#150 The revenue answer
Growth solves (almost) every business problem. While maybe a little simplistic, it’s a saying I keep coming back to whenever I feel stuck with a challenge I can’t crack.
This isn’t exclusive to business either. (Personal) growth resolves almost every issue from relationship challenges to lawn maintenance.
Chances are you’re dealing with a lot of change in your business and many of your assumptions are being turned inside out. I know I am and mine are. What was true five years or five months ago might not be now.
Everything changes — your customers' mindsets change as do the competitors in your market. What are you going to do?
When I’m talking about growth, I mean revenue. Sales. Top line.
You’re probably thinking, “This guy thinks we’re all coin-operated.”
I don’t think that. But I’ve learned that growing revenue creates space and opportunities to handle all the important stuff.
In the past, my tendency was to study and talk to “the experts” in order to figure out the “why’s” and “what’s” so I could solve my problems algorithmically like my sons do a Rubik’s cube.
What’s my focus today? Generating revenue.
I read an interview with Matt Paulson, the founder and leader of a digital media company last week who said the following that illustrates what I’m thinking about:
Remember that markets change. Customer behavior changes. Industries change. For this reason it’s important to regularly test the key elements of your sales process/funnel to make sure the best practices you have implemented before are still best practices….
The biggest lesson I learned in 2021 is that you have to regularly test your preconceptions that you have about your business. Maybe there is something that was true about your industry or your customers five years ago that is no longer true. Maybe you ran a bunch of split tests several years ago and thought you knew what would work best….
Often entrepreneurs don’t spend enough time on revenue generating activities (sales and marketing) and spend too much time on easier tasks (such as getting organized, going to networking events, and reading business books). Ideally, 50% of your business time should be spent on direct sales and marketing activities where you are reaching out to potential customers….
Until next time,
P.S. One of my favorite restaurants in NYC was The Meatball Shop. One of its founders wrote a book I’m digging called Food IQ.
P.S.S. I’m always amazed at the patience of artists. How long did this take?
P.S.S. Sorry. If you’re not into golf, this one may not be interesting. I can watch these two’s swings all day.