How can technoprenuers connect revenue strategy to execution plan?
With a new year starting the timing is right to shift the focus to executing your revenue strategy with precision and achieving the planned outcomes. We have clearly see that technoprenuers who spend quality time in putting together a focussed revenue strategy and execution plan are far more successful that those that simply wing it.
It does not matter if you are a 20 person or 200 person tech shop. Having a plan and focussing your activities in the right direction will yield results.
Here is a sample revenue strategy and execution we put together for one of the mid sized tech firms that wanted to 2X revenue within next 12 months. We simply chopped off a geography and 2 products from the basket!
The tolerance for under performance is diminishing each year as technoprenuers understand that revenue growth (and sales) is a science not an art form and good planning and implementation methodologies do deliver results.
If you cannot plan and see how to make the money at the start of the year
the results are most unlikely to be there at the end of the year.
Technoprenuers spend considerable amount of time and effort in running their business but spend very little time in planning and translating that plan to quarterly action plans.
Often they find it cumbersome and tedious. Sometimes they simply do not know how to put this together and translate it into an execution plan.
For those who are struggling to put together a plan, here are some outline that can help you along the way.
In Agility Nexus revenue planning process, we focus on 4 areas – core strategy (where to focus to achieve our numbers), product/ solution portfolio, sales and marketing.
1) Core Strategy – In developing our core strategy we look at our desired revenue numbers, share holder expectations, how fast we want to achieve it and what resources we have to get there. We also look at markets, competition, product/solution lifecycles, our position and a future paced outlook to achieve our results.
2) Revenue Planning – We then move onto a detail plan that goes one step down into mix of segments, product/ solution portfolio, existing customers, new customer acquisition, products, territories and revenue opportunities.
3) Breaking down the revenue plan – this leads us to objectives of the revenue plan (includes both marketing and sales) and what are the requirements (and needs) to get them delivered. We use a 4 quarter, 90D sprint planning process to plan and execute the micro detail of what is required to be completed each day, week, month and quarter. The activities with the customers which steers the direction from where the sales revenue will be derived.
4) Sales Funnel and Process – We then develop (tweak) the sales process and funnel, by applying AICP framework (Attract, Interest, Convert and Propagate) that incorporates customer buying journey, acquisition channels, attraction and conversion tools that brings in paying customers. This also boils down to detailed weekly execution plan.
5) Weekly/Daily Progress Tracking – when you understand the activity requirement for the business, you can then monitor to ensure the activity, and the right activity is occurring. This is the engine behind any revenue results being achieved. We monitor the following key areas with well defined KPIs.
- Demand Generation activities
- Sales funnel activities,
- Client conversations and conversions.
6) Monthly Review & Meetings – Technoprenuers should also review progress, on a monthly basis, with individual team members to the plan, realign them where necessary and remove barriers that will stop them achieving. You should keep the team focused on the right activities and allow them to demonstrate how they are managing prospects and customer base.
7) Quarterly Business Review – keeping the revenue plan active with a runway of one or two full quarters ahead, at any time of the year is a must. Ensuring the activities are feeding the short and medium term objectives of the company.
With the focus on performance, effectiveness and results maintained through quality dashboards, the team will understand how to manage and deliver the planned results. The most important contribution of all is frontline coaching and reinforcement of the activities that deliver success.
If you don’t have one, get started with your strategy and execution plans. It will clearly differentiate you from your competitors and focusses your efforts to achieve maximum results.
P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :
1. Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.
4 Ways to Position Your Tech Business to Attract More Clients Click here.
3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.
2. Schedule a 15 Minute assessment call with us – Click here.
We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.
3. Join our Techcelerate Implementation Program and be a Case Study
I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.
Life is short. Take action now and grow. Best Wishes.