The ability to create a tactical plan to increase revenues profitably requires you have a prioritized list of new strategic revenue opportunities which you have reviewed with both estimated revenue potential upside targets and downside risks. Review your strategic targets and update or clarify as needed.
Pull out your notes or thoughts on strategic suggestions and apply the following 10 tactical tips below to optimize opportunities, maximize your profits, grow your company, and meet your goals:
So brainstorm on how or where you can apply these tactics on your strategies:
- Make sure you know who are your top 10 most profitable customers for this service or product. How can these new opportunities grow your products and services in a way that helps them more and gives you greater revenue?
- If one of your top 10 clients no longer does business with your company, what other company can move into its spot?
- Work together with your team to forge ahead with a new product or service.
- Accelerate current business.
- Pass up sales that would be profitable but hard to collect. Lower-cost transactions that are made consistently will be better on your company’s balance sheet.
- Fix customer complaints right away. Do not wait.
- Periodically review your product or service’s pricing structure.
- Shed the dead weight of customers who no longer support your company’s financial and strategic goals. Ask the accounting staff which customers cost the company money or abuse your employees. Getting rid of them will create company-wide goodwill and increase company profits.
- Invest in the latest technologies that will boost employee productivity, and as a result, increase your corporate bottom line.
- Do not let your company be hit too hard by deferred revenue, a liability until specific issues are completed or resolved. Small companies can be hit especially hard by this issue.
People often will gravitate to a preference to two or three of the preceding contemplative tactical steps that can be applied to your preferred strategic revenue initiative.
Now finalize execution using appropriate tactical steps above. If you do not have a risk strategy framework, stop briefly and create or update whatever version of risk versus reward policy the organization uses. 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 with supporting tactical execution steps.
Bottom line? – Find Your Million Dollar Blind Spot Opportunities to Accelerate Correct Fiscal Leadership Decisions!
Nurture Financials – Avoid Disaster! Helping your company become fiscally fit and make you more money. THE NUMBERS WILL NOT SCARE YOU WHEN YOU LEARN TO apply this information to improve your fiscal management, profitability, re-engineer business models, and strengthen or gain competitive advantage in the marketplace.