Companies seek to generate revenue while monitoring their bottom line; this is not a ground-breaking concept, but it is a simple fact that should be considered when creating budgets and financial goals. Many companies struggle to keep their costs efficient and simultaneously grow their revenue. This is often due to inefficiencies by the company leaders; they are likely making choices based on what they’ve been taught or have learned, but this does not mean that they are still the most prudent choices. Let’s take a closer look at that last sentence—things taught or learned.
Think about the work environments that you have experienced. How were the tools, plans, strategies and overall environment established? These decisions typically come from management, and they make these decisions based on their experiences, things learned or concepts taught to them. Of course, this is human nature. This can be very positive and work in a company’s favor if the decision making leader has a thorough understanding of business and strategy, as well as a plan for getting the company on the right track for generating revenue. However, not all business leaders have a knack for this.
Every company has limited resources, so it is important to use those resources wisely, investing them in a cost effective way with the goal of generating revenue. In today’s wonderful world of technology, there are thousands of tools for sales and marketing professionals. There are tools for each function in every industry. It is not surprising that company leaders can be paralyzed by this kind of daunting decision making; it may seem easier to stick with their current tools rather than take the initiative to upgrade to better ones. However, as discussed, decision makers need to be held accountable for making the best choices for their company, and proper tech tools can ultimately save a business time and money, while generating a growth in overall revenue.
Most companies are not operating efficiently or effectively when it comes to sales and marketing. Basing our decisions off of what we have been taught or have learned in the past is not the best way to move a company forward. This is not to say that the people who set the strategy, tools and plans in motion for sales and marketing are incorrect or poor leaders; most people are not specifically trained to make these decisions.wrong, don’t know what they are doing or have any kind of malicious intent. The truth is that sometimes your way is not the best way, your way may not be the right fit, or the tools you have chosen don’t match up with the company’s strategy and goals.
If you want your company to be more cost efficient while generating greater revenue, current tools and strategies should be reevaluated. You can simply start by asking, what does it take and what does it cost to close a deal? There are many variables to this question and we would love to find the answers that are specific to your company’s industry and goals.
Published by Rich Rutherford on 10-27-2018