Stalled Revenue?Jan 28, 2022
Stalled revenue? Been there. Many times!
- I've launched startups that failed to take off.
- I've been CEO of fast-growing companies ... that stalled.
- And for the past few decades, I've earned millions helping small business CEOs turnaround their stalled companies.
What have I learned?
- Pride and ego come before the fall.
- The landscape is always changing.
- What got you here won't take you there.
- Technology and buyer journey shifts create havoc or opportunity.
- Stalled Revenue = (a broken customer acquisition system).
- If pride and ego continue after the fall, the turnaround becomes impossible.
- Transformation requires humility and a learner's heart.
- Good or bad, our very best thinking has produced our present results.
Allow me the liberty of making a pretty bold statement, like with 95% confidence, based entirely on what I've personally experienced.
If you had a small business with stalled revenue, and you and I holed up in a war room for a few days, I could tell you what was wrong ... and how to fix it.
How can I be so sure? It's not that I'm so smart, I just see the same thing over and over, the Xray always reveals the truth.
15 years ago I experienced some odd health symptoms. I met with my doctor and he immediately asked me if I was experiencing a particular set of symptoms. I wondered, how did he know? After a blood test, I was officially diagnosed as a diabetic. What was the giveaway? Over 45 and fat! (I've lost 60 lbs since then)
What's the giveaway of a company with stalled revenue? An outdated digital strategy and ecosystem.
What's the giveaway of a company that's headed towards stalled revenue? Same thing.
The problem. Their business has become lost in a digital world, with low regard for the modern-day buyer journey. This is especially common in relationship-driven sales.
Perhaps the rules of the relationship changed and no one told you. Or most likely, you didn't listen. (REBUKE) God will answer your prayers, but not your excuses.
Whether you know it or not, every company has a customer acquisition system, good or bad. A process for acquiring new customers. When revenue stalls it's broken. I know, duh.
Post Covid, businesses that aren't quick to adjust will simply go out of business.
Here's the emotional roadmap of the turnaround.
- Rebuke: Stop doing that!
- Correction: Start doing this.
- Encouragement: If you are willing to learn how ... you can know-how.
Here's the macro roadmap of a successful turnaround.
- Reset your personal/business GPS. (where you are ... where you'd like to go)
- Overhaul your product-market fit. (lean canvas + brand positioning)
- Get a makeover of your digital ecosystem.
- Develop a fresh marketing/sales strategy, 80% of the buyer journey is now online.
With politics - it's the economy stupid.
With revenue - it's digital s - - - - d.
It's time to win!