Founders Time/Investor Relations/MASTERCLASS/Revenue Maximisation

How can pure services and productised service companies maximise revenue?

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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

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

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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

 

MASTERCLASS/Revenue Maximisation/Small Business/SME

How can you create a system of revenue maximisation in your company?

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How can you create a system of revenue maximisation in your company?

Revenue maximisation is amongst the top priorities for any founder / CXO / business leader.

Revenue maximisation can occur largely in two ways:

  1. Either you invest in acquiring new customers
  2. You invest in innovation / creating more value for your customers from your existing services

The second part is tough

This is when you challenge your existing services, ideas, solutions. You challenge your teams and you push and inspire your customers to get more feedback on how to be more valuable for them. Sometimes this feedback could be tough to feed in.

How can you create a system of revenue maximisation in your company?

Revenue maximisation is not a one time trick. It has to be a system that is set in place consistently. The steps that most successful organisations take are:

  1. Figure out your most valuable services, products, solutions
  2. Figure out your most valuable customers
  3. See what value have you created with your existing services and customers

Step #4 is the most important in the chain. This is when you host the revenue maximisation workshops with your customers. This is a highly curated workshop that you host to understand how could you be more valuable for your exact customers. (who is your customer in your customers business)?

The day you get this system in place, your business will be a lot more valuable for your customers and their customers further.

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

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

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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. 

Masterclass With PS/Small Business/SME

How Can Small Businesses Get Their Idea To Spread Without Big Marketing?

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How Can Small Businesses Get Their Idea To Spread Without Big Marketing?

Dear Small business owner, what you are wanting to spread is an idea. Marketing is not the answer you seek.

In the world of networks today your growth is all about how deeply can you make people believe in your idea and invite/ inspire them to spread it for you. This is especially true for small businesses.

This post captures the 2 (two) most important learnings while working with small business owners to spread their ideas:

  • #1: Build a strong narrative. (Narrative is not marketing)

The narrative about your small business is not marketing. The narrative is your belief in the value that you are creating and the perception of that value in your customer’s belief.

Remember, narratives take time and effort to build. They are possibly the most important investment you make in your brand. Once your customer believes in the value the same way that you do, you will not have to worry about churn/ business loss due to smaller/ trivial factors.

The most important factor about a narrative is consistency of message and design.

  • #2: How many times by design do you speak with your customers? (Increase frequency)

The most important metric going forward will be ‘number of conversations’ that lead to ‘sales’. Everything around you is a conversation. Whatsapp, Linkedin, facebook, YouTube, twitter are all conversations.

The fundamental of being human is being able to converse. Small businesses fall into the trap of big budget paid marketing. That’s marketing, not a conversation. Conversations have the advantage of getting the human sub-conscious to come forth a lot more often.

Double your sales in 2018. Go big.

About the author: Paritosh is the CEO, UNCV. The UNCV Small and Emerging Business Hub helps SME owners answer their most challenging questions and introduce them with people for business growth.

Networking/Sales

How Will You 2X Your Sales In 2018?

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How Will You 2X Your Sales In 2018?

Are you ready to grow sales in 2018? Several SMEs sure are!

In 2017 I took a conscious decision to work closely with SME owners and their teams. For emerging business owners the stakes are high. With high stakes comes huge responsibility to choose only the ‘must-haves’ and deliver results.

So how can SMEs 2X their sales in 2018?

The three winning must-have’s are the following:

  1. Get more meetings and drive business
  2. Create processes that increase customer engagement and inspire existing customers to refer more business
  3. A powerful narrative about your business led by the founder/ CEO/ top management

So how do you get more meetings?

The answer to the question above is ‘business networking’. In 2017 I worked with several SME owners and their teams to ensure that everyone in the team plays the role of an ‘opportunity creator’. These ‘opportunities’ are then filtered by the Sales teams to drive business.

The first step in opportunity creation is ‘Linkedin’. My company UNCV has trained hundreds of employees and business leaders on how to spread your businesses’ influence and build your personal authority.

Several business leaders today entrust UNCV to manage their Linkedin profiles and amplify their influence and authority.

How do you automate customer engagement and generate more referrals?

The answer to the question above is deep understanding of the customer. Why does the customer care for your service/ product? And how can you leverage tools like Chat applications, Email automation, CRM and Social media to engage customers.

I found that most SME owners do not know their customers as personally as they ideally must. This personal connection/ understanding is an unfair advantage that an emerging company can establish as a method in the company.

Thankfully most SME owners that I have worked with are eager and willing to invest in processes and technology to solve these critical business problems.

How do you create a narrative that’s understood by your customers?

The answer to this question is this blog post by Andy Raskin . I strongly suggest my customers to read this post every 2 weeks and remind themselves of the narrative.

Infact when we manage the Linkedin profiles of SME owners, the most important value that gets created is the narrative that creates a major perceptive shift in potential customer networks.

I wish you 2X sales in 2018. Go big.