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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.

Is It Better To Hire A Big Consulting Firm Versus A Small One?

I attend a lot of networking meetings, social events, cocktail parties and one on one meetings with various trusted advisors and business people. In order to be more effective during those sessions, I ask questions about the brand message, brand story and brand promise of the advisor.The trusted advisor’s brand message should begin with the vision and mission for their business or company that resonates with the audience the trusted advisor is speaking with.When I am meeting with trusted advisors, I ask the following questions that stimulate and engage conversation so I truly comprehend what the fellow advisor core competencies are:<ul><li>What are you spending most of your time on right now?</li><li>What’s the biggest thing you’re working on at the moment?</li><li>What business problem does your company solve?</li><li>What is a good example of how you are doing that?</li><li>What’s the most unique aspect of what you do?</li></ul>This process and questioning leads to the elevator pitch of the trusted advisor; instead of a long-winded response to here’s what I do, I would submit that a short and to the point statement would suffice in describing what you do.Example: I develop&nbsp;revenue growth plans&nbsp;and&nbsp;turnaround strategies&nbsp;for mid-size companies that need&nbsp;a new direction&nbsp;to improve profits and create value in the business.We all desire to have a pipeline of referrals that lead to income producing engagements; in order to stand out from the crowd, spend some time developing your one-line elevator pitch that details what you do with specific outcomes.When I am with a CEO and we are developing the business assessment plan, I am automatically thinking of the trusted advisors that I can refer to the project that will ultimately create value for the business owner or CEO. The first areas I think about after my business assessment are financial and accounting folks, then bankers, next insurance professionals and finally generalist or subject matter advisors who can assist me with the transformation of the business.Unless there is a clear understanding of what a trusted advisor does, it is difficult to make referrals to CEOs and business owners who must develop a trust with the lead advisor and the trusted advisor referral partners.Finally, it is vital that the trusted advisor ask about how they can serve or assist the referring partner with leads and or referrals. This “Quid Pro Quo” behavior sends a message that receiving a referral is important but giving a referral is just as important.Parker Revenue Growth Strategies provides a range of business solutions including strategy development, revenue growth business turnarounds and interim management. Please review our website and request a complementary business consultation.William Parker Phone: 858-232-7273

Develop Your Brand Message, Brand Story & Brand Promise That Leads to Income Producing Engagements

<h2>Parker Revenue Growth Strategies – Who We Are</h2>Parker Revenue Growth Strategies (PRGS) is a revenue growth and business turnaround management firm that dramatically improves operating systems and results for mid-size companies, non-profits and private equity portfolio businesses. The company provides business assessments to prepare privately owned companies for an exit strategy for maximum return on investment. PRGS is outcome driven and develops business plans and organizational fitness strategies that maximize value and operating results.<h2>Parker Revenue Growth Strategies – What We Do</h2>Execution, the Discipline of Getting Things Done When it comes to brand development, business management and sales growth strategies, Bill Parker is a true disciple of the authors, Ram Charan, business Guru to Fortune 100 CEO’s and Larry Bossidy, former CEO of Allied Signal who wrote the famous business book, “Execution, the Discipline of Getting Things Done”.<img class="alignright wp-image-16735" title="business consultation" src="https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-consultation.jpg" sizes="(max-width: 450px) 100vw, 450px" srcset="https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-consultation.jpg 800w, https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-consultation-300x200.jpg 300w, https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-consultation-768x512.jpg 768w, https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-consultation-580x386.jpg 580w" alt="business consultation" width="450" height="300" loading="lazy" data-mce-src="https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-consultation.jpg">Organizational Fitness Leads to Revenue Growth Parker Revenue Growth is a business management and services firm that utilizes the ‘Organizational Fitness Program’ to improve operating systems and results for mid-size companies, non-profits and private equity portfolio businesses. The company provides business assessments to prepare privately owned companies for an exit strategy and a maximum return on investment. Parker Revenue Growth is an outcome driven company and develops business plans and organizational fitness strategies to maximize value and operating results.Services Interim CEO and Turnaround Management That Improves Value Creation When an immediate need for leadership arises, interim management can offer a proactive solution for a limited period of time, based on the client’s needs. Many organizations rely on interim executives to keep their organizations on course during periods of transition, or lead them through successful transformations.The process of Business Turnaround Management consists of reviving a company that is struggling from the financial problems to keep up with competition in the market and there comes a time when the management of the company needs to put the process and strategic approach of Turnaround Management plan in place.<h2>Parker Revenue Growth Strategies – Who We Serve</h2>Industries We Serve Retail Our retail and consumer product experience are unmatched. We’ve spent a lifetime growing large retailers and Parker has held leadership and C-Level positions at Gateway Retail Stores, Banana Republic, The Gap, Old Navy, Kmart, and Target.Consumer Products We’ve spent over 30 years in the consumer goods sector working with variety of companies including production, packaged goods, family apparel, beverages, sporting goods, home décor and furnishings, home improvement, footwear and consumer electronics companies.Business Services We work with service businesses including accounting, legal, banking, consulting, landscaping, healthcare, voluntary insurance benefits, and customer transportation services.<img class="alignright wp-image-16736" title="business meeting" src="https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-meeting.jpg" sizes="(max-width: 450px) 100vw, 450px" srcset="https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-meeting.jpg 800w, https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-meeting-300x200.jpg 300w, https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-meeting-768x512.jpg 768w, https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-meeting-580x386.jpg 580w" alt="business meeting" width="450" height="300" loading="lazy" data-mce-src="https://parkerrevenuegrowth.com/wp-content/uploads/2019/06/business-meeting.jpg">Private Equity Portfolio Companies Parker has minority stakes and has served as CEO or COO of several private equity portfolio companies including Jeanomix (premium men’s and women’s apparel), Pharmaca Integrative Pharmacy (eCommerce), and Kid Ventures (children’s pre-school services). Recruited by Oracle Partners, a healthcare private equity firm, to provide professional business leadership to Pharmaca, Integrative Pharmacy an early stage alternative healthcare and pharmacy retailer located in Boulder, CO.<h2>Parker Revenue Growth Strategies – What Makes Us Unique</h2>Parker Revenue Growth Strategies is a business management services firm that utilizes the “Organizational Fitness Program” to improve operating systems and results for mid-size companies, non-profits and private equity portfolio businesses. Bill transitioned from leading multi-billion Fortune 100 retail and consumer products manufacturing businesses to entrepreneur and has served as COO/CEO of family owned or private equity portfolio companies for the past 15 years.We are an outcome driven company that develops business plans and operating strategies that improves revenue, gross margin and earnings in small to mid-size companies with revenues of $5.0 to $50.0 million and EBITDA of $2.0+ million.Contact us for more information: William H. Parker, CTP 858-232-7273

PRGS: Who We Are, What We Do & What Makes Us Unique

When I am going through the organizational fitness business assessment process with business owners, one of questions that I ask is, “What is the value of the business”? Often times, I hear, “I”m not sure, or its worth millions more than the balance sheet indicates”.An entrepreneur must be committed to building a company with which they intimately identify yet, it is essential for the same entrepreneur to have a well thought out exit strategy prior to meeting with a broker or private equity group to consider selling the business. Private equity firms or institutional buyers will institute a due diligence process that will look under the “covers” of the best managed companies and they will deduct points from the asking price if certain elements of business management are not in place.More than 70 percent of business owners have no exit plan at all. Due at least in part to this lack of planning, only 30 percent of family owned businesses survive through the second generation. The bottom line is that too few business owners are proactively planning for their inevitable exit. They typically are so consumed with working in the business that they fail to work on the business. If they do think about an exit strategy, millions of dollars could be at risk because key business components are not in place.Most private equity firms and institutional buyers analyze the following components when conducting the due diligence process for a prospective acquisition:<h3>Business Assessment</h3>High profits and strong revenue momentum for long-term sustainable earnings result when businesses perform well in these areas of the company:Industry-Business Trend Analysis<ul><li>Economic Trends</li><li>Competitive Landscape</li><li>Consumer Purchase Behavior</li><li>Emerging Market Opportunities</li></ul>Company Strategy and Business Plan<ul><li>Business Plan in Place</li><li>Operating Plan in Place</li><li>Strategic Planning Process Exists</li></ul>Human Resources<ul><li>Key Management Group Performance Management in Place</li><li>Management Team Fully Aligned with the Direction of the Company</li><li>Can the Current Management Team Survive Without the Owner?</li></ul>Intellectual Property and Risk Management<ul><li>Has Intellectual Property Been Properly Valued?</li><li>Contract Management Valuation</li><li>Outstanding Legal Issues</li></ul>Customers and Account Management<ul><li>Customer Relationship Management</li><li>Customer Penetration {Too few clients represent a large percentage of revenue}</li><li>Market Positioning and Competitive Advantage</li></ul>Products and Services<ul><li>Innovation Product Process Development</li><li>Key Customers Involved in Product Development</li><li>Percentage of Revenue from New and Staple Products</li></ul>Financial Management<ul><li>Financial Statements Audited {Compiled, reviewed or full audit}</li><li>Business Key Performance Indicator Measurements in Place</li><li>Financial Controls in Place</li><li>Operations and Financial Management Tightly Integrated</li><li>Pricing Models and Margin Analysis in Place</li><li>Cash Flow Systems are “Top of Mind”</li></ul>Operations and Supply Chain<ul><li>Supply Chain Fully Integrated Throughout the Organization</li><li>Cost Management Plans Fully Implemented</li><li>Vendors Managed by P&amp;L Analysis {Who is delivering profits}?</li></ul>Business Development<ul><li>Focused Prospective Customer Development Plan in Place</li><li>Differentiated Channel and eCommerce Business Plan in Place</li><li>Customer Relationship Management Process Evident</li></ul>Physical Plant and Capital Investment<ul><li>Ensure the Capital Expense Process is Fully Integrated with the Financial Position of the Company</li><li>All Facilities are Valued and In Good Repair</li></ul>Exit Planning Process<figure id="figure-0fc5errsaall5u8ot8"><img id="0fc5errsaall5u8ot8" src="https://cdn.durable.co/blocks/307VAy7j3FbP6Q82ozeVea9DwaYkiz4m4yPZRCpeumVNIhC7v4Atml7S2ZiTLvol.jpg" alt="3 columns of different shades of green showing the exit criteria in one column, exit planning in another column, and exit strategy stages" class="object-cover bg-gray-100 " style="aspect-ratio: 16/9; object-position: center center;" data-corners="no-rounded" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/307VAy7j3FbP6Q82ozeVea9DwaYkiz4m4yPZRCpeumVNIhC7v4Atml7S2ZiTLvol.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>The Exit Planning Process should begin two to three years ahead of actually engaging with private equity groups or other institutional buyers. It makes sense to engage a valuations firm like Vantage Point Advisors, founded by Todd Poling, President and CEO.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. Take the time and devote the focus required to exit it successfully and use Parker Revenue Growth Strategies to drive revenue, increase profits and value by instituting the organizational fitness business assessment process.

Blog

Why Is Revenue Growth So Important?

Standing On The Shoulders Of Giants

Is It Better To Hire A Big Consulting Firm Versus A Small...

Develop Your Brand Message, Brand Story & Brand Promise T...

PRGS: Who We Are, What We Do & What Makes Us Unique

Planning For An Exit Strategy