Updated from the vault – suggestions on how to restart in a way to make more money (a topic near and dear to a FiscalDoctor’s heart)
A lot of conversations seem to ask HOW to grow revenues. Note that statement did not say grow revenues profitably. You assume it means profitably. But consider this point. Do your people hear grow revenues (and forget the bottom line as an issue) or grow revenue PROFITABLY? I regularly have this discussion and most people leave out profitably.
Think back and remember stories when the strategic mantra was growth. They got growth all right, with bottom line profits decreased! Clarifying that issue alone can be the 1% benefit from this.
Now move to the goal of Increasing Revenue PROFITABLY. You can use the strategic suggestions in this email knowing 10 tactical tips will be available in the next post.
Brainstorm 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.
For those of you on a roll and want to talk tactics now for the strategic framework you create, call me at 678-319-4739.
If this does not strike a cord, no problem. Either way, Stay safe.
Author of Million Dollar Blind Spots: 20/20 Vision for Financial Growth and Stick Out Your Balance Sheet and Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health
“The best practices in traditional risk management are vital, as Gary points out, but they are not enough to protect a company from economic risk.” – Forbes
PS. Call me to tell me how to make these posts even more valuable to you, or to suggest an upcoming topic.
What opportunity can you exploit?