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Today I will share six ways to survive your revenue budget doubling in 2021.
- The Outcome from your revenue budget
- The Mix from your deals
- The Pipeline to support the mix
- The Behaviors to make it happen
- The Implementation of the behaviors day to day
- The Scaling of that behavior to your team
I have spoken to many CEOs, revenue leaders, and reps about the massive numbers that get put out there for them. The upside is that it is exciting to know that someone believes in you and trusts that you can do amazing things. The downside is that many people get demotivated because they have no idea how they will manage to double their numbers from the previous year.
After going through that, year after year, I evolved. As a rep and a revenue leader, I started to look at my prospects like an investment portfolio. And I looked at how my team could execute at a high level, based on the individual investment portfolios they had with their prospects or their customers.
The first step is to start carving out the allocation of the size of the opportunities that you are pursuing individually. It goes from stack ranking your opportunities from biggest to smallest in your base if you have a base. Or, if you’re trying to bring in new revenue, you need to create a portion of your portfolio of opportunities for pursuing your Dream 100. You might want to get 50% of your quota from one big deal. Or you might sometimes want a mix of 30% of the big whales with 70% of the more predictable, mid-sized deals. Or you may even want 30% of the mid-sized deals plus 50%, and then another 20% of the smalls, to have sustainable, consistent revenue across all different measures while also offsetting your risk. Doing that will also offset the risk that gives you the upside return.
The next step is to take those percentages back into what you truly need to have in terms of pipeline. So, for example, if your budget is a million, you have a whale worth $500 000, five mid-sized deals worth $60 000 each, and ten small deals worth $20 000 each. Once you have classified what the result will be after dividing it up into those different blocks, you will need to ascertain what kind of pipeline you will need to support that with your investment portfolio of prospects.
You need to know the outcome you want with the big number, the mix of deals, and the pipeline to create that mix. From the pipeline, you need to find the kind of behaviors that you need to do every day to make that a reality. (I recommend the book Tiny Habits by BJ Fogg Ph.D. It can change your life in many ways.) You have to be dedicated, and if you are a leader, you can scale that to your team.
You will need to break things down from the biggest to the smallest digestible chunk. The biggest challenge and frustration that I ran into was getting monster numbers thrown at me and then figuring it all out.
In helping someone achieve a budget, I would back into the specifics with them because half of it is the desire to do it, and the other half is the ability to do it. And the ability to do it is simplified if they know the exact route to take.
I wanted to walk you through that because many people are running into that problem right now. And it is frustrating and upsetting them, so they tend to leave.
Shifting from thinking about how unfair the situation with the monster number is to think about how you can make it happen will make a massive difference because how you react is 100% within your control.
Recommended book: Tiny Habits by BJ Fogg PhD