Assess Current Resources
Do you know the economics of your business?
What do you have at your disposal to achieve your vision?
These type of details are critical in the decision making process. Too often business owners establish goals without defining the objectives or measurable metrics to track progress or success.
Adding discipline and focusing on how you allocate resources within your business will help you better understand how your company creates revenue. These tasks are referred to as your “Revenue Engine”:
- Marketing—A way to communicate your message/offering both internally, to employees, and externally, to the marketplace.
- Sales—Closed contracts for products or services resulting from leads generated through various marketing efforts.
- Delivery— Providing your product or service at the agreed price.
- Collections—Getting paid for the products or services you delivered.
Tracking activities within each of these areas helps to create metrics that can predict what is happening within your revenue engine in real time.