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The C-Suite Agenda - Transitioning with Impact

"Being a leader requires actions that are louder than your words."

Meeting with a CEO the other week, I was engaged in one of the most intense conversations related to their entry into a new company. They wanted to bounce their thoughts on how to frame the 90 day agenda. We broke it down and kept it simple, as they really needed to invest time and assess the unique current situation of the company. However, here are some of the items we discussed:


Leading a business around the core themes of people, process, technology: 1. People: - Review the company's current talent acquisition and retention strategies - Identify any skills gaps in the workforce and create a plan to address them - Develop a plan for employee training and development to ensure that the workforce is equipped with the necessary skills for the future - Establish a culture of diversity, equity, and inclusion within the organization - Conduct regular employee engagement surveys to ensure that employees are satisfied and motivated - Create a plan for recognizing and rewarding employee performance 2. Process: - Conduct a thorough review of the company's current processes and identify areas for improvement - Implement process improvement methodologies such as Lean Six Sigma to streamline operations and reduce waste - Establish key performance indicators (KPIs) for each department to measure process efficiency and effectiveness - Implement an agile methodology to enable the organization to adapt quickly to changing market conditions - Establish a system of continuous improvement to ensure that processes are constantly being refined and optimized 3. Technology: - Identify the company's technology needs and create a technology roadmap to address them - Invest in emerging technologies such as artificial intelligence, machine learning, and blockchain to stay ahead of the competition - Implement a robust cybersecurity strategy to protect the organization from cyber threats - Establish a data governance framework to ensure that data is managed effectively and securely - Create a plan for digital transformation to enable the organization to leverage technology to improve operations and enhance the customer experience Overall, our discussion reinforced the CEO should ensure that people, process, and technology are aligned with the company's strategic objectives and that each area is receiving the necessary attention and resources to drive the organization's success. Next up, we focused on their plan for improving the revenue situation. Here are ten key actions that covered and how they can drive revenue growth in their first year. Included some of the following: 1. Focus on Customer Experience: Create a seamless and enjoyable experience for your customers to strengthen their loyalty and increase retention. An example of success in the financial services industry is American Express, which has created a reputation for providing excellent customer service and unique rewards programs that keep customers coming back. 2. Develop a Strong Marketing Strategy: Identify your target audience and create a message that resonates with them. A good example of a successful marketing campaign is Mastercard's "Priceless" campaign, which has been running for over 20 years and has helped build the brand into one of the most recognizable in the world. 3. Leverage Data Analytics: Use data to gain insights into customer behavior, preferences, and pain points. An example of success in the financial services industry is Capital One, which uses data analytics to personalize their products and services and offer customized recommendations to their customers. 4. Expand Product and Service Offerings: Diversify your product and service portfolio to meet the changing needs of your customers. An example of success in the financial services industry is Goldman Sachs, which has expanded its offerings beyond investment banking to include retail banking, wealth management, and consumer lending. 5. Foster Innovation: Encourage innovation within your organization to stay ahead of the competition. An example of success in the financial services industry is PayPal, which disrupted the traditional banking industry by creating a new payment system that is fast, secure, and convenient. 6. Embrace Digital Transformation: Invest in digital technologies to improve operational efficiencies and enhance customer experiences. An example of success in the financial services industry is JPMorgan Chase, which has adopted a digital-first strategy and has invested heavily in technology to streamline its operations and enhance its customer experience. 7. Build Strategic Partnerships: Collaborate with other companies to expand your reach and offer new services to your customers. An example of success in the financial services industry is Visa, which has formed partnerships with companies like PayPal, Square, and Stripe to expand its digital payment offerings. 8. Focus on Employee Engagement: Invest in your employees and create a culture that fosters collaboration, innovation, and growth. An example of success in the financial services industry is BlackRock, which has been recognized for its commitment to employee development and engagement. 9. Optimize Pricing Strategies: Use pricing strategies to attract and retain customers while maximizing profits. An example of success in the financial services industry is Discover, which offers cashback rewards and low-interest rates to attract and retain customers. 10. Monitor Industry Trends: Stay up-to-date on industry trends and adapt to changing market conditions. An example of success in the financial services industry is Charles Schwab, which has adapted to changing market conditions by offering commission-free trading and expanding its digital offerings. Felt providing examples helped the CEO with perspective. These are just a few examples of how companies in the financial services industry have successfully driven revenue growth. Finally, a topic near and dear to me, their working relationship with the current Chief Revenue Officer. Here, I wanted to reinforce that if they wanted to 2x revenue in the next three years, they needed to ensure a solid working relationship with the CRO.




Here are the few key actions that the CEO stated they were going to focus on with their Chief Revenue Officer (CRO) to 2x revenue in three years: 1. Set Revenue Goals: Define clear and measurable revenue goals for the organization and align the CRO's performance metrics with those goals. 2. Develop a Revenue Growth Strategy: Work with the CRO to create a comprehensive revenue growth strategy that includes new customer acquisition, cross-selling, up-selling, and pricing optimization. 3. Align Sales and Marketing: Ensure that sales and marketing teams are aligned and working collaboratively to generate leads, nurture prospects, and close deals. 4. Implement Sales Enablement: Invest in sales enablement tools and training to ensure that sales teams are equipped with the right resources and skills to close deals effectively. 5. Leverage Data Analytics: Use data analytics to gain insights into customer behavior, identify trends, and optimize sales and marketing strategies. 6. Foster a Culture of Innovation: Encourage a culture of innovation within the organization, and empower sales and marketing teams to experiment with new approaches to revenue generation. 7. Build Strategic Partnerships: Work with the CRO to identify and build strategic partnerships that can help drive revenue growth. 8. Optimize Pricing Strategies: Use pricing strategies to attract and retain customers while maximizing profits. 9. Invest in THE RIGHT Talent: Invest in attracting and retaining top sales and marketing talent, and provide ongoing training and development opportunities. Leverage fractional Sales/Marketing resources. 10. Monitor Industry Trends: Stay up-to-date on industry trends and adapt to changing market conditions. Again, we covered some real-life examples of companies that have successfully 2x their revenue in three years: 1. Zoom Video Communications: Zoom 2x its annual revenue from $60 million in 2017 to $330 million in 2020 through a combination of strong sales and marketing efforts, strategic partnerships, and a focus on customer experience. 2. HubSpot: HubSpot 2x its annual revenue from $181 million in 2015 to $674 million in 2018 by investing in sales and marketing, expanding its product offerings, and leveraging data analytics to optimize its strategies. 3. Shopify: Shopify 2x its annual revenue from $205 million in 2015 to $1.07 billion in 2018 by expanding its product offerings, investing in sales and marketing, and building strategic partnerships. 4. Stripe: Stripe 2x its annual revenue from $1.2 billion in 2018 to $2.2 billion in 2020 by expanding its product offerings, investing in sales and marketing, and building strategic partnerships. 5. DocuSign: DocuSign 2x its annual revenue from $381 million in 2018 to $974 million in 2020 by investing in sales and marketing, expanding its product offerings, and building strategic partnerships. These companies demonstrate the importance of developing a comprehensive revenue growth strategy, investing in sales and marketing, building strategic partnerships, and leveraging data analytics to drive revenue growth.



Enclosing some related links and insight on growing and measuring growth. Please see below:


https://www.mattallendevelopment.com/post/key-measures-strategies-for-the-cro-m-allen-s-pov


https://www.mattallendevelopment.com/post/cro-sales-pro-what-s-your-plan-this-month-this-week


I hope you are having a great close to this week and if you have interest in diving into your own situation or challenge, would love to help.


Enjoy the weekend.

Matt Slonaker Founder & CEO of M. Allen (M) 972.740.4300 (E)mslonaker@mattallendevelopment.com (W) www.mattallendevelopment.com


About the author:

Matt Slonaker is a highly accomplished business executive, with a strong track record in generating revenue growth and leading teams. He has experience working with both startups and multibillion-dollar market leaders, and has managed over a billion dollars in revenue in the last decade. He has founded his own company, M. Allen, and served over 20 clients since 2020, and has also worked in executive roles at global companies such as Firstsource, Morgan Stanley, JP Morgan Chase, and H&R Block. He is skilled in operations, revenue enablement, information technology, and other areas. Additionally, he is a US Military Combat Veteran and a career coach for military veterans in transition to the civilian sector since 2017.




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