EFFECTIVE MANAGEMENT
EFFECTIVE MANAGEMENT
Strategy and Planning: Strategic Revenue Growth
By Joseph P. Truncale, Ph. D. Contributing Editor
So much about strategy and planning can seem overly complex and daunting. It needn’ t be. In fact, by focusing on these five key objectives, the planning process can be simple, straightforward, and effective. They are: Strategic Revenue Growth, Technology Innovation, Operational Excellence, Financial Reporting, Analysis & Forecasting, and People, Performance, Culture & Learning. Here’ s a closer look: 1. Strategic Revenue Growth: I have yet to encounter an owner / CEO and / or a senior leadership team who do not have a goal of revenue growth. Adding the word“ strategic” to this near universal objective is not embellishment or simply decoration. There is a significant difference between growing revenue( some of which may or may not be value added or profitable)
and strategic, well planned account acquisition. This is where“ the list” comes in; those prospects you will identify, research and concentrate on and target for addition to your client roster.
Starting with this broad objective, we drill down to its component parts.
We begin by examining current key accounts. With whom are you enjoying success( and loyalty) and why? Are there additional services you could provide them? What is your“ share of wallet” with these customers? What are their plans for future growth and how might you help facilitate these? How is what you are providing helping to improve the circumstance of their business?
We then begin to profile these accounts, attempting to discern patterns that will help you better understand ways to communicate your unique value.
From there, we map this profile on to your best prospects. These form“ the list;” a strategic, highly targeted short list of organizations with whom you might enjoy a mutually beneficial relationship. Remember, if you go out looking for anything, that’ s what you’ ll get!
Development of the key account acquisition plan follows.
By focusing on five key objectives, the planning process can be simple, straightforward, and effective.
Photo: Getty Images / iStockphoto / LaylaBird
Some find value in stratifying their best clients and prospects by industry verticals, specialty, product or service, geography, size, etc. While this can bring a level of clarity, don’ t overlook the importance of the unique value you are creating and providing. This is what keeps clients connected and loyal over time.
We’ ll take a look at the second of these five key objectives, Technology Innovation next time.
Getting your senior team together for a deep dive into strategy formulation and planning has many positive effects for your organization and for all of your stakeholders. Quarterly follow-ups ensure you stay on track and focused. Adjustments are made and assignments for the next 90 days are put in place. When these sessions are professionally facilitated, the positive impact made on business results is dramatic.
For more information on getting started on your strategy and planning, contact me at joe @ ajstrategy. com.
Joseph P. Truncale, Ph. D., CAE, is the Founder & Principal of Alexander Joseph Associates, a privately held consultancy specializing in executive business advisory services.
He is the former CEO of the Public Relations Society of America( PRSA), the world’ s largest public relations organization. Prior to joining PRSA, Joe was President & CEO of NAPL, a business management association representing leading companies in the printing, graphic communications, mailing, fulfillment and marketing services industry.
Joe specializes in strategy, customer analysis and organizational effectiveness.
He is a graduate of Monmouth University and he holds a Masters’ Degree from Rutgers University. In 2011, he earned his Ph. D. in Media, Culture and Communications at New York University and was the recipient of the Prism Award for Academic Achievement. His dissertation was a ground-breaking study of the leadership styles of highly successful entrepreneurial business executives in the graphic communications industry.
Joe served as Co-Chair of the New York University Board of Advisors and is an adjunct faculty member at NYU teaching graduate courses in Executive Leadership, Financial Management and Analysis, Finance for Marketing Decisions, and Leadership: The C Suite Perspective. He resides in Colts Neck, NJ.
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