The 3 R’s to Recovery — How to Rise like the Phoenix
The first area of your business ripe for disruption and re-creation is revenue.
Recovering revenue runs the spectrum from regaining your customers trust in terms of health and safety so they feel safe continuing to do business with you, to completely reinventing revenue as you now know it today. The old idea, “this is the way we do it here,” must go.
As you look deeply recovering and reinventing revenue, explore each of these areas:
1. Rediscover your passion
2. Reduce friction
3. Building a more Resilient revenue model
5. Re-engineer with collaboration and partnership
6. Revamp goal setting
Rediscover your passion
I was working with Gloria, a dynamic woman whose primary business was consulting with not for profit organizations. Gloria loved helping the nonprofit industry because she identified with their sense of mission and purpose. She saw her work as leapfrogging her clients’ ability to help the most vulnerable among us. This gave her a sense of fulfillment with her work.
She came to see me because, while she loved the results she was getting for others, she was not as happy with the results she was achieving for herself. As we talked, it became clear that some projects fired her up, but some left her feeling drained.
I gave Gloria some homework. To go back through her records, and rate each project based on the results she had achieved for the client, how much money she made and how much joy she experienced doing the project.
At our next meeting, Gloria came in fired up. Digging through her history was very enlightening. She discovered her favorite project types and she was ready to craft a new revenue model focused only on her passion.
Over the next few weeks, I helped Gloria do just that. Together we crafted a new revenue model that limited the scope of her services to the projects she really loved to do. We set clear goals for her annual revenue and the number of projects needed to achieve her goals. We developed a simple marketing plan based on her already deep relationships with her community.
Fast forward 6 months and Gloria was only doing projects she loved, making more than she had ever made and finding more joy in her work on a consistent basis. The double bonus was that her clients were thrilled with her new focus. She now has a waiting list of projects. Win/win/win/win.
Being a business owner is hard. In times like this, with economic recession and COVID health challenges combined, it is harder than ever.
Your passion is your fuel. Your passion is your energy, enthusiasm and the key to engaging your team. Moving forward without it is like going to a 5k race with high heels. You might win, you might cross the finish line, but you most certainly will exhaust yourself in the process.
If you want your business to be its best, you have to be your best. Your best is at the heart of your passion.
As you are preparing to recover and reinvent revenue, spend time reflecting on why you went into business in the first place. In the process of putting food on the table, have you left some of your passion behind? Have you lost your authentic self? Did you leave your genius behind because no one else did it that way? It is time to rediscover your passion?