Is it possible that your revenue growth is OK, or Good, but not Great?
Could that be because your team and process are largely homegrown?
Is it possible that nobody in the company really knows what would make it great?
Or worse, that nobody knows that nobody knows? From marketing and sales VPs, through executive management, right on up to the board?
And what would that mean to generational transfer, enterprise valuation or even financial strength?
56% of CEOs aren’t confident that their sales leaders can deliver their number.
But does the CEO have the current sales skills to step in and fix it? Often not. So they sit there...hoping.
If sales leaders are wobbly, and senior management doesn’t have the answer, who does? The board charged with oversight?
Rarely does a board of directors include independent directors with contemporary best-practice revenue growth experience.
So sales execs and executive management might have sales experience from the 80s & 90s. And board oversight may have no sales experience.
None have done it in today's markets.
The good news is there's a solution!
Industrial manufacturers optimize operations and production with process engineering, KPIs, and rigor. Let's bring that approach to sales and marketing which are often vaguely structured and much less accountable.
82% of CFOs are increasing spending on demand generation because growth is unreliable but 69% of CEOs question their marketing team’s ability too!
Who should take the lead in levelling up the revenue growth team? Often the sales and marketing teams are often homegrown, and most sales growth comes from existing customers. Executive management are normally veterans of manufacturing and engineering, or the same sales pedigree. And the board rarely includes contemporary sales and marketing insights.
No wonder CEOs are unsure. They might not have the right team. They might not have the experience themselves. And they often don’t have a board of directors with the skills to support management in this area.
You might be a:
A top-performing board that works effectively and constructively with management and owners is the goal. That requires proactively cultivated skills and perspectives.
Revenue growth is a strategic imperative that's often beyond appropriate board oversight.
Ed works with mid-size industrial manufacturers and capital equipment companies. He helps them adapt strategy and revenue growth approaches to meet changing buyer expectations and leverage new technology. Ed has carried an industrial company P&L and worked in multiple phases of industrial manufacturing and sales channel.
Additionally, Ed is:
We'll work around it if there are a small number. Ideally they'll participate in all diagnostic work in advance, and perhaps in the meeting via video. There's also often important information in some members resistance.
Then this may not be a good fit. We're not talking about a lot. For most individuals, the requirement is not more than 2 hours in advance, plus the meeting. The chair and senior exec will spend a couple hours more coordinating and reviewing.
If that's too large a commitment, then it probably means there isn't adequate desire to improve performance.
Your board will be stronger.
Oversight and governance will improve.
Collaboration between the board and management team, between sales and marketing, and among each team internally will improve.
The company will be armed with a roadmap for strategic revenue growth as a collaborative company-wide effort.