I work with a lot of companies, and sooner or later the topic of deferring revenue always comes up. Some companies do it, some don’t. Those that do tend to be happy with the process and accuracy of their numbers, though occasionally there will be a company that will be unhappy with the added work of deferring revenue.
I was recently speaking with a contractor who created an Inside Sales position in his company. He made this change because he recognized that recovering revenue that would otherwise be lost is a huge opportunity. To him, it was a no-brainer. An Inside Sales person can recover a great deal of revenue.
I was startled to learn that many owners and managers could only recite a portion of their mission statements. Some of these leaders are the same people that created their missions! Some managers said they didn’t know what their mission statements were, but they could recall seeing them in a handbook or paperwork somewhere. And a few managers said that they only saw them when they were hired.
Depreciation is one of, if not the largest, vehicle expense for a company. So, it’s very important to record this every month. You wouldn’t go a whole year without recording your fuel expense or any other expense representing roughly 3-5 percent of your income, so why is it accepted to ignore depreciation?
Every year, the majority of us—some studies suggest over 90 percent—make plans for the New Year. These resolutions may include breaking old habits, going to the gym, making more money, growing our business and team, or becoming a better version of ourselves. However, the reality is very few stick to these resolutions.
What leeway do your customer service, dispatchers, and inside sales reps have at their disposal when it comes to recovering revenue for your organization?
It’s becoming more and more important to maximize every opportunity to gain a customer. It’s just as important to save every customer that you can, especially if it means keeping them from going to your competition.
What leadership example do you set when working with your top performers?
You know what I mean. Do you have a different level of tolerance for certain employees, just because they produce enormous amounts of revenue?
So, you see all the lost opportunities slipping away. You’ve recognized that your service techs, customer service reps (CSRs), and comfort advisors aren’t converting 100 percent of their calls, and you know there has got to be something out there to help recover some of that lost revenue. Right?
By your team making the effort to improve themselves, it helps them bring more value to our amazing customers while making them a greater asset to the company. It will eventually lead to more money and opportunity. Everyone in the company should be working on becoming better at their jobs every day.