The vaccine is on its way.  Now there is a reason for optimism.  We have moved from survival to seeing growth.  What is next?  Profitability

Revenue generation in 2021

You can no longer rely on historical revenue trends.  History has no relevance due to the chaos that the entire world is experiencing. You face a colossal crisis: the inability to apply your data and correctly forecast your business’s future.

How are you going to make appropriate business decisions and develop successful revenue strategies in 2021?

  1. Utilize Predictive Analytics
    Predictive analytics is highly essential for your business. What are your customers/clients looking forward to having? When? Do you have the right products/services, correct quantities, at the right time?
    Predictive analytics uses historical data and current data to make future predictions. In this volatile competitive market, finding the right insights is essential for you to stay ahead of your competition.
    You can grow better, produce more profits, and establish your brand this way.
  2. Build flexible strategic plans
    It may seem like a daunting task to create a 2021 strategic plan, but this a communication tool, in addition to a financial one.  Your team is looking to you for direction. Your job is to clarify your company goals.  In these uncertain times, sharing your vision and strategic direction for 2021 is even more critical to your people – they are looking to you.
    When determining your financial targets for 2021, try to identify as many possible scenarios based on what you know now and your “best guess” at how different blueprints could impact:  customers, supply chain, employees, or other relevant factors.  What makes you unique? Is that brand still in demand? What is your best- and worst-case plan?  Share your assumptions for both.
    Talking with your customers/clients will help you understand your customers’ needs and challenges and see potential opportunities.  This step in the process has never been more critical.  Do your customers/clients want any modifications to your products/services? It would be best to inform your strategic decision-making team of what you learned from your customers/clients.
    In this environment, monthly reviews are the most suitable, not quarterly ones. Encourage your strategic planning team to focus on thinking about the last few months’ events and what they have learned that might impact their strategic projections.
  3. Seek your employees’ perspectives
    Create platforms and virtual meetings to support company-wide innovation. Inspire employees to share their suggestions/ideas.  Establish your business culture that values new ideas and creativity. Promote an environment in which everyone feels comfortable bringing new ideas to the table.
    Cost-cutting will be required to reach profitability.  Your SME team will be the best source for ideas for streamlining processes and boosting productivity. Use optimization tools to verify suggestions have the expected impacts.
    Simplify your decision-making process. Adopt agile principles for the performance of your modifications/adjustments.  Be nimble. Convey your sense of urgency when changes are necessary.

Conclusion

 

Keep your pipeline to customers open.  Launch automation to create as a means of knowing your customers’/clients’ satisfaction with your products/services. Be open to anything that will prove your customers/clients your responsiveness.

Plan! Adapt! Manage! Succeed!

AccuComp Enterprises collaborate with business and technology leaders to support the formulation and execution of transformational strategies.

Together, as your business partner, we can achieve your intended business outcomes by bringing the best of process re-engineering, technology experiences, and advanced business analysis.

Contact us at s.ferrer@accucompenterprises.com

We are all in this together!

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