Many of us set personal resolutions when it comes to starting a new year. Resolutions are changes related objectives for which a person states in a formal way its desire to ‘do more of something’ or ‘do less of something’ in 2015 than the previous year. Resolutions can cover many topics, from changing a personal lifestyle, adapting how to interact with others, financial management, doing more education, cultural aspects to so much more.
For example Marc Zuckerberg, founder and CEO of Facebook said recently his resolution for 2015 is to “read one book every other week for the entire year – with an emphasis on learning about different cultures, beliefs, histories and technologies”.
Resolutions can also apply to a business and represent a great opportunity for a company to set new objectives for 2015 and to make commitments in order to change. But to ensure that the Business resolution has any weight it needs to be defined by relevant stakeholders in the company and make sure that it is embraced by the entire organisation.
New Year’s business resolutions for a company can be set by the CEO, the senior management team, or even by a number of employees – but to have a chance of succeeding these resolutions need to be communicated, understood and adopted by the rest of the organisation. These steps are especially important when it concerns aggressive 2015 resolutions that require significant effort and/or change in the organisation’s behaviours.
Aggressive Business resolutions are for example accelerating the business growth rate, getting more revenues, having better price realisation, improving customer retention, getting more market share, getting more successful new products to market…
Our experience at Minds&More from the past five years in helping companies to gain more growth reveals that it is important to first get an organisation aligned on these growth objectives and to do it early in the beginning of the new year to ensure that the organisation has time to realise them. In addition it is important to cascade these objectives into concrete activities that need to be executed by the various teams (marketing, sales, operations or other).
When it comes to making big resolution happen, it is often easier for a company to break down these objectives into smaller steps. With the intent that the smaller objectives can be realised more easily by the organisation and gain momentum as they are executed in a new manner. Once the momentum is in place, the pace of change can be increased and more business impact can be enjoyed.
3 key levers that can help an organisation to get more growth and support its 2015 business resolutions:
- Enhance the focus on sales management and sales coaching in 2015. Historically an organisation underleverages and underinvests in its first line sales managers. Sales managers today often revert to a ‘selling role’ and ignore the most important activity of a sales manager: Coaching. If team coaching and team management are done properly it can result in better territory management, with a bigger impact on large account plans and their execution, better sales opportunity management and more effective customer visits.
- Better use of the pricing and value management levers in 2015 which covers the internal alignment within the organisation on pricing objectives to ensure effective pricing governance and policies. In addition if a company expects to face price pressure in the 2015 shift, more focus must be given on better communicating the value of its product/services and in managing the existing price perceptions in the market. To make sure that a company is able to serve different segments (each segment having its value and price requirements) the company has to adapt its offering to be able to effectively play in the market
- Better use of content management and interactive content platforms to position company’s product and services in the market. Content management enables the company to get customers and prospects interested in their business and generates new sales leads. It is important in 2015 to use relevant content mix that matches your targeted customers’ business needs and to ensure that the content delivers value. Effective content marketing and management can predispose your prospects to prefer your company and help to enhance sales productivity (focus sales on the relevant leads, shorten the sales cycle time, and gain higher conversion rates).
To summarise, companies can also set their business resolutions for the New Year by implementing these objectives within the organisation and recognising that change will be required. When it comes to accelerating business growth thanks to new resolutions, some important levers are often underused such as focusing more on sales managers and effective field coaching, better pricing and value management, and finally ensuring that content management and marketing are properly done. All of these levers can deliver additional source of business growth for 2015.
Happy New Year !