What are your key revenue indicators?
That is, which actions or measures, followed weekly, monthly and quarterly, closely predict revenue growth for you?
In my business, I have two:
Proactive phone calls: I know that if I make five efforts per day — voice mails included — to have proactive conversations with buyers, my business will grow. That’s 25 per week, 100 per month, and more than 1,000 per year. It has to be proactive, outbound, and on the phone. Which means, my five cannot include incoming calls, or calls already scheduled on my calendar. I aim for the weekly number, as my days are often different and many are away from my office. But each week, I must hit my number, and I don’t let myself off the hook. Because my family’s well-bring depends on it.
Speeches in front of the right audiences: When I speak, my business grows. So, I need to book one talk monthly in front of the right audience. This audience is tightly defined, which helps me select which appearances to accept. So when I look at the calendar, and I see at least one such talk each month, I know my business is growing.
What are your KRIs? When you boil it all away, what does your revenue growth depend on?
Considering the following:
- Phone calls and phone time
- Calling prospects, not customers
- Alerting current customers about what else they can buy from you
- Asking for the business at every opportunity (count this)
- Asking for referrals
Create the minimum number of KRIs possible. Two or three. Then track them, along with your revenue growth. Over time, you can adjust thresholds and indicators.
This is important work, because when know your KRIs, you know if your sales will grow. Good to know, because your family’s well-being depends on it.
Want to grow your sales? Call me at 847-459-6322 or reply to this email.