Top line revenue growth is critical to thriving and developing a long term sustainable business model. With this post, the focus will be less on product/service innovation and more on two factors I found absolutely necessary for revenue growth. Tons of books have been written on sales, marketing, networking, business development… and I wish one of them really stood out to me so I could pass it along. If any of my subscribers have any pearls of wisdom here, I’d love your suggestions for books and why you like them.
Do you really understand what fuels your economic engine? Understanding the fundamental factors that have the most impact on revenue is the first strategic step to enhancing the top line. Knowing the difference between who uses your product and who influences that decision will be an important strategic consideration for you. Make sure your strategic decisions for developing more revenue are aligned with your business model. Remember back in the 1990’s when hospitals and health systems purchased insurance companies to direct more of “their” insured patients to their hospitals to increase admissions? A fundamental flaw existed in the model; providers make money by providing care and insurance companies make money by controlling medical expenses. Hospital executives finally wised up, sold those insurance companies at huge losses and focused on who influenced the buying decisions the most… doctors. Think about how these same issues apply to your business. How do the influencer and buyer impact your business model? Also, are your strategies aligned or do they conflict with one another?
Here’s one we can all agree on; the single common ingredient regardless of what you sell or serve is your people. The recognition that your employees are your most important resource is fundamental to revenue growth. This is where selling with your heart comes into play. If you are in a turnaround, you need to get your employees to believe there is a future so they can “sell” for you. If you are in a stable business and want to grow, your employees need to understand every one of them is critical to your company’s success. Even though your employees may not be directly in sales or marketing, every employee has a huge influence on your revenue from the many connections they have in their communities, families, etc. If they go home at night and speak well of you on facebook, doesn’t that reflect well for your company? If they don’t believe in you and your company, the synergy of aligning your employees’ success to your company’s success is lost. This is where employee engagement allows you to create a sustainable and growing business model. Sell with your heart!
The VEESSO Series
Part 4 – Sell with all Your Heart