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<h3>What is the CRO role?</h3>The most critical component of the strength of a business is revenue growth; without the engine of revenue driving financial performance, a company will lose market share and ultimately gross margin dollars and profits. To that end, since 2013, the Chief Revenue Officer (CRO) has been one of the fastest growth C-Level position in corporate and lower middle market companies.So, what is a Chief Revenue Officer? The Chief Revenue Officer or CRO oversees all teams and processes related to revenue generation within an organization. This executive position ensures that the competitive position of the company are aligned around the strong categories of a company to drive revenue opportunities for long-term sales growth and maximizes profitability.<figure id="figure-3ep9j0tiukll5vt76o"><img id="3ep9j0tiukll5vt76o" src="https://cdn.durable.co/blocks/33Cu3XNp9SILmOvLsvh5nX4DOShI8ZLrozYw9RZlAiPQsr7I5o5WJOaUTN4OOkhu.png" alt="graph outlining the strong, medium &amp; weak strategic revenue options" class="object-cover bg-gray-100 " style="aspect-ratio: 1/1; object-position: center 10%;" data-corners="no-rounded" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="10%" data-mce-src="https://cdn.durable.co/blocks/33Cu3XNp9SILmOvLsvh5nX4DOShI8ZLrozYw9RZlAiPQsr7I5o5WJOaUTN4OOkhu.png" data-mce-style="aspect-ratio: 1/1; object-position: center 10%;"></figure>A CRO, on the other hand, considers sales as just one component of the machine that drives revenue. CROs look at goals 18 months or two years into the future and consider what’s happening in the market and what needs to be done now to reach those long-term objectives. To achieve real success with or without a CRO role, organizations need to shift from being reactive to proactive in the face of current changes and externally environmental market forces.As an experienced CRO, please feel welcome to reach out to me and I can help set your business up to grow your revenue and drive sales.

The Chief Revenue Officer and the Strategic Options to Drive Sales

As a business growth strategist who specializes in turning around distressed companies, I’ve learned to identify the warning signs that indicate when a business is in trouble. These signs can range from declining sales and profitability to cash flow issues and employee turnover. When a company exhibits these symptoms, it’s essential to act quickly to address the underlying issues and implement a turnaround plan.With so many businesses struggling to navigate the complexities of today’s economy, it is more important than ever for companies to have access to the expert guidance and support that we provide.Whether your business is facing financial challenges, struggling to stay ahead of the competition, or simply looking to take your operations to the next level, our team has the expertise and experience to help you succeed.In this article, I’ll be sharing my insights on the key elements of our business turnaround plan; our approach can help you regain your footing and chart a course toward sustained growth.By focusing on the core components of our turnaround plan, we can help businesses overcome a wide range of challenges and achieve success even in the most difficult economic environments. So if you’re ready to take your business to the next level, keep reading to learn more about how we can help you get there.<h2>Signs of a Company in Distress</h2><figure id="figure-9axpzkjopll5vn52y"><img id="9axpzkjopll5vn52y" src="https://cdn.durable.co/blocks/3778G76y3ezwImn5loVFUbdjS6Qn1AOUjrvzggqoDRC3TYu0gTQOfWXWdEc1PxLg.png" alt="4 boxes showing the different areas of the signs of a company in distress. Top left: working capital; top right: financial; bottom left profitability outlook; bottom right: employees" class="object-cover bg-gray-100 " style="aspect-ratio: 1/1; object-position: center center;" data-corners="no-rounded" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/3778G76y3ezwImn5loVFUbdjS6Qn1AOUjrvzggqoDRC3TYu0gTQOfWXWdEc1PxLg.png" data-mce-style="aspect-ratio: 1/1; object-position: center center;"></figure><h2>Key Elements of the Turnaround Plan</h2>Develop A Turnaround Story All stakeholders want to know the end game and exit strategy. Must build a communications strategy to lenders, alternative financial institutions and judges.The Team Must have a knowledgeable and experienced restructuring attorney and trusted advisors that add value to the process. Cultivate or replace key employees; someone is responsible for the deteriorating performance of the company.Review the Strategic Options Stabilize finances, deleverage the balance sheet and improve cash flow. Make the financial institution a major partner in the restructuring process.<h2>Business Turnaround and Restructuring Process</h2><figure id="figure-cws2j0mnhbll5vpjr6"><img id="cws2j0mnhbll5vpjr6" src="https://cdn.durable.co/blocks/33bQjblDq8trxODplKTwIHqcHfi5Y3IaogtpVAuq7ocj35iMi67odydBc7EzJk4f.jpg" alt="3 by 3 graph outlining the steps of the business turnaround &amp; restructuring process" class="object-cover bg-gray-100 " style="aspect-ratio: 3/2; object-position: center center;" data-corners="no-rounded" data-aspect="3:2" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/33bQjblDq8trxODplKTwIHqcHfi5Y3IaogtpVAuq7ocj35iMi67odydBc7EzJk4f.jpg" data-mce-style="aspect-ratio: 3/2; object-position: center center;"></figure>We gain an understanding of how key value drivers are working across all business units in the company. Next, we develop a strengths, weakness, opportunities and threats {SWOT analysis} analysis with management that leads to the operating plan {objectives, strategies, action steps, responsibilities and due dates} that delivers results with a high sense of urgency.PRGS determines how the business owner will manage the ‘Discipline of Execution’ with the operating plan. We select the right operating partners to work inside the company to ensure execution of the plan and deliver results.Parker Revenue Growth Strategies utilizes the services of C-level executives, bankruptcy and restructuring attorneys, special assets departments of financial institutions and other trusted advisors as needed. This permits PRGS to develop a detailed review of business health and a roadmap for value creation with a low cost high impact delivery system.

Key Elements to the Business Turnaround Process

If you are the owner of a company, chances are you have received a regular stream of calls from private equity firms, competitors, strategic buyers and private individuals inquiring if your company is for sale.While this barrage of inquiries may be flattering, it is essential that a business owner take stock of the critical areas of the company to ensure that the business is ‘buttoned up’ or organizationally fit prior to entertaining offers from investors.:<h3>Analyze the Options to Exit</h3><ul><li>Ensure that the company is ‘Organizationally Fit’ for a transaction.</li><li>Prepare the plan and road map a minimum of 18 months in advance.</li><li>Understand the challenges facing the company.</li><li>Develop a strong advisory team {attorney, wealth manager, CPA and an operating executive} and consider transaction insurance so you manage transactional liability.</li><li>Build value creation as you head towards an exit; develop a business sale strategy. Ensure that the chemistry is right when deciding who to sell the company to.</li><li>Develop capital strategies {sell, take some chips off the table, ESOP or earnout} that support your financial planning.</li><li>Develop a business, financial and operating plan detailing the future growth and profitability of the company.</li><li>Succession planning, who will run the company? The details must be clearly stated {will you negotiate with the investor to stay on for a period of time or exit fully upon completion of the sale of the company}?</li><li>You owe It to yourself to determine your future or your wife and or husband will literally ‘throw you out of the house’!!</li></ul>A well planned, realistic strategy to exit the business at a targeted level of valuation or to pass it on to the next generation is indispensable to all emerging growth companies. You have worked long and hard to build your company. Take the time and devote the focus required to exit it successfully. About Parker Revenue Growth Strategies Parker Revenue Growth Strategies is a business management firm that develops revenue growth, turnaround strategies, restructuring of the business to improve operating results and exit planning for lower middle market companies who want to increase business value.Our organizational fitness planning process utilizes the talents of former C-level executes who have successfully run public and or private companies. Their expertise is paramount to a successful exit planning process when considering the sale of your company.Our process helps CEOs make better decisions and execute effectively to meet their objectives. We provide the catalyst to help you and your team get the right things done.Contact Us: William H. Parker Chief Revenue and Restructuring Officer Cell: 858-232-7273

How To Prepare Your Business For An Exit Strategy

Revenue is the engine that drives the growth of an enterprise and is vitally important when assessing the health of a business. When Parker Revenue Growth Strategies is engaged by a business owner or board of directors, our first question is, “Tell me about comparable sales growth in the company, is the business growing or has it plateaued”?During the revenue assessment process, we review the following components of revenue:<ul><li>The right people must be in the right positions so the culture is clearly defined around smart revenue growth {not at all costs}.</li><li>A concise and clear business plan must define the growth categories of business based on industry research.</li><li>Competitive advantage is what makes a company’s products or services more desirable to customers than that of competitors.</li><li>Define the target customer around a group of customers that a firm plans to reach with marketing efforts.</li><li>Connect the 4 Ps of marketing, product, price, place and promotion with the sales process.</li><li>Category management and product mix should be aligned around ethnicity, diversity, geographic areas, customer demand and seasonal demands.</li><li>Good revenue versus bad revenue exists when management in its haste to increase sales decides to adopt revenue growth practices with low margin/high volume sales that can decrease margin percent and dollars, which collectively can wreak havoc on profits.</li><li>In today’s inflationary environment, pricing strategies and pricing elasticity are critical to understanding the ‘break’ point before customers balk at paying higher prices for particular products.</li><li>Technology, social media and ecommerce are drivers for increasing revenue. Data must be transformed into meaningful information that drives decision making in a ‘New York’ minute.</li></ul>Competition is utilizing new technologies and information to aggressively focus on growth opportunities in the marketplace to drive revenue, increase profits, satisfy consumer needs and most importantly improve value creation and shareholder return on investment.

Why Is Revenue Growth So Important?

“The phrase ‘standing on the shoulders of giants’ is a metaphor which means ‘using the understanding gained by major thinkers who have gone before in order to make intellectual progress’”.“It is a metaphor of dwarfs standing on the shoulders of giants and expresses the meaning of ‘discovering truth by building on previous discoveries’. This concept has been dated in the 12th century and, according to John of Salisbury, is attributed to Bernard of Chartres. But its most familiar and popular expression occurs in a 1675 letter by Isaac Newton: ‘If I have seen further [than others], it is by standing on the shoulders of giants.’” (Standing On The Shoulders Of Giants. 2022. Wikipedia.&nbsp;<a href="https://en.wikipedia.org/wiki/Standing_on_the_shoulders_of_giants" target="_blank" data-mce-href="https://en.wikipedia.org/wiki/Standing_on_the_shoulders_of_giants" rel="noopener">https://en.wikipedia.org/wiki/Standing_on_the_shoulders_of_giants</a>)As the wave of Diversity, Equity and Inclusion sweeps across the corporate, not-for-profit, governmental, and small business landscape, I am struck by the fact that during my apprenticeship into fortune five hundred retail and consumer products companies 40 years ago there were few Black, Asian and Hispanic Americans in the industry.The landscape was dominated by the top fashion houses run by Ralph Lauren, Chanel, Pierre Cardin, Yves St. Laurent, Liz Claiborne with a host of other famous top fashion designers in the world who hired mostly white individuals.I would like to recognize those trend setters who blazed a trail through the retail, manufacturing, and consumer products industry and who opened doors for me as an ‘inexperienced’ hot shot junior executive {emphasis on junior}. Without their tutelage, guidance, disciplined approach to mentorship and direction, I would have endured a challenging time in the apparel industry.So, l am going to raise my glass in a toast to the following Black Americans who provided ‘cover and shade’ for me so I could learn the ‘ropes’ of being a true merchant and business operator.<figure id="figure-k0nmlg8fzell5v07l5"><img id="k0nmlg8fzell5v07l5" src="https://cdn.durable.co/blocks/3GZ1hUTsvKNvufQR295R4BlESNy4XTAtM9q19JaBUd1eIng24h4FALZpLKhPxTXv.jpg" alt="4 by 8 column graphic showing the name, company, position &amp; contribution of mentors" class="object-cover bg-gray-100 " style="aspect-ratio: 1/1; object-position: center center;" data-corners="no-rounded" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/3GZ1hUTsvKNvufQR295R4BlESNy4XTAtM9q19JaBUd1eIng24h4FALZpLKhPxTXv.jpg" data-mce-style="aspect-ratio: 1/1; object-position: center center;"></figure>Remember, these outstanding people and businesspersons were the ‘first’ of everything in the retail and consumer products industry. JJ Thomas used to say to me, “You think you have it hard in the retail industry, what do you think we went through during the 1970s and 1980s? Remember, we are making the road less traveled easier for you as your predecessor{s}. Take advantage of the opportunity and rise through the ranks to become the leader of a company, because we will not accept anything less.”Without the perseverance, mentorship and education of my mentors, friends, and experienced business leaders, I would not have accomplished the achievements earned through a lifetime in the retail and consumer products industry.

Standing On The Shoulders Of Giants

During conversations with trusted advisors and prospective clients, referral partners will ask if a single shingle consultant is a ‘one man shop’? Most reply, “I am an individual business advisor with a wide and deep bench of trusted advisors who have functionality experience needed to support the needs of a privately owned company.”Utilizing 1099 experienced trusted advisors from the Turnaround Management Association, ExecHQ and the Private Directors Association enables a small firm to keep costs low when compared to mid-size and large consulting firms. After a complimentary ½ day organizational fitness assessment has concluded and presented to the business owner, board of directors or CEO, a small firm’s owner has a clear idea of goals, objectives and strategies that must be implemented for the business turnaround and value creation process.Bottom line you are more likely to run into a “single shingle” than a mid-size or large firm. What are the differences? Individual firms provide a distinct outlook that is unencumbered with corporate red tape and bureaucracy. A single shingle firms’ competitive advantage is their background, expertise, and accomplishments. There is no brand name of a larger firm that the business advisor can hide behind.In certain situations, a small firm consultant can function as a member of the management team; {Chief Revenue Officer, Chief Restructuring Officer, and other C-level positions} this approach to business management enables the consultant to ‘roll up their sleeves and hit the ground running’ with a high degree of urgency while working ‘arm in arm’ with the business owner or CEO of the troubled company.Once a critical issue has been resolved to the satisfaction of the business owner, the engaged trusted advisor can depart the assignment which dramatically reduces the cost of the turnaround process for the distressed company.The perception is that solo consultants and smaller consulting firms lack the sophistication of big, global consulting firms. That may be true, however, most single shingle advisors have worked in large Fortune 100 companies or served as C-level executives in private equity portfolio companies prior to becoming entrepreneurs.Are you going to call them for a major enterprise resource planning {ERP} system undertaking or overhaul of a complex systems implementation strategy? Probably Not. But do not dismiss the competencies of the small firm that can play an important part in serving financial institutions, law firms and other trusted advisor’s clients who require competent and professional management strategies at an affordable price to improve value creation and cash flow.