How to Drive Revenue Growth Consistently [Case Study]
The problem with revenue-generating strategies, or Winning Moves, is that you don’t feel you need to work on them when things are going great. You are too busy working in the business and harvesting sales from existing Winning Moves. Then the day comes and BAM! Your current winning strategies begin to slow down. Growth slows. But just like the characters in Spencer Johnson's Who Moved My Cheese, we are slow to go out and innovate new Winning Moves. Why is it so hard?
Here are the usual suspects that cause us to delay working on new revenue growth initiatives:
- It’s been a while, that muscle has atrophied, and we feel less confident.
- We do not have a regular habit or process to work on Winning Moves (strategic growth initatives) consistently, so it's no longer in our flight path.
- Old Winning Moves, while deteriorating, are still performing, and they are taking even more energy to deliver the same results.
The leading indicators are there. Competition is fierce, prices are falling, and it’s getting harder to close deals. Unfortunately, in this case, the deterioration happens slowly over time, and we only notice it if we look at a trend line of these key performance indicators over a few of quarters. Change is hard, so we wait and continue to milk our ebbing strategies for what they can still give us.
Bottom Line: Good companies work on Winning Moves only when they have to, while great companies work on their Winning Moves all the time.
Great companies run a consistent Think Rhythm to develop and refine Winning Moves. This process takes discipline, focus and hard work. Yes, hard work. Nobody said it was going to be easy. That is why there are so few great companies.
BioPlus is a great company. They are a specialty pharmaceutical company in Orlando, Florida. They are amazing. Their focus on enriching the lives of patients and customers and energizing their employees to do so is part of their magic formula. You can read the BioPlus case study in chapter 3 of my best-selling book Predictable Results. It is exciting and inspiring to learn how they grew 140% each year for 3 years in a row by using Winning Moves to drive revenue growth. They had the discipline to continue their Think Rhythm to innovate and refine Winning Moves even though their 2-Hour Patient Guarantee move was driving strong revenue growth.
If you want to be a great company like BioPlus and grow year after year, you need to get on a Think Rhythm to work on the business problem of growing revenues consistently, not just when it is convenient or when you desperately need a new growth strategy. Read BioPlus's case study and call me if we can help you.
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