions that overpower your decision making, and clarity, follow the below process:

  • #0: Remember, right now, it is about you and your time. Stop every thought that makes you think – what will the world think? Nobody cares. Period. So stop pretending and move on with your journey.
  • #1: STOP, PLUG-OUT – stop work. Yes. Put an Email auto-responder that you will be away for at least 6 hours. Put the phone away from you. The world won’t end.
  • #2: Create a “you zone” (away from people you know). Plug in the best music that you like, book a cab (not even your driver), go to an open space. A large park OR an open terrace.
  • #3: Consciously shut every thought of work that seeps in.
  • #4: Go to a quiet space and on a clean sheet of paper note down your current state in the following template:

Column 1:

  • Why am I feeling low?

Please make your answer as real and as short as possible. You are not supposed to justify to yourself. You have to win over your brain and that will happen when you answer back and not justify.

Column 2:

  • What is the best case / what is it that you want to achieve / make happen that will turn around the situation?

Again, keep your answer short and very crisp. You have to answer your brain with structure and force and NOT justify to your situation.

Column 3:

  • Do I know anybody that can help me plug the gap, make the introductions, move on?

Can my plug-out be longer?

You can choose to go on a quick holiday. It all depends upon your specific situation and how deep are you in daily operations.

This is a key part of the Unlock Your Time – Workshop that we host for founders and their teams. Make this workshop happen for your people.

About the author:
We help founders unlock their time by ensuring that their teams use a system, tools and processes to achieve goals within time. This increases the team ownership, productivity and turn around in time. The founders focus on more valuable actions, grow less concerned about the teams productivity and everybody creates value greater than themselves.