The revenue struggle (That time my business tanked)
00:00:00The text discusses the struggles that revenue executives face in driving their revenue to meet goals, often feeling overwhelmed and uncertain about what will work. The author shares a personal experience of being CEO of a failed venture-funded company which led them to develop an engineering mindset applied to growth.
The 7 keys to hypergrowth
00:00:50How Hypergrowth Companies Create Predictable Revenue."
1. Nail a niche
00:01:25To grow, it is important to find a specific problem that the market has and identify your ideal customer. Focusing on one type of customer can open up opportunities rather than limiting them.
2. Create predictable pipeline
00:02:04The key to growth for an individual salesperson or a company is not the number of salespeople or the product, but having a predictable system for generating leads and opportunities. This can be achieved through various methods such as software products, free trials, paid ads or door-to-door knocking. The goal is to create predictability in growing customer opportunities.
3. Make sales scalable
00:02:41The excitement of growth can lead to problems such as hiring ineffective salespeople or broken systems. To prevent these issues, design the sales team from the beginning with scalability in mind and address any preventable problems.
4. Double your deal size
00:03:20To build a big business, it's important to focus on bigger deals that are a better fit as the effort required for small and large deals is about the same. It can make growth easier by thinking fewer, bigger and better.
5. Do the time
00:03:45The author emphasizes that achieving goals takes longer than expected, and people often struggle with anxiety and depression due to a mismatch between their desired timeline and reality. It is important to accept where you are in your journey, understand it's a rollercoaster ride with ups and downs, but keep pushing forward towards your goals.
6. Embrace employee ownership
00:04:27The article suggests that employees are not owners and it is unfair to expect them to work as hard as the actual owner. It emphasizes on designing a culture where employees have emotional ownership, which will motivate them to put more effort into their work.
7. Define your destiny
00:04:56The section emphasizes the importance of applying frustration to define where one wants to take things. It encourages individuals in a team, including employees and leaders, to set a clear vision that empowers people in the company so they can define their own destiny better instead of waiting for someone else to fix it for them.