This article suggests how to make more money (a topic near and dear to the heart of most people).
The consensus of experts seems to ask how you can grow revenues to move forward. Note that statement did not say grow revenues profitably. You probably assumed the prior statement meant to grow revenues profitably. In fact you may have just made that same statement at your organization.
But consider this point. When your people hear grow revenues (do they not hear or and forget the bottom line consideration as an issue) or grow revenue profitably? I regularly have this discussion and most people leave out the word profitably.
Think back and remember stories about when leaders or the organization published a strategic mantra proclaiming the need for growth. They got growth all right, with less bottom line profits as a percentage of sales and sometimes even less profits overall. Clarifying how listeners should hear your request for more growth can be the 1 percent benefit from reading these articles.
Now move to the goal of Increasing Revenue PROFITABLY using strategic suggestions in this article.
The strategic aspect of this process can be as simple as to brainstorm on how you can:
- Seize new opportunities being considered to create new revenue streams.
- Create new opportunities for your company.
- Invest resources now to bring new opportunities in the future.
- Make the revenue and net income levels of the future stronger.
- Position your company to be open to new possibilities through revenue and profit growth.
- Extend an existing product or service into a new area.
- Recruit key talent from a competitor.
- Attract competitors’ customers.
- Build long term equity.
- Make yourself a better employer.
Depending on your industry, size of company, or unique situation at this time, people often will gravitate to a preference to two or three of the preceding contemplative questions. Restrain yourself from deciding tactical steps on how to implement these new ideas, for the moment.
Now vet these ideas with a comparison to the potential risks, rewards and estimated costs of the list you have created. Think of this as a minimal budget to create your own simple capital expenditures process (CAPEX) to prioritize your new list of ideas and opportunities.
If you do not have a risk strategy framework, stop briefly and create or update whatever version of risk versus reward policy the organization has. The key is to exclude an approach which that could result in grievous damage to your organization.
Then move forward to some version ranking the ideas underway. This normally creates a much more manageable list of growth opportunities to create tactical execution steps for.
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