UWR 087 – Instead of Focusing on Revenue Generation, This Might be a Better Use of Your Energy

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Welcome to Uncover Wealth Radio Episode 87 – In this episode, we will be talking about Instead of Focusing on Revenue Generation, This Might be a Better Use of Your Energy

Today, Annette Ferguson, who is the host of Uncover Wealth Radio and a pro in helping entrepreneurs take home more money from their business for them and their family to enjoy, is here to tell you all about money, business wealth and creating financial freedom

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Welcome to Uncover Wealth Radio, Episode 87. Today’s episode is about focusing your energy in a slightly different place than revenue generation at the moment. So let’s dive in.

Instead of focusing on revenue generation, there might be a better use of both your time and your energy at the moment. You see, as business owners, we are so used to spending all our time focusing on revenue generation, on growth, on building our business, and of the bottom line as well at the same time. But the thing is that, at the moment, revenue generation for many, many businesses in many, many sectors can be nearly impossible. Perhaps you have seen your revenue in your business significantly drop or even reduce to zero as a result of coronavirus. If you have been forced to close, then have a think about these other things that you might want to be considering doing instead of focusing on revenue generation at this point in time.

Now, I am not saying that you shouldn’t be considering generating revenue, because if there is a way in your business to be generating revenue at the moment, if you can change what you’re selling a little bit, if you can pivot a little bit, as long as that is in alignment with a longer term strategy in your business, then by all means, do generate revenue just now. It is incredibly important to generate revenue where we can.

However, we also at this point in time might be wanting to think slightly differently and slightly more strategically than just going all out and solely focusing on revenue generation. Because at the moment, it can be an incredibly good time to be focusing on brand building, to be focusing on marketing, and to be focusing on going all in on your content.

People are needing support, they’re needing help, and if you are in a position to be able to provide that through your content, then it is a great idea to start doing that as much as you possibly can. It will help build up your relationship with those people, not just for just now, but also into the future as well, so that when we come out the other side of this, you have a stronger relationship with your audience, which in turn, as we know, will at some point lead to benefits to your bottom line as well.

So focusing on that just now can be incredibly important. Also, just focusing on relationships in general, relationships with your clients, relationships with your audience, like we’ve just said, relationships with suppliers, all these people can be really important to focus your time and energy on so that, again, you come out stronger afterwards.

So having a look at that overall communication plan for your business at this point in time can be a really good use of your energy and time. What do you want to be communicating to whom and when? How frequently do you want to be communicating? What does that look like and what messages do you want to be delivering just now to support your business in the longer term? Because any decisions that we make just now, we want to make sure that they support our business’ longer term strategy. I already mentioned that in this episode, but we don’t want to be making decisions just now that cannibalise our future business. We want to be building our business just now at this time. Even if that doesn’t look like building our revenue at this time, there are still options to be building our business through our relationships, through our content and through shoring up and building our brand as well.

That doesn’t mean that you have to spend a lot of money doing this stuff. When I say building your brand, I don’t mean that you need to go out and invest money in a fancy website or in a new logo, I mean doing that through your content and through the support you’re providing as well.

Another thing you can be doing at this point in time, if you can’t be generating revenue or you’re not able to do it in the same way as you were before, that perhaps your revenue has lessened and therefore your service delivery has lessened, you can be having a look at your systems and processes in your business in all areas, in operations, in finance, in marketing, in sales, having a look at what you can tweak at the moment, what you might be wanting to adapt, and looking at that side of your business to the systems and processes side. This is a good use of your time to do that as well.

All of these things are probably things that have been sitting on your to do list for a while perhaps. I know that most of us have to do lists as long as our arms, but just now can be a great time to actually be looking at that to do list rather than be out there selling and launching and generating revenue if that is going to be incredibly challenging for your business at this point in time.

Of course, like I mentioned before, don’t write it off completely because it might be that with your business, you are able to generate revenue just now, and if you are, that is great. If you are able to sell as normal and there is no change to your business and how you operate at the moment, then by all means, spend your time doing that and focusing on the revenue generation, focusing on the profits of the business because it is not a time to stop doing that if you are able to.

What I am speaking about is if you are in a business where you are unable to generate revenue at this time or you’re unable to generate it in the same volume as you did before, that your revenue has significantly decreased, then instead of focusing on that, it might be a better use of your time and energy to be focusing on some of these other areas so that you can come out stronger at the other end of this and you have a stronger business in place for the future.

If you enjoy what I share on this podcast, I would love if you want to subscribe and also leave us a review in iTunes. It’s the way that more people can find this podcast and more people can benefit from its content. So I would be massively appreciative if you would like to do that.

If you also would like to screenshot this episode, share it out on your social media platforms, that would mean the world to me. If you do share it out, my username on Twitter and Instagram is Annette_Fergs. So do you make sure you tag me so I can come along, give you a follow, give you some likes, give you some love on the other channels as well. Thank you so much for joining me today. I hope this episode has been useful.U

 Hello! 

I'm Annette Ferguson

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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