The 3 R’s to Recov­ery — How to Rise like the Phoenix

Recov­er­ing revenue

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
4. Repackage
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?
Mackey