15 Nov ASK THE EXPERT: How to drive sustainable revenue growth
Starting a business is exciting, but it often comes with many risks and uncertainties. For most entrepreneurs, having a trusted resource when problems arise can often be the very element needed to achieve game-changing success.
“Ask the Expert”, our bi-weekly feature designed especially for startups, invites North Texas industry thought leaders to share helpful advice and strategies with current and aspiring business owners.
Meet The Expert
Brent Martin has worked with 30+ startups and 20+ mid-size companies, across 30 industries globally, providing dynamic revenue growth solutions. At In Focus Brands, an international growth firm with experience launching 143 companies, Martin aids startups and established firms with business development strategies.
Continuous revenue growth is a common struggle for startups and established companies because many fail to scale properly and build aligned teams. Numerous complexities arise with taking companies to next levels of revenue growth and many lack the resources, strategy or experience to lead their company on a steady path of growth. Brent shares a few pointers to help build and align teams to create better culture synergies and drive overall revenue.
Need Sustainable Revenue Growth?
Tip #1: Align All Departments
When your company continues to grow, it’s easy for departments to start operating independently due to many reasons: moving too quickly, different office locations, tight deadlines, etc. This is where all departments should be aligned with a unified vision and steadily communicate the overall goal with scheduled discussions. Have frequent communications between all departments, create specific action items to keep everyone aligned and give each department a voice that creates ownership at the operational level.
One of the most common issues with misaligned departments is when marketing and business development/sales teams act independently. Your sales team should be in constant contact with the marketing department to provide feedback with all sales interactions to help create and distribute compelling messaging and content. Marketing departments need massive amounts of data to help attract the right customer and have them convert faster. We’ve seen the alignment of business development, sales and marketing to also save companies 33-45% of their ad spend annually.
Tip #2: Implement Inbound Hiring Programs
Building branded inbound hiring programs to attract long-term team members is crucial. It’s not enough to just hire someone who “checks” all the job description boxes. Most importantly, you need to attract someone who aligns with your brand, vision, and culture. You need this person to work in-the-trenches with you and be committed to the company’s future. Using a job board only floods your inbox and treats the hiring process as an assembly line of resumes. Make it personal with attracting talent through branded content and learn the person, not just their capabilities.
I see startups frequently hiring commission only sales reps or people who lack passion for their product/service, just to add headcount. Commission only reps are usually less seasoned and have their full attention elsewhere, and the reps lacking passion often lead to higher turnover and wasted costs. If you’re struggling with your inbound hiring system, use a proven revenue growth firm or branded HR firm to help lower your risk of wasting money with bad hires.
Tip #3: Conduct Ongoing Team Training
What happens when you hire a rockstar team or individual who aligns perfectly with your goals? You train them, forever. Training shouldn’t stop after on-boarding, but rather an ongoing process to help your team grow and increase personal/professional development. No one wants to work somewhere year after year without direction, or lack of growth and education opportunities.
The training doesn’t have to be a seminar every year, but it has to be personal and scheduled for each team member. This will help drive personal development for each employee to maintain a positive experience since this is a major commitment in their life – your company growth also benefits by their hard work. When companies scale, employees should be challenged to think differently and be able to adjust to new processes. Help them with these crucial changes, educate on upcoming directions, and encourage the team to push their limits without repercussions.