A leading provider of technology-enabled legal services had been experiencing stalled growth for some time for its $50 million, marginally profitable business. Private equity owners who required growth for a successful exit hired a new CEO to turn things around.
The CEO quickly identified a fundamental issue – the company’s management team was ingrained in longstanding methodologies and not open to change, nor did they appear capable of identifying and driving the changes necessary to help the business grow.
The problem was clear: a lack of revenue growth. But like many new CEOs, there was also the challenge over who to trust for:
- Unbiased high-quality information and analysis
- Development of responsive strategy and tactics
- Successful management and execution of plans
Revenue Fusion3 was engaged to work with the new CEO and senior management team for a three-phase program.
Phase 1 – Performance Assessment
Although the new CEO had access to many management reports, there was little good information for the informed decision-making needed to get the company on track. Revenue Fusion3 worked closely with the CEO and senior management to develop a baseline profile of marketing and sales performance, including:
- Detailed competitive analysis
- Customer win-loss analysis
- Services and pricing analysis
- Lead source and cost analysis
- Sales process and metrics analysis
- Sales organization effectiveness assessment
Phase 2 – Performance Goal Development
Revenue Fusion3 aided the new CEO and senior management in re-envisioning the company’s profile of service offerings, marketing and sales functions, and performance management processes, including:
- Detailed competitive positioning
- Relationship Management Process and monitoring reports
- New services to complete the offering lineup and pricing redefinition
- New leads sourcing (internal SDR Program)
- New metrics reporting
- New sales training and certification program
Phase 3 – Transition Plan Development & Execution
Revenue Fusion3 was instrumental in helping the new CEO and senior management to develop a transition plan and in monitoring and selectively helping to execute that transition. Revenue Fusion3 focused on:
- Restructuring the marketing function and team
- Developing and repositioning the company and its services
- Developing a structured Relationship Management Process, including monitoring reports
- Adding resources required for the launch of new services
- Driving pricing adjustments and increases
- Developing, structuring and managing a new internal SDR Program
- Developing and launching a new metrics reporting process
Over the 18-month engagement, Revenue Fusion3 enabled the CEO to make better-informed decisions about the business. We did this by providing unbiased, high-quality information, re-positioning and strategy advisement, and detailed planning and execution assistance.
As a result, the company’s annual revenue grew over 50 percent. Profit increased too, and at a disproportionately higher rate. Best of all, this enabled the company to be sold at a high multiple, which was a big win for the private equity owners, management and employees.