1: Plan For 10 Year, 3 year, 1 year
The first step to increase revenue is to have a plan. The plan doesn’t have to be set in stone. But, if you want your company to grow steadily, you need to be aiming at a very specific target. Aim small, miss small.
You start with a 10-year-target™. This is a loosely defined, super ambitious goal. Think “man on the moon“. You choose a target that drives every decision you make so that it’s easier to make choices that maximize that target’s chance of success.
Once you have your 10-year-target, you want to break that down into 3 and 1 year plans. For these plans, set a top line revenue, market share, and profit goal. Be ambitious, but realistic. We want to increase revenue aggressively without setting ourselves up for failure.
2: Define The Marketing Strategy
Now that you have clearly defined goals and a plan to get there, you need a marketing strategy that actually works. You can’t increase revenue without knowing how you sell. It sounds obvious, but you’d be surprised how many business owners just throw marketing at the wall to see what sticks.
First, define your niche. What is it your company does? Do you have a niche market, a passion, or a purpose for existing? Write it down. This is 100% your marketing message.
Next, put together your list of 3 uniques. Every company is unique. Any company that is a carbon copy of another is destined to failure. Your uniques describe that individuality and allow you to express it in your marketing. Is your company the cheapest, the closest, the only board certified in the area? What makes your business the one people should choose?
Finally, write out a guarantee. People don’t buy products, they buy peace of mind. If you can’t offer a guarantee, you are burning your own money. I significantly increased revenue when I started offering my guarantee: 100% satisfaction or you tear up the check. It reflect one of my uniques as well. I was so confident in my service I would give it away for free.
3: Quarterly Goals
If your business is going to have any chance of making it to your 10-year-target, you’re going to need to track progress. This means setting up quarterly goals.
In the Entrepreneurial Operating System, they call these goals Rocks™. That’s supposed to reflect the old analogy of putting rocks in a jar first in order to fill it with sand. It’s a cool analogy and one that applies here very well.
Your quarterly goals are supposed to reach your 1 year plan. When they don’t get done, your entire plan for increasing revenue falls apart. That’s why you focus on the Rocks as if they are the lifeblood of your company. Making sure these goals get set and achieved is the way you make sure your goal of increasing revenue gets achieved.
4: Core Values
This may sound a bit unrelated, but hang with me here. You see, Core Values define who is a good fit for your company. You want to hire people that really live by the values you care about.
If you care about growth, then that’s part of your core value system. And, if you want to achieve that growth, you need to be hiring people who are motivated to do so. Some companies are OK with hiring the play it safe types. Nothing wrong with that. But you’re here to grow, and that means taking risks. So, do yourself a favor and write out some core values, so you can hire people that you know are like you.
Meet the Founder
Jeff Whittle founded and launched Whittle & Partners in 2011. Before that, Jeff practiced law in Dallas for 15 years and has an additional 20 years of executive business experience. He has run businesses ranging from startups to 300-employee operations.