Did you again become unsuccessful in achieving your sales target? Many CEOs and MDs admit that they have difficulty in gaining satisfactory results from the sales and marketing area of their business. They are often disappointed witnessing their strategy failing. This is the consequence of inadequate planning and execution. And, sometimes, the situation becomes so dire that the companies fear losing major accounts, serious customers attrition, and revenue altogether. All this leads to frustration among the c-suite executives, and they are left with the following questions unanswered.
• Why isn’t our business growing?
• Why we continue to miss our targets?
• What steps to take in order to improve the current situation?
While looking for answers, CEOs and MDs often consider business as an art than a science. But this is not the case. In reality, the business unit must be operated on the basis of hard evidence and data. It should run with productivity, transparency, and measurable and predictable outcomes. Every department, each process, and all resources must work together in achieving a unified goal. This helps in timely fulfilling the needs of the customers, gaining maximum outcome from the sales and marketing efforts, and earning good revenue.
All business executives wish that their business must start earning revenue the moment they launch a product or a service. While most of the businesses say that they are ‘customer-centric’, in reality, they are money-centric. Of course, money is one of the prime reasons for doing business, but it is after you have fulfilled your customer’s expectations on time and in full. And, this is what many businesses fail to abide by.
So, whenever it comes to revenue improvement business focuses only on improving factors that quickly increase revenue. They focus on hiring new people, launching new products, lowering their prices, engaging new customers, etc. Although this approach works, it does not give long-term results. For sustainability, entrepreneurs need to have a look at the bigger picture, where their business can gain momentum, stability, and accuracy for a considerable period without any market rejection or dissatisfaction.
The expectations of entrepreneurs from revenue improvement are:
• It should significantly improve and maintain their bottom line
• It should help them in winning the market and obtaining a bigger share
• It should give them opportunities to invest in new products or services
• It should help them target new customers and increase conversion rates
• It should minimize lost opportunity cost
• It should stabilize their business and build a steady momentum
• It should eliminate delays, improve operations, and customer understanding
The competition is getting fierce, and winning is the only option. Entrepreneurs think that restructuring the organization, hiring new people, and reforming policies, can help them in guarding them against liquidity crisis. But, they must know that improving their existing assets (people, money, and operations) can help them in bringing notable revenue improvement.
In addition, entrepreneurs must aim for having sufficient funds to operate the firm successfully even in the toughest times in the business landscape. And, for this, proper planning and execution are required. They must seek help from a revenue Improvement consulting firm to help them improve their business functions that can directly impact their revenue.
Real revenue improvement starts by evaluating the entire business, right from processes, people, to machine. Revenue improvement consulting is about identifying the bottlenecks and factors that are directly impacting the bottom line. It is about improving the business process efficiency and eliminating the waste out of the organization.
In reality, revenue improvement is about customer fulfillment. Any delay in the business process can affect the timeline of product/service delivery. And, if this is prolonged, it can cause major inconvenience to the customers. As a result, any delay caused to the customer can cost significant revenue to the business. So, when it comes to improving revenue, start by augmenting customers’ experience with quality products or services.
Identify the needs of the customers
In order to maintain your balance sheet, know the needs of the customer with respect to Time, Cost, Volume, and Quality. Discover controllable parameters that have the largest impact on customer satisfaction and experience. Try translating those parameters into value-adding components for the customers. And, always remember that the customers are ready to pay only for those products or services that add some value to them. Everything else is waste or rather insignificant for them.
Investigate your services
If you want to conquer the market for a longer time, revenue generation should be more about enriching your customer’s experience than becoming rich. You need to investigate your entire value chain and identify complex issues related to reliability, compliance, and accuracy. According to one of the Business Process Management consulting firms, discovering the ultimate source of truth and biggest contributing factors can help in eradicating the problem from the root.
Do ‘factor’ versus ‘contribution’ analysis
Once you have identified the factor affecting revenue, run the ‘factor’ vs. ‘contribution’ analysis. For example, if Time is the factor impacting your business revenue, analyze Time and its contribution to the total revenue. This can help in finding the perfect solution that helps in overcoming every obstacle that causes a delay in time. One of the Business Process Management consulting firms believes that revenue is not a monetary gain, but a gain of the end customers in terms of product and service fulfillment. And, running the ‘factor’ vs ‘contribution’ analysis can help in eliminating various non-value-adding parameters that impact your customer’s expectations.
Eliminate Silos from the organization
Silo Mentality is reluctance to sharing the company’s private information with the employees of a different division of the same organization. This exists within one department and sometimes transpires across various departments. Silo is the result of clashing of ego, unhealthy competition with the seniors, and enmity of other kinds. One of the famous Business Process Management consulting firms explains that no company plans to experience Silo, but its presence is felt with lack of cross-communication and free flow of information. So, investigate your business for such Silos and try eliminating them quickly. Establish horizontal visibility throughout the organization and create effective governing factors.
Automate some part of the business process
Automating redundant and repetitive tasks can save a lot of time and improve your product or service quality. It frees your manpower from non-productive tasks and involves them in performing value-adding activities that helps in revenue improvement. With automation, you can now employ your manpower in core business operations that actually require their skill set and talent. Process automation consulting services help in bringing accuracy, agility, speed, and consistency in your business process. It not only makes processes work faster but also leads to significant cost reduction and delivery of quality products.
Who can help you with your revenue improvement plan?
A business process automation consulting firm can help you with planning revenue improvement methods and bringing business transformation. Including Consulting, such firms also offer Automation and Business Process Interface (BPI) or ERP as other services to help you with revenue improvement as well as significant cost reduction. You can seek help from one of the best process automation consulting firms and get your revenue improvement plan today.