"Here's the reality entrepreneurs don't want to hear: sales need fixing first. Mike Michalowicz covers this in his book "Fix This Next." The majority of businesses have decent products and people, but they're not selling effectively. This truth became even more stark during the pandemic. McKinsey found that 70-80% of small businesses experienced 30-50% revenue drops between 2020 and 2021."
"If you're a funded startup building a product that won't launch for two years, you have the luxury of focusing on product development first. But for service businesses, bootstrapped companies or any business that needs revenue to survive, sales must be the priority. Think about it: if sales aren't working, nothing else matters. It doesn't matter how efficient your operations are or how talented your team is if you're running out of money."
Sales and revenue are the top priority for most businesses, because without revenue a company cannot survive. Many businesses have solid products and teams but struggle with selling effectively, a problem magnified during the pandemic when McKinsey reported 70-80% of small businesses saw 30-50% revenue declines. Funded startups with long product timelines can prioritize development, but service and bootstrapped businesses must fix sales first. When profitability is negative and growth stalls, focus must shift to generating revenue. A 'leap, grow, scale' framework helps determine priorities by business stage: leap to survive and hire, grow after finding a model.
Read at Entrepreneur
Unable to calculate read time
Collection
[
|
...
]