If this question read:
1. Legal Counsel Hire or Grow the Capability?
2. Exit Transaction Hire or Grow the Capability?
3. IPO Leadership Hire or Grow the Capability?
4. IT Security Hire or Grow the Capability?
5. Compliance Strategy Hire or Grow the Capability?
No one would hesitate to provide valuable input and challenging questions.
When the question is Revenue Science™ Hire or Grow the Capability?” few have any idea how to provide good input or even good questions.
For an organization or an individual entrepreneur to survive only one thing is required. That one thing is not “the right people on the bus”, it is not Disc Score, it is not employment history, it is not innovation, it is not an agile process – it is can the company or person continually produce more sales and profitable revenue.
The fact that less than 10% of business leaders or entrepreneurs could participate in the Revenue Science™ Hire or Grow the Capability?” question, while over 50% could add value to the other questions, provides clarity to why so many people and companies fail.
The other five questions are elements of Revenue Science™ and a Revenue Strategy. The challenge becomes who is going to align these and dozens or hundreds of other elements that are constantly changing based on politics, world markets, exploding technology and expanding compliance?
The full question is who will do the alignment and what is the point to align with? The point to align with is not random or fad based. The market has been constantly surprised by random fads. Savings and Loan, Dot.Com and the Housing Market represent a few of the recent fads. Alignment with any fad results in chaos and great risk.
Alignment of the Revenue Science™ elements demands a certified expert. Like other leadership roles of CFO, CIO, and CTO, Revenue Science™ should have a leader based on knowledge, skill and standards. That leader is called a CRO (Chief Revenue Officer) and there are certifications based on standards for a CRO.
A CRO has two linked strategic responsibilities that NO one else shares. The first is they are responsible for a Revenue Strategy. A Revenue Strategy is a very specific thing and it is organization-wide (like the strategies owned by CIOs, CFOs, etc.). Your Revenue Strategy is based on worthy intention, standards, metrics and continuous improvement discipline. The second CRO responsibility is for the Revenue Resources Required. Revenue Resources Required are those specific resources required to produce both the top line and bottom line for the short-term and long-term strategy.
Part of the Revenue Resources Required responsibility is the removal of the “Cost of Chaos”. The removal of the “Cost of Chaos” is a combination of eliminating “Dumb Things” left over from 20th Century Myths and deploying Revenue Science™ to achieve leverage. The result will be huge EBITDA improvements with topline growth.
To address the question Revenue Science™ Hire or Grow the Capability the short-term answer for SMB organization is Hire Fractional CRO help and let them bring other certified resources.
Even if you could find a true CRO to hire (a pretender is not worth the effort and may be harmful) they are very expensive. For most SMBs a fractional CRO is affordable. The CRO work can be performed a few hours per-week since the tactical effort belongs to others. This fractional model has worked for CFO and CIO and will work well here.
Over time you may find someone on the team that grows into a CRO and that may keep the salary in line until they get recruited away.
Remember a true CRO between the reduction in the “Cost of Chaos”, the transition in your Revenue Resources Required and topline growth be improving your business to such an extent their salary is only important to get them on board.
To answer the question in one sentence. Go hire a certified CRO as a fractional part of the leadership team.
Reach out to The Revenue Game for a mentor for immediate improvement or certification to make your success sustainable or to fund your growth from your “Cost of Chaos.”