You are in the last quarter of 2022, and now is the time for you to strategize your company growth for 2023. Rather than write an in-depth Business Plan, I’m suggesting you write Six Revenue Generating Strategies you and your team will implement next year.
All your business strategies should be revenue generating. One of the greatest mistakes entrepreneurs make is spending too much time on efforts which are not generating revenues. You are in business to “make profits” and create the lifestyle of your dreams. This can only be accomplished if you select six strategies annually that all positively impact your bottom line.
Strategies are defined as: The critical success factors that drive revenue. You may want to refer to them as initiatives or your lines of business.
Start out by writing down the current strategies that drive revenue in your business. If you work in more than one segment of our profession, separate the strategies for each segment (i.e., direct placement, temporary, contract, retained, etc.).
Now review the list of strategies you have just written. It’s important for you to do the following:
· List current strategies that work.
· List current strategies that don’t work.
Take the strategies that don’t work and answer the following:
· Strategy
- Why is it not working?
- What corrections are needed?
Next, determine whether your strategies can be reworked or whether you need to replace them with a new strategy – one that is revenue producing.
It is very important that you create time for implementing new strategies by eliminating current ineffective ones. If you don’t like your current results, you need to change the focus of your strategies. Make a clear, concise commitment to the strategies you are going to implement that align with goals and objectives of your business.
Review the strengths and weaknesses of your business and decide on six revenue strategies that will have the greatest impact on your bottom line and the growth of your business.
Then ask yourself the following two questions about each strategy:
- How will I implement this strategy?
- What resources, time, and money will it take to get it done?
Now that you have selected Six Revenue Strategies, you need to decide what Tactics align and will drive these strategies.
Tactics are what you need to do on a day-to-day basis, to ensure that those actions accomplish the strategies you have defined.
For Example:
VISION: Increase value of busines
STRATEGY: Open contract division
TACTICS: Set up a back office or identify a third-party resource
Hire a manager
Develop a marketing plan
Market to target
Weekly meetings to monitor progress and make changes
To guarantee completion of these tactics, write out Action Items for each month in 2023. To get a head start on next year, you may decide to implement the first Revenue Generating Strategy before the end of this year. Include target completion dates and the name of the person who will complete the action item. If you immediately begin to implement the strategy that will have the greatest impact, you will end this year with a very strong last quarter and set yourself up for a record 2023.
