Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
For some reasons, I’ve always believed that the word “resolution” despites its dictionary meaning, is a very weak word. So instead of writing the usual my New Year resolution for 2015; I‘ve used the words “Action 2015” as I sit down to write down my goals for 2015.
Here they go:
“It can cost a brand up to 5x as much to get new customers vs. keeping old ones”
“A 5% increase in customer retention increases profits up to 125%”
Frankly speaking, I even don’t need to quote the above two definitions. Year after year, I am learning the hard way that it is not only easier but also makes more business sense to focus on your existing customers and keep the revenue streams ticking. My target this year is to have at least 65% of our revenue from the existing customers. Special focus will be given to value added services to help our clients grow. Because when they grow, we grow.
Special talent and motivated employees are something which I going to give special focus. Good performance is highly contagious. It positively cascades to all the team members and foster a spirit of healthy competition. So all the high performing employees will be on my constant radar and will try to ensure that each team in my organisation has at least one of them and ensure he/she stays with the organisation. No compromise on that. HR will be instructed to work on special talent retention program.
Diversification is definitely high on agenda this year. Some of the industries have become highly crowded and it is not profitable anymore to operate in that space. So I have to look fresh avenues where new opportunities can be created through innovative products and services. An innovative organization is one that generates at least one-third of its revenue from a source that did not exist in the last two to three years. A minimum of 15% overall company revenue must come from new business channels.
“I believe that every life is valuable. That we can make things better. That innovation is the key to a bright future.”
To climb the ladder of success faster, we’ll need to innovate faster. Not necessarily in a big way. But even in the smallest of the things we do – I am sure we can find new ways of doing things that are faster and better. There is so much competition out there if we don’t innovate we will not just lag behind but literally will be finished off. All the teams will be mandated to innovate with their products or service delivery and keep the innovation level high. And come up with 10 innovative ideas every month for process improvements and other relevant deliverables.
Despite my sincere intentions in this regard, I feel this is one area where I feel I can do more than my current level. I will try to create more employment opportunities for the physically challenged people. My personal experience with them has clearly reinforced my conviction they are the greatest asset that a company can have. Not only they are more dedicated and loyal to work, but they also have better analytical skills in decoding problems and finding solutions. For 2015, I am expecting 5% increase over 2014 in the recruitment of physically challenged candidates.
A minimum of 1000 champions (our employees) to volunteer for blood bank donation camp is another target this year.
These are the five goals that I will be working hard to achieve this year.