Revenue Management Quotes

A good management style will make the productivity of your employees go up which means your revenues and profits go up as well.

As a business owner, you should be looking at data as a key resource to help you make more informed decisions that ultimately allow you to grow revenues and maximize profits.

From a business perspective, an asset is anything that generates consistent reliable cash flow/revenue. One of the core duties of business management is to nurture business assets to ensure that the business’s income continues and grows perpetually. Because ultimately, assets are what make a business a business.

With managing a business, you need to Invest in good software and or good data mining systems. Run your numbers routinely. Take a look at your revenues - when is the money typically coming in, from where, can you identify any patterns in your revenues? Then take a look at your expenses - analyze the numbers and identify patterns. Why? Because Identifying patterns and extracting actionable items from your revenue and expense data will result in the clarity you need to make good business decisions.

When considering the acquisition of new sources of revenue, the business must account for the costs that must be incurred prior to the acquisition, and the costs associated with the maintenance of that source of revenue.

Businesses frequently prioritize new feature releases over fixing technical debt. They choose to work on revenue-generating work instead of revenue-protection work. This rarely works out as the business hopes, particularly as problems discovered during the final stages of uncompleted projects drag engineers away from the newer projects.

Your USP is never what you think it is. It is what your customer think it is.

the balance between annual profit and investment for future growth is the key. Revenues versus costs is important, but the latter should not be cut merely to meet management bonus targets. There

The obvious definition of a monarchy seems to be that of a state, in which a single person, by whatsoever name he may be distinguished, is entrusted with the execution of the laws, the management of the revenue, and the command of the army. But, unless public liberty is protected by intrepid and vigilant guardians, the authority of so formidable a magistrate will soon degenerate into despotism. The influence of the clergy, in an age of superstition, might be usefully employed to assert the rights of mankind; but so intimate is the connection between the throne and the altar, that the banner of the church has very seldom been seen on the side of the people. A martial nobility and stubborn commons, possessed of arms, tenacious of property, and collected into constitutional assemblies, form the only balance capable of preserving a free constitution against enterprises of an aspiring prince.

Eng8ge is a web marketing services company in Singapore. We help SMEs connect with their customers online, thereby generating more sales opportunities, leading to higher revenue. Our core services comprise web design, GMB optimisation, social media management, PPC advertising, SEO, and online content writing - collectively known as Online Presence Managed Services. Being managed services, customers needn't worry about on-going support and maintenance as we'll take care of them.

To say now that the negative results of globalization are simply Destiny is to say that a whole new round of social divisions and violence is also our Destiny. In other words, the collapsing job market, slipping standards of living, the loss of fair regulations, the evaporation of big business tax revenues and the weakening of social programs are inevitable and so we must begin the endless, sterile battles of social division all over again. (IV - From Managers and Speculators to Growth)

The revenue derived from labour is called wages; that derived from stock, by the person who manages or employs it, is called profit; that derived from it by the person who does not employ it himself, but lends it to another, is called the interest or the use of money.

The customer is also at the center of how we analyze and manage performance metrics. Our emphasis is on what we call controllable input metrics, rather than output metrics. Controllable input metrics (e.g., reducing internal costs so you can affordably lower product prices, adding new items for sale on the website, or reducing standard delivery time) measure the set of activities that, if done well, will yield the desired results, or output metrics (such as monthly revenue and stock price). We detail these metrics as well as how to discover and track them in chapter six.

Around a quarter of the chip industry’s revenue comes from phones; much of the price of a new phone pays for the semiconductors inside. For the past decade, each generation of iPhone has been powered by one of the world’s most advanced processor chips. In total, it takes over a dozen semiconductors to make a smartphone work, with different chips managing the battery, Bluetooth, Wi-Fi, cellular network connections, audio, the camera, and more.

For the existing enterprise, whether business or public-service institution, the controlling word in the term ‘entrepreneurial management’ is ‘entrepreneurial’. For the new venture, it is ‘management’. In the existing business, it is the existing that is the main obstacle to entrepreneurship. In the new venture, it is its absence. The new venture has an idea. It may have a product or a service. It may even have sales, and sometimes quite a substantial volume of them. It surely has costs. And it may have revenues and even profits. What it does not have is a ‘business’, a viable, operating, organized ‘present’ in which people know where they are going, what they are supposed to do, and what the results are or should be. But unless a new venture develops into a new business and makes sure of being ‘managed’, it will not survive no matter how brilliant the entrepreneurial idea, how much money it attracts, how good its products, nor even how great the demand for them.

Who cheats? Well, just about anyone, if the stakes are right. You might say to yourself, I don’t cheat, regardless of the stakes. And then you might remember the time you cheated on, say, a board game. Last week. Or the golf ball you nudged out of its bad lie. Or the time you really wanted a bagel in the office break room but couldn’t come up with the dollar you were supposed to drop in the coffee can. And then took the bagel anyway. And told yourself you’d pay double the next time. And didn’t. For every clever person who goes to the trouble of creating an incentive scheme, there is an army of people, clever and otherwise, who will inevitably spend even more time trying to beat it. Cheating may or may not be human nature, but it is certainly a prominent feature in just about every human endeavor. Cheating is a primordial economic act: getting more for less. So it isn’t just the boldface names — inside-trading CEOs and pill-popping ballplayers and perkabusing politicians — who cheat. It is the waitress who pockets her tips instead of pooling them. It is the Wal-Mart payroll manager who goes into the computer and shaves his employees’ hours to make his own performance look better. It is the third grader who, worried about not making it to the fourth grade, copies test answers from the kid sitting next to him. Some cheating leaves barely a shadow of evidence. In other cases, the evidence is massive. Consider what happened one spring evening at midnight in 1987: seven million American children suddenly disappeared. The worst kidnapping wave in history? Hardly. It was the night of April 15, and the Internal Revenue Service had just changed a rule. Instead of merely listing the name of each dependent child, tax filers were now required to provide a Social Security number. Suddenly, seven million children — children who had existed only as phantom exemptions on the previous year’s 1040 forms — vanished, representing about one in ten of all dependent children in the United States.

Many people are bothered about the number of privately owned guns in the United States, but what about publicly owned ones? In recent years the United States government (not the military) has purchased 1.6 billion rounds of ammunition, enough to shoot the entire population five times over. The Social Security Administration ordered 174,000 rounds of hollow-point bullets. The Internal Revenue Service, the Department of Education, the Bureau of Land Management, even the National Oceanographic and Atmospheric Administration, all have guns.

It is unlike the industrial era, when corporations depended on people with a wide range of skills: managers and marketers, engineers and technicians, warehouse workers and salespeople. These jobs were often unionized, at least in the manufacturing and energy sectors, so that upper management was compelled at least to consider diverse views on how the business should operate. In contrast, tech firms are rarely unionized, and none of the largest internet-based firms are.7 Crucially, the tech giants employ relatively few people in proportion to their revenues.

many of these giants seem to have adopted the business model of “attention merchants.”2 They capture our attention by providing us with free information, services, and entertainment, and they then resell our attention to advertisers. Yet the data giants probably aim far higher than any previous attention merchant. Their true business isn’t to sell advertisements at all. Rather, by capturing our attention they manage to accumulate immense amounts of data about us, which is worth more than any advertising revenue. We aren’t their customers—we are their product.

The race to obtain the data is already on, headed by data-giants such as Google, Facebook, Baidu and Tencent. So far, many of these giants seem to have adopted the business model of ‘attention merchants’.2 They capture our attention by providing us with free information, services and entertainment, and they then resell our attention to advertisers. Yet the data-giants probably aim far higher than any previous attention merchant. Their true business isn’t to sell advertisements at all. Rather, by capturing our attention they manage to accumulate immense amounts of data about us, which is worth more than any advertising revenue. We aren’t their customers – we are their product.

GET BEYOND THE ONE-MAN SHOW Great organizations are never one-man operations. There are 22 million licensed small businesses in America that have no employees. Forbes suggests 75 percent of all businesses operate with one person. And the average income of those companies is a sad $44,000. That’s not a business—that’s torture. That is a prison where you are both the warden and the prisoner. What makes a person start a business and then be the only person who works there? Are they committed to staying small? Or maybe an entrepreneur decides that because the talent pool is so poor, they can’t hire anyone who can do it as well as them, and they give up. My guess is the latter: Most people have just given up and said, “It’s easier if I just do it myself.” I know, because that’s what I did—and it was suicidal. Because my business was totally dependent on me and only me, I was barely able to survive, much less grow, for the first ten years. Instead I contracted another company to promote my seminars. When I hired just one person to assist me out of my home office, I thought I was so smart: Keep it small. Keep expenses low. Run a tight ship. Bigger isn’t always better. These were the things I told myself to justify not growing my business. I did this for years and even bragged about how well I was doing on my own. Then I started a second company with a partner, a consulting business that ran parallel to my seminar business. This consulting business quickly grew bigger than my first business because my partner hired people to work for us. But even then I resisted bringing other people into the company because I had this idea that I didn’t want the headaches and costs that come with managing people. My margins were monster when I had no employees, but I could never grow my revenue line without killing myself, and I have since learned that is where all my attention and effort should have gone. But with the efforts of one person and one contracted marketing company, I could expand only so much. I know that a lot of speakers and business gurus run their companies as one-man shows. Which means that while they are giving advice to others about how to grow a business, they may have never grown one themselves! Their one-man show is simply a guy or gal going out, collecting a fee, selling time and a few books. And when they are out speaking, the business terminates all activity. I started studying other people and companies that had made it big and discovered they all had lots of employees. The reality is you cannot have a great business if it’s just you. You need to add other people. If you don’t believe me, try to name one truly great business that is successful, ongoing, viable, and growing that doesn’t have many people making it happen. Good luck. Businesses are made of people, not just machines, automations, and technology. You need people around you to implement programs, to add passion to the technology, to serve customers, and ultimately to get you where you want to go. Consider the behemoth online company Amazon: It has more than 220,000 employees. Apple has more than 100,000; Microsoft has around the same number. Ernst & Young has more than 200,000 people. Apple calls the employees working in its stores “Geniuses.” Don’t you want to hire employees deserving of that title too? Think of how powerful they could make your business.

Trump wanted to know what the new individual income tax rates would be. “I like these big round numbers,” he said. “Ten percent, 20 percent, 25 percent.” Good, solid numbers that would be easy to sell. Mnuchin, Cohn and Office of Management and Budget Director Mick Mulvaney said there needed to be analysis, study and discussion on the impact on revenue, the deficit and the relation to expected federal spending. “I want to know what the numbers are going to be,” Trump said, throwing out numbers again. “I think they ought to be 10, 20 and 25.” He dismissed any effort to crunch the numbers. A small change in rates could have a surprising impact on taxes collected by the U.S. Treasury. “I don’t care about any of that,” Trump said. Solid, round numbers were key. “That’s what people can understand,” he said. “That’s how I’m going to sell it.

Revenue Multiples. In the section on myths we also discussed the problems associated with revenue multiples and why they are poor indicators of value. Multiples of revenues are bogus for four reasons. First, because the range of multiples is too wide to be useful. Second, because comparisons using the multiple are simply not valid. Just because one company sold for a certain multiple of revenue does not mean that another company will sell for that same multiple, even if the companies are similar. Third, revenue multiples do not consider cost structures, management talent, pricing, profitability, or growth. And fourth is the problem of narrow markets; there are only a limited number of strategic buyers who can benefit from the seller’s key assets. These buyers care only about the strategic fit with their company, not some revenue multiple. WHAT

FOCUS ON GENERATING REVENUE THE DOJ FOUND THAT virtually every branch and tributary of the city’s bureaucracy—the mayor, city council, city manager, finance director, municipal court judge, municipal court prosecutor, court clerk, assistant clerks, police chief—all were enmeshed in an unending race to raise revenue through municipal fines and fees:            City officials routinely urge Chief [Tom] Jackson to generate more revenue through enforcement. In March 2010, for instance, the City Finance Director wrote to Chief Jackson that “unless ticket writing ramps up significantly before the end of the year, it will be hard to significantly raise collections next year. . . . Given that we are looking at a substantial sales tax shortfall, it’s not an insignificant issue.” Similarly, in March 2013, the Finance Director wrote to the City Manager: “Court fees are anticipated to rise about 7.5%. I did ask the Chief if he thought the PD [police department] could deliver 10% increase. He indicated they could try.” The importance of focusing on revenue generation is communicated to FPD officers. Ferguson police officers from all ranks told us that revenue generation is stressed heavily within the police department, and that the message comes from City leadership. The evidence we reviewed supports this perception.

Like spacecraft that pick up speed as they rise into the Earth’s stratosphere, growth stocks often seem to defy gravity. Let’s look at the trajectories of three of the hottest growth stocks of the 1990s: General Electric, Home Depot, and Sun Microsystems. (See Figure 7-1.) In every year from 1995 through 1999, each grew bigger and more profitable. Revenues doubled at Sun and more than doubled at Home Depot. According to Value Line, GE’s revenues grew 29%; its earnings rose 65%. At Home Depot and Sun, earnings per share roughly tripled. But something else was happening—and it wouldn’t have surprised Graham one bit. The faster these companies grew, the more expensive their stocks became. And when stocks grow faster than companies, investors always end up sorry. As Figure 7-2 shows: A great company is not a great investment if you pay too much for the stock. The more a stock has gone up, the more it seems likely to keep going up. But that instinctive belief is flatly contradicted by a fundamental law of financial physics: The bigger they get, the slower they grow. A $1-billion company can double its sales fairly easily; but where can a $50-billion company turn to find another $50 billion in business? Growth stocks are worth buying when their prices are reasonable, but when their price/earnings ratios go much above 25 or 30 the odds get ugly: Journalist Carol Loomis found that, from 1960 through 1999, only eight of the largest 150 companies on the Fortune 500 list managed to raise their earnings by an annual average of at least 15% for two decades.

Hamilton argued that the security of liberty and property were inseparable and that governments should honor their debts because contracts formed the basis of public and private morality: “States, like individuals, who observe their engagements are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct.”The proper handling of government debt would permit America to borrow at affordable interest rates and would also act as a tonic to the economy. Used as loan collateral, government bonds could function as money—and it was the scarcity of money, Hamilton observed, that had crippled the economy and resulted in severe deflation in the value of land. America was a young country rich in opportunity. It lacked only liquid capital, and government debt could supply that gaping deficiency. The secret of managing government debt was to fund it properly by setting aside revenues at regular intervals to service interest and pay off principal. Hamilton refuted charges that his funding scheme would feed speculation. Quite the contrary: if investors knew for sure that government bonds would be paid off, the prices would not fluctuate wildly, depriving speculators of opportunities to exploit. What mattered was that people trusted the government to make good on repayment: “In nothing are appearances of greater moment than in whatever regards credit. Opinion is the soul of it and this is affected by appearances as well as realities.” Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.

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Success comes with an inevitable problem: market saturation. New products initially grow just by adding more customers—to grow a network, add more nodes. Eventually this stops working because nearly everyone in the target market has joined the network, and there are not enough potential customers left. From here, the focus has to shift from adding new customers to layering on more services and revenue opportunities with existing ones. eBay had this problem in its early years, and had to figure its way out. My colleague at a16z, Jeff Jordan, experienced this himself, and would often write and speak about his first month as the general manager of eBay’s US business. It was in 2000, and for the first time ever, eBay’s US business failed to grow on a month-over-month basis. This was critical for eBay because nearly all the revenue and profit for the company came from the US unit—without growth in the United States, the entire business would stagnate. Something had to be done quickly. It’s tempting to just optimize the core business. After all, increasing a big revenue base even a little bit often looks more appealing than starting at zero. Bolder bets are risky. Yet because of the dynamics of market saturation, a product’s growth tends to slow down and not speed up. There’s no way around maintaining a high growth rate besides continuing to innovate. Jeff shared what the team did to find the next phase of growth for the company: eBay.com at the time enabled the community to buy and sell solely through online auctions. But auctions intimidated many prospective users who expressed preference for the ease and simplicity of fixed price formats. Interestingly, our research suggested that our online auction users were biased towards men, who relished the competitive aspect of the auction. So the first major innovation we pursued was to implement the (revolutionary!) concept of offering items for a fixed price on ebay.com, which we termed “buy-it-now.” Buy-it-now was surprisingly controversial to many in both the eBay community and in eBay headquarters. But we swallowed hard, took the risk and launched the feature . . . and it paid off big. These days, the buy-it-now format represents over $40 billion of annual Gross Merchandise Volume for eBay, 62% of their total.65

The successful individual sales producer wins by being as selfish as possible with her time. The more often the salesperson stays away from team members and distractions, puts her phone on Do Not Disturb (DND), closes her door, or chooses to work for a few hours from the local Panera Bread café, the more productive she’ll likely be. In general, top producers in sales tend to exhibit a characteristic I’ve come to describe as being selfishly productive. The seller who best blocks out the rest of the world, who maintains obsessive control of her calendar, who masters focusing solely on her own highest-value revenue-producing activities, who isn’t known for being a “team player,” and who is not interested in playing good corporate citizen or helping everyone around her, is typically a highly effective seller who ends up on top of the sales rankings. Contrary to popular opinion, being selfish is not bad at all. In fact, for an individual contributor salesperson, it is a highly desirable trait and a survival skill, particularly in today’s crazed corporate environment where everyone is looking to put meetings on your calendar and take you away from your primary responsibilities! Now let’s switch gears and look at the sales manager’s role and responsibilities. How well would it work to have a sales manager who kept her office phone on DND and declined almost every incoming call to her mobile phone? Do we want a sales manager who closes her office door, is concerned only about herself, and is for the most part inaccessible? No, of course not. The successful sales manager doesn’t win on her own; she wins through her people by helping them succeed. Think about other key sales management responsibilities: Leading team meetings. Developing talent. Encouraging hearts. Removing obstacles. Coaching others. Challenging data, false assumptions, wrong attitudes, and complacency. Pushing for more. Putting the needs of your team members ahead of your own. Hmmm. Just reading that list again reminds me why it is often so difficult to transition from being a top producer in sales into a sales management role. Aside from the word sales, there is truly almost nothing similar about the positions. And that doesn’t even begin to touch on corporate responsibilities like participating on the executive committee, dealing with human resources compliance issues, expense management, recruiting, and all the other burdens placed on the sales manager. Again,

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The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” George Bernard Shaw On a cool fall evening in 2008, four students set out to revolutionize an industry. Buried in loans, they had lost and broken eyeglasses and were outraged at how much it cost to replace them. One of them had been wearing the same damaged pair for five years: He was using a paper clip to bind the frames together. Even after his prescription changed twice, he refused to pay for pricey new lenses. Luxottica, the 800-pound gorilla of the industry, controlled more than 80 percent of the eyewear market. To make glasses more affordable, the students would need to topple a giant. Having recently watched Zappos transform footwear by selling shoes online, they wondered if they could do the same with eyewear. When they casually mentioned their idea to friends, time and again they were blasted with scorching criticism. No one would ever buy glasses over the internet, their friends insisted. People had to try them on first. Sure, Zappos had pulled the concept off with shoes, but there was a reason it hadn’t happened with eyewear. “If this were a good idea,” they heard repeatedly, “someone would have done it already.” None of the students had a background in e-commerce and technology, let alone in retail, fashion, or apparel. Despite being told their idea was crazy, they walked away from lucrative job offers to start a company. They would sell eyeglasses that normally cost $500 in a store for $95 online, donating a pair to someone in the developing world with every purchase. The business depended on a functioning website. Without one, it would be impossible for customers to view or buy their products. After scrambling to pull a website together, they finally managed to get it online at 4 A.M. on the day before the launch in February 2010. They called the company Warby Parker, combining the names of two characters created by the novelist Jack Kerouac, who inspired them to break free from the shackles of social pressure and embark on their adventure. They admired his rebellious spirit, infusing it into their culture. And it paid off. The students expected to sell a pair or two of glasses per day. But when GQ called them “the Netflix of eyewear,” they hit their target for the entire first year in less than a month, selling out so fast that they had to put twenty thousand customers on a waiting list. It took them nine months to stock enough inventory to meet the demand. Fast forward to 2015, when Fast Company released a list of the world’s most innovative companies. Warby Parker didn’t just make the list—they came in first. The three previous winners were creative giants Google, Nike, and Apple, all with over fifty thousand employees. Warby Parker’s scrappy startup, a new kid on the block, had a staff of just five hundred. In the span of five years, the four friends built one of the most fashionable brands on the planet and donated over a million pairs of glasses to people in need. The company cleared $100 million in annual revenues and was valued at over $1 billion. Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. I declined. It was the worst financial decision I’ve ever made, and I needed to understand where I went wrong.

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Companies whose investment processes demand quantification of market sizes and financial returns before they can enter a market get paralyzed or make serious mistakes when faced with disruptive technologies. They demand market data when none exists and make judgments based upon financial projections when neither revenues or costs can, in fact, be known. Using planning and marketing techniques that were developed to manage sustaining technologies in the very different context of disruptive ones is an exercise in flapping wings.

Unfortunately, companies that become large and successful find that maintaining growth becomes progressively more difficult. The math is simple: A $40 million company that needs to grow profitably at 20 percent to sustain its stock price and organizational vitality needs an additional $8 million in revenues the first year, $9.6 million the following year, and so on; a $400 million company with a 20 percent targeted growth rate needs new business worth $80 million in the first year, $96 million in the next, and so on; and a $4 billion company with a 20 percent goal needs to find $800 million, $960 million, and so on, in each successive year.

Labor also dominates stories of elite income at the next rung down. Although only three hedge fund managers took home over $1 billion in 2017, more than twenty-five took home $100 million or more, and $10 million incomes are so common that they do not make the papers. Even only modestly elite finance workers now receive huge paydays. According to one survey, a portfolio manager at a midsized hedge fund makes on average $2.4 million, and average Wall Street bonuses exploded from roughly $14,000 in 1985 to more than $180,000 in 2017, a year in which the average total salary for New York City’s 175,000 securities industry workers reached over $420,000. These sums reflect the fact that a typical investment bank disburses roughly half of its revenues after interest paid to its professional workers (making it a better three decades to be an elite banker than to be an owner of bank stocks). Elite managers in the real economy also do well. CEO incomes—the wages paid to top managerial labor—regularly reach seven figures; indeed, the average 2017 income of the CEO of an S&P 500 company was nearly $14 million. In a typical recent year the total compensation paid to the five highest-paid employees of each S&P 1500 firm (7,500 workers overall) might amount to 10 percent of S&P 1500 firms’ collective profits. These workers do not own the assets—the portfolios or the companies—that they manage. Their incomes constitute wages paid for managerial labor rather than a return on invested capital. The enormous paydays reflect what prominent business analysts recently called a war between talent and capital—a war that talent is winning.

Jack’s secret is not just to reward people for their profit contribution in the “great game of business.” It’s to put real numbers right in workers’ faces so they make better decisions every minute, every day, for every customer. I would go one step further, and maybe Jack already has. I would give employees a minor share in the overall company, but I would also then use software to measure each individual’s or team’s contributions after fair overhead allocations and direct costs. This would mean the back-line “servers” have fair revenue recognition of their efforts on behalf of the front-line “browsers” who actually serve the end customers. Is this not possible in a light-speed world of software and business metrics? We need more real business leaders and visionaries like Jack Stack, not BS Wall Street leverage artists or old-line corporate managers who merely streamline their top-down management systems while their workers wait for their unfunded retirement and death. And we need real educators, like Neil deGrasse Tyson, who can make science understandable to everyday people. Most of all, we need people to love what they do so much that they won’t even think of retiring at age 63 or 65 or even 75. They’re so productive and happy that they don’t worry about a retirement that doesn’t make sense to them anymore, though it’s there if they have health challenges. They’re too busy satisfying their customers and creating new businesses to contemplate life without that fulfillment. They’re so focused on what they do that they’re like the champion basketball player who’s totally “in state” and one with his process. They’re certainly not bored or waiting to retire and do nothing!

The revenues were good and I trusted them. Whatever system they had was working better without me nosing into it. Also, when that same CEO was currently planning on robbing said company, it wasn’t very rational to criticize the management structure.

As emphasized in the critical success factors related to “Management support, vision, governance, and structure” earlier in this section, a leading practice to secure support from management is to provide a high-level estimation of the benefits expected from the transformation. This is often referred to as a “high-level automation assessment” or a “top-down automation assessment”. For example, such an estimation might show that, by leveraging IA, the organization has the potential to increase revenue by 20% while reducing costs by 30% in the coming 18 months.

The ratio of time, effort and money spent on selling as opposed to other aspects of business should be 80/20, with 80% of it going toward revenue-producing activities and only 20% towards all the other management activities in your business. Or, if you have a team in place, you should apply this 80/20 analysis again, and only be focussed on your 4% of activities that move the money needle.

I met with Chad Logan a few days after our first get-together. I told him that I would explain my point of view and then let him decide whether he wanted to work with me on strategy. I said: I think you have a lot of ambition, but you don’t have a strategy. I don’t think it would be useful, right now, to work with your managers on strategies for meeting the 20/20 goal. What I would advise is that you first work to discover the very most promising opportunities for the business. Those opportunities may be internal, fixing bottlenecks and constraints in the way people work, or external. To do this, you should probably pull together a small team of people and take a month to do a review of who your buyers are, who you compete with, and what opportunities exist. It’s normally a good idea to look very closely at what is changing in your business, where you might get a jump on the competition. You should open things up so there are as many useful bits of information on the table as possible. If you want, I can help you structure some of this process and, maybe, help you ask some of the right questions. The end result will be a strategy that is aimed at channeling energy into what seem to be one or two of the most attractive opportunities, where it looks like you can make major inroads or breakthroughs. I can’t tell you in advance how large such opportunities are, or where they may be. I can’t tell you in advance how fast revenues will grow. Perhaps you will want to add new services, or cut back on doing certain things that don’t make a profit. Perhaps you will find it more promising to focus on grabbing the graphics work that currently goes in-house, rather than to competitors. But, in the end, you should have a very short list of the most important things for the company to do. Then you will have a basis for moving forward. That is what I would do were I in your shoes. If you continue down the road you are on you will be counting on motivation to move the company forward. I cannot honestly recommend that as a way forward because business competition is not just a battle of strength and wills; it is also a competition over insights and competencies. My judgment is that motivation, by itself, will not give this company enough of an edge to achieve your goals. Chad Logan thanked me and, a week later, retained someone else to help him. The new consultant took Logan and his department managers through an exercise he called “Visioning.” The gist of it was the question “How big do you think this company can be?” In the morning they stretched their aspirations from “bigger” to “very much bigger.” Then, in the afternoon, the facilitator challenged them to an even grander vision: “Think twice as big as that,” he pressed. Logan

Money is a means to an end, the fuel for our lifestyle—and profit is the only money in business that you get to keep. Is that all profit is, then? The leftover money that you get to keep? Not really. For your business, profit is a success score based on how well you’ve managed to create real solutions to real problems for real people (remember, as a business owner, that is your actual job). Profit is a result of both efficacy and efficiency. Your efficacy (or effectiveness) is measured by the revenue you generate, but that’s a deceivingly simple answer. How much revenue you generate is determined by how clear your purpose is, who your business is designed to serve, how well your customers perceive you are at fulfilling that purpose, and how many people know you and your business exist. Efficiency is the simpler (if not easier) metric. Measured by your business expenses, efficiency is the amount of time, energy, and money it takes to fulfill your purpose—at least, as well as you are fulfilling it right now.

What happens inside the WBR is critical execution not normally visible outside the company. A well-run WBR meeting is defined by intense customer focus, deep dives into complex challenges, and insistence on high standards and operational excellence. One may wonder, at what level is it appropriate for executives to shift focus to output metrics? After all, companies and their senior executives are routinely judged by output metrics like revenue and profit. Jeff knows this well, in part based on his time spent working at a Wall Street investment firm. The simple answer is that the focus does not shift at any level of management. Yes, executives know their output metrics backward and forward. But if they don’t continue to focus on inputs, they lose control over and visibility into the tools that generate output results.

Entrepreneurship is management. And yet, imagine a modern manager who is tasked with building a new product in the context of an established company. Imagine that she goes back to her company’s chief financial officer (CFO) a year later and says, “We have failed to meet the growth targets we predicted. In fact, we have almost no new customers and no new revenue. However, we have learned an incredible amount and are on the cusp of a breakthrough new line of business. All we need is another year.” Most of the time, this would be the last report this intrapreneur would give her employer. The reason is that in general management, a failure to deliver results is due to either a failure to plan adequately or a failure to execute properly. Both are significant lapses, yet new product development in our modern economy routinely requires exactly this kind of failure on the way to greatness. In the Lean Startup movement, we have come to realize that these internal innovators are actually entrepreneurs, too, and that entrepreneurial management can help them succeed;

No matter whose income statement you’re looking at, there will be three main categories. One is sales, which may be called revenue (it’s the same thing). Sales or revenue is always at the top. When people refer to “top-line growth,” that’s what they mean: sales growth. Costs and expenses are in the middle, and profit is at the bottom

The revenue line is taken as a given—a fixed point—and everything else is compared with it.

As we mentioned in chapter 4, any accounting change that is “material” to the bottom line must be footnoted in this manner. But who decides what is material and what isn’t? You guessed it: the accountants. In fact, it could very well be that recognizing 75 percent up front presents a more accurate picture of the software division’s reality. But was the change in accounting method due to good financial analysis, or did it reflect the need to make the earnings forecast? Could there be a bias lurking in here? Remember, accounting is the art of using limited data to come as close as possible to an accurate description of how well a company is performing. Revenue on the income statement is an estimate, a best guess. This example shows how estimates can introduce bias.

Just as an aside, the most common source of accounting fraud has been and probably always will be in that top line: sales. Many companies play with revenue recognition in questionable ways. The issue is particularly acute in the software industry. Software companies often sell their products to resellers, who then sell the products to end users. Manufacturers, under pressure from Wall Street to make their numbers, are frequently tempted to ship unordered software to these distributors at the end of a quarter. (The practice is known as channel stuffing.)

When you buy an airplane ticket, the airline charges your credit card immediately, even if you are not planning to fly for another three weeks. Accountants call such funds deferred revenue. Because of its name, deferred revenue sounds like something we should discuss in this chapter. Deferred revenue is indeed related to revenue—it will turn into revenue eventually—but it does not belong here. Remember the GAAP principle of conservatism? It says, in part, that revenue should be recognized when (and only when) it is actually earned. Deferred revenue is money that has come in but is as yet unearned. So it can’t go into the income statement. Instead, accountants put deferred revenue on the balance sheet as a liability—that is, an amount that the company owes to somebody else. In the example, the airline owes you a flight. We’ll discuss deferred revenue further in part 3

Fraud and manipulation aside, revenue shows the dollar volume of the goods or services the company has delivered to its customers. But it’s not the only significant measure of a company’s sales success. Equally important, in many cases, are the orders that have been signed but not yet started, or the revenue not yet recognized on partially completed projects. This is the value, in other words, of what’s in the pipeline. Companies variously refer to these not-yet-recognized sales as backlog or bookings.

Operating Expenses Operating expenses are the costs required to keep the business going from day to day. They include salaries, benefits, and insurance costs, among a host of other items. Operating expenses are listed on the income statement and are subtracted from revenue to determine profit.

Jamie Dimon of JPMorgan, Mark Zuckerberg of Facebook, Jack Dorsey formerly of Twitter, Tim Cook of Apple, Elon Musk of Tesla—all these business leaders regularly attend their companies’ quarterly calls. Let’s take a concrete example. Chevron, one of the world’s largest oil companies, had revenues of about $140 billion and a market value of about $190 billion in 2019. The management held a conference call for investors and analysts on January 31, 2020, to highlight its performance.20 The analysts and investors asked twenty-nine questions. What percentage of these do you think were about the future? More than 70 percent.

Revenue, remember, is recognized when a product or service is delivered, not when the bill is paid. So the top line of the income statement, the line from which we subtract expenses to determine profit, is often no more than a promise. Customers have not paid yet, so the revenue number does not reflect real money and neither does the profit line at the bottom.

As your annual revenue grows past $500,000, you will transition to spending more time building systems. Now you’re a systems developer 20 percent of the time, a manager 10 percent of the time, and an employee 70 percent of the time.

Many public services were also outsourced. While PFI was largely about building and running infrastructure, outsourcing was mainly about handing services over to the private sector to manage, notably IT. HMRC (Her Majesty’s Revenue and Customs), DVLA (the Driver and Vehicle Licensing Agency), the NHS and local authorities awarded enormous IT contracts to external suppliers. Public services, including rubbish collection, school meals, building maintenance, prisons and even ambulance and probation services, were placed in the hands of private providers, often by local authorities: at its peak in 2012–13, the value of outsourcing contracts awarded by the latter reached £708 million.19 Since then, however, the value of local-government outsourced contracts has steadily fallen. The trend is similar for central-government IT outsourcing. Public organizations have increasingly found that outsourcing has not delivered the quality and reliability of services they had expected and has often not been good value for money either.

We are high demand high availability managed service provider catering to companies with 10 or more computers. We specialize in Dental and Healthcare Facilities. While also catering to companies with an annual revenue of 2 million or more. Our Services are designed to allow companies to focus on their clients instead of computer and network problems. Whether it’s phones, computers, servers, or network devices. Our ability to deliver service extremely fast and right the first time, allows our clients to focus on what matters most business.

At Golf Club Marketing we solve one problem. We help the best golf clubs grow their revenue by getting seen online. Everything we do from branding to copywriting to SEO management is tailored to the goal of bringing in new customers to your clubhouse door. We’ve spent over 20 years helping 850+ businesses create growth from their online presence. With that experience, we’ve distilled down a golf and country club-specific marketing framework to help you win customers from your online presence.

Despite their shared centrism, there was an ideological difference that separated them. They championed different constituencies. Where Sinema built an alliance with Wall Street, Manchin enjoyed occasionally sticking it to the bankers, like a good old-fashioned populist from the hollers. And where Manchin felt a home-state duty to the fossil fuels industry, and personally benefited from its success, Sinema wanted to break its stranglehold over climate policy. In the course of negotiations with Schumer, Manchin had insisted on a provision ending the carried-interest loophole—a gaping unfairness in the tax code that allows hedge fund and private equity managers to count their revenue as capital gains and avoid the income tax. But Sinema had a history of defending that loophole. Manchin had every reason to believe that Sinema would despise his proposal—and that she would likely consider it a red line—but he insisted on pushing forward with it, regardless. Schumer didn’t fight Manchin. He wasn’t going to worry about his Sinema problem when it was theoretical. But now her objection was more than a theoretical source of worry. Sinema constituted the primary obstacle to the realization of Schumer’s greatest achievement, and he was stuck.

Accruals An accrual is the portion of a revenue or expense item that is recorded in a particular time span. Product development costs, for instance, are likely to be spread out over several accounting periods, and so a portion of the total cost will be accrued each month. The purpose of accruals is to match costs to revenues in a given time period as accurately as possible.

The Matching Principle The matching principle is a fundamental accounting rule for preparing an income statement. It simply states, “Match the cost with its associated revenue to determine profits in a given period of time—usually a month, quarter, or year.” In other words, one of the accountants’ primary jobs is to figure out and properly record all the costs incurred in generating sales.

The matching principle applies to service companies as well as product companies. A consulting firm, for example, sells billable hours, meaning the time each consultant is working with a client. Accountants still need to match all the expenses associated with the time—marketing costs, materials costs, research costs, and so on—to the associated revenue.

Sales Sales or revenue is the dollar value of all the products or services a company provided to its customers during a given period of time.

The most important GAAP guideline that accountants rely on for recording or recognizing a sale is that the revenue must have been earned. A products company must have shipped the product. A service company must have performed the work.

Interestingly, such a change is not illegal. An explanation might appear in a footnote to the financial statements, but then again it might not. Maybe you noticed in chapter 6 that the Hewlett-Packard footnote regarding revenue recognition policy mentioned 2009 and 2010. That’s because later in that same section the company describes what it did differently in 2008: For fiscal 2008 . . . HP allocated revenue to each element based on its relative fair value, or for software, based on VSOE of fair value. In the absence of fair value for a delivered element, HP first allocated revenue to the fair value of the undelivered elements and the residual revenue to the delivered elements . . . .

A roller coaster is all about fast thrills and wild, whiplashing movements. They can be a lot of fun, but they aren’t a good model for effective product management. Investors and executives like to see immediate results, and when those results don’t materialize right away, they can be tempted to pivot suddenly, resulting in whiplash for the product team. This problem comes from setting a time horizon that is too short. For startups, a lack of patience is often the result of having a very short runway. They have to get something up and running fast so they can raise the next round of funding, or they need to start producing revenue right away. Of course, everyone wants to make fast and efficient progress, but providing insufficient opportunity for success will result in false negatives that can lead product managers astray. When an otherwise healthy “fail-fast” mentality is taken to the extreme, it can stifle innovation. “We think this new feature is a good idea,” a product manager might say. “To avoid overinvesting, we’ll first launch a lackluster version of it. If it doesn’t get overwhelmingly positive results immediately, then we’ll know it’s not the right direction for our product.” Daisy-chained together, these false negatives result in a headache-inducing roller coaster ride for product development that ends up in exactly the same place it started.

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The worst feeling was when, in the middle of the night, the numbers didn’t compute as you needed them to, or they didn’t support the arguments the senior bankers expected to make at the client meeting later that day. That would leave you with two bad choices. You could change the thesis of the presentation to match the numbers, or you could fudge the numbers to fit the thesis. A third option—worse still—was to wake your managing director with a phone call. That was never smart. So you would usually alter a revenue assumption here and a margin assumption there, just enough so that none of the changes seemed too aggressive but in totality got you to the profitability and earnings growth needed to justify the deal. Where is the line, you would wonder briefly, between subjective business judgment and manipulation of data? Then you’d yawn and look at the clock and reply, Who gives a shit?

Baron said that Bezos “didn’t try to reinvent the paper; he tried to capture what made it special.” But Bezos did try to reinvent the systems behind the paper, with a flood of Amazon-style rituals. The Pancake Group, which occasionally expanded to include finance and audience development execs, spoke to Bezos every other week on Wednesdays at 1 p.m. EST for an hour. Bezos asked Post managers to “bring me new things”; he wanted to see everything, including changes in pricing and how to expand the paper’s audience and revenue, in the form of six-page Amazon-style narratives, subject to Bezos’s careful reading and detailed questions.

In Sierra Leone and many other sub-Saharan African nations, diamonds fueled conflict between different groups and helped to sustain civil wars, earning the label Blood Diamonds for the carnage brought about by the wars fought over their control. In Botswana, diamond revenues were managed for the good of the nation. The

Startup Metrics for Pirates,” where he came up with a general approach to metrics for an entire product, called AARRR metrics—although he put it together for startups, where the success of a company depends on one product, it’s useful for any product. The acronym stands for the following: Acquisition: How the user comes to your product. Activation: The user’s first visit to your product and her first happy experience. Retention: The user liked your product enough to use it again (and hopefully again and again…). Referral: The user likes it enough to tell someone about it. Revenue: The user finds your product valuable enough that she pays for it.

Your opportunity hypothesis is that fixing this bug will improve acquisition for the shopping cart page, and eventually increase revenue.

Dennis Fine digs deep into his skillset to bring the best leadership to the healthcare industry as he can. From physician practice management, strategic planning, major medical equipment contracting and procurement, to revenue cycle management, Dennis Fine excels at fixing broken processes and leading high-performing teams to successful outcomes.

Let me explain in management terms: police chiefs need to look at the numbers of each type of crime, over time, to know whether their strategy is working. The manager of a business cannot see the complete health of the company by looking at specific orders from specific customers; he or she needs to have things aggregated as revenues, costs, and profits.

Within SaaS collaboration tools, the concentration of paying customers gives a sense of their hard side—it’s often IT and managers who authorize spending, fully roll out the tools, and help organize the broader employee engagement of the network. The numbers are similarly concentrated: Slack’s S-1 filing showed less than 1 percent of Slack’s total customers accounted for 40 percent of the revenue, and Zoom’s indicated that 30 percent of revenue came from just 344 accounts, again less than 1 percent of their customer base.

Marquetly realized that, in order to grow its revenue to the numbers it needed, it should focus on expanding upmarket, selling to larger companies (enterprises),

Acquire more individual users. Retain existing individual users better. Create new revenue streams for existing individual users.

Identify Your Strengths With Strengths Finder 2.0 One tool that can help you remember your achievements is the ‘Strengths Finder’ "assessment. The father of Strengths Psychology, Donald O. Clifton, Ph.D, along with Tom Rath and a team of scientists at The Gallup Organization, created StrengthsFinder. You can take this assessment by purchasing the Strengths Finder 2.0 book. The value of SF 2.0 is that it helps you understand your unique strengths. Once you have this knowledge, you can review past activities and understand what these strengths enabled you to do. Here’s what I mean, in the paragraphs below, I’ve listed some of the strengths identified by my Strengths Finder assessment and accomplishments where these strengths were used. “You can see repercussions more clearly than others can.” In a prior role, I witnessed products being implemented in the sales system at breakneck speed. While quick implementation seemed good, I knew speed increased the likelihood of revenue impacting errors. I conducted an audit and uncovered a misconfigured product. While the customer had paid for the product, the revenue had never been recognized. As a result of my work, we were able to add another $7.2 million that went straight to the bottom line. “You automatically pinpoint trends, notice problems, or identify opportunities many people overlook.” At my former employer, leadership did not audit certain product manager decisions. On my own initiative, I instituted an auditing process. This led to the discovery that one product manager’s decisions cost the company more than $5M. “Because of your strengths, you can reconfigure factual information or data in ways that reveal trends, raise issues, identify opportunities, or offer solutions.” In a former position, product managers were responsible for driving revenue, yet there was no revenue reporting at the product level. After researching the issue, I found a report used to process monthly journal entries which when reconfigured, provided product managers with monthly product revenue. “You entertain ideas about the best ways to…increase productivity.” A few years back, I was trained by the former Operations Manager when I took on that role. After examining the tasks, I found I could reduce the time to perform the role by 66%. As a result, I was able to tell my Director I could take on some of the responsibilities of the two managers she had to let go. “You entertain ideas about the best ways to…solve a problem.” About twenty years ago I worked for a division where legacy systems were being replaced by a new company-wide ERP system. When I discovered no one had budgeted for training in my department, I took it upon myself to identify how to extract the data my department needed to perform its role, documented those learnings and that became the basis for a two day training class. “Sorting through lots of information rarely intimidates you. You welcome the abundance of information. Like a detective, you sort through it and identify key pieces of evidence. Following these leads, you bring the big picture into view.” I am listing these strengths to help you see the value of taking the Strengths Finder Assessment.

The former head of this operation, Gary Wendt, who is credited with much of the enormous success of GEFS, used his personal agenda as a simple but inordinately powerful tool for growing the business into ever new entrepreneurial arenas. Over the years, he used his personal agenda to make it unequivocally clear that he expected entrepreneurial business growth from every member of management. At every major meeting, the topic of business development was on the agenda (usually in the number one spot). In every annual review, managers were asked to demonstrate the revenues they had created from businesses that did not exist five years before. From division heads to newly hired analysts, everyone was held accountable for some set of activities having to do with creating entrepreneurial revenue and profit streams. In short, no one who worked in the organization could avoid the unremitting focus on new business development. You need to make sure that you are similarly consistent, predictable, and focused, and that you sustain this emphasis over a long period. Pressure applied only once is soon forgotten, and alternating pressure (as in flavor-of-the-month management) will cause people to be confused, disillusioned, or angry. Wendt’s consistent, visible, and predictable attention to business development created a pressure in GEFS for entrepreneurial business growth that took it from the $300 million installment loan portfolio we looked at in chapter 6 to a financial services behemoth with $250 billion in assets under management when he left in 1998. Examples of Wendt’s single-minded determination to drive growth through entrepreneurial transformation at GEFS are numerous. Years ago, for instance, he was asked whether his agenda would change if someone rushed in and told him that the computer room was on fire (implying that his business could be completely destroyed). Wendt replied that he employed firefighters to handle such emergencies. As the leader, his most important job was to keep people focused on business development. Since business development is an uncomfortable and unpredictable process, Wendt knew that if he allowed it to appear to be a low priority for him, all those working for him would heave a sigh of relief and go back to business as usual, with new businesses struggling to find a place on the priority list. In fact, as he remarked, even if he did try to get involved in putting out the fire, he would probably only interfere with the efforts of the highly competent people employed to do so.

Carlos Montoya, a dynamic retail leader, joins Miramar with a track record of success. He rose through the ranks at Winn-Dixie Supermarkets, consistently increasing revenue growth. His expertise in vendor negotiation and supply management ensures efficiency.

The Importance of Bookkeeping Services for Doctors Managing the financial side of a medical practice can be challenging for doctors, as they are often focused on providing quality patient care. However, maintaining accurate financial records is essential for the success of any healthcare practice. Bookkeeping services tailored specifically for doctors help ensure that their financial transactions are organized, compliant, and manageable, allowing them to focus on what they do best—caring for patients. Why Doctors Need Specialized Bookkeeping Services Doctors face unique financial complexities, such as billing for medical services, managing insurance claims, handling payroll for staff, and keeping track of medical supplies and equipment. Additionally, they must ensure compliance with healthcare regulations and tax laws. Professional bookkeeping services designed for doctors take these unique needs into account, helping physicians streamline their financial operations. As a result, they can avoid errors, reduce administrative burdens, and improve cash flow. Accurate Billing and Cash Flow Management One of the key challenges doctors face is managing billing and cash flow. With a constant flow of patients and complex insurance claims, maintaining an accurate record of all transactions is essential. Bookkeeping services ensure that billing is handled efficiently, minimizing delays in receiving payments. This service also helps manage insurance claims, reducing errors that could lead to delayed reimbursements. By keeping track of revenue and expenses, bookkeepers ensure that doctors maintain a healthy cash flow. Tax Compliance and Planning Doctors often qualify for specific tax deductions related to medical equipment, staff salaries, and office expenses. However, navigating the complexities of healthcare tax regulations can be difficult. Bookkeeping services help doctors stay compliant by keeping their financial records organized and accurate, making it easier to file taxes and take advantage of available deductions. Additionally, bookkeepers can assist in planning for tax obligations throughout the year, ensuring that there are no surprises during tax season. Financial Reporting for Growth Bookkeeping services also provide doctors with valuable financial reports that offer insights into their practice’s performance. By analyzing income, expenses, and cash flow trends, doctors can make more informed decisions about expanding services, hiring staff, or investing in new equipment. These reports give a clear picture of the financial health of the practice, enabling better long-term planning. In conclusion, specialized bookkeeping services for doctors are essential for maintaining accurate financial records, ensuring tax compliance, and improving cash flow. By outsourcing bookkeeping tasks, doctors can focus more on patient care while gaining peace of mind that their financials are in order.

Operating expenses are listed on the income statement and are subtracted from revenue to determine profit.

In addition to driving revenue growth, David Link, a 20+ year Managing Director at Accenture, played a pivotal role in establishing a strong core payments team in the region during his tenure.

Profit is based on revenue. Revenue, remember, is recognized when a product or service is delivered, not when the bill is paid.

revenue must have been earned. A products company must have shipped the product.

We had to execute well and quickly. In sales management, if you want to grow fast, you should be able to hire well and quickly, and to train the new hires well and quickly so that they ramp up quickly and generate revenue. So, we had to be able not only to identify our key to success, but also be able to articulate it in a sharp and easy way so that the new hires could learn quickly and execute.

For every company, you see a gazillion pieces of information on tap: revenue growth, profit growth, debt level, margin profile, stock price movement, analysts’ views, bond ratings, Twitter commentary, shareholder information, top management résumés, conference call transcripts, annual reports, quarterly filings, media coverage, competitor profiles, shares bought or sold by senior management, receivable and inventory levels, CEO statements, Reddit threads, hedge fund ownership, and so much more. And all this is just at the company level.

We should expect the following from a quality management team. That they deliver products and services to their customers that are superior to those of their competitors, allocate capital prudently, attract and retain quality employees, manage their cost structure (which is commensurate with their size and revenue), maintain a quality balance sheet, and continuously innovate by taking calculated risks. All this should—and does—correlate with high ROCE.

An accrual is the portion of a revenue or expense item that is recorded in a particular time span.

an income statement measures something quite different from cash in the door, cash out the door, and cash left over. It measures sales or revenues, costs or expenses, and profit or income.

revenue should be recognized when (and only when) it is actually earned. Deferred revenue is money that has come in but is as yet unearned. So it can’t go into the income statement. Instead, accountants put deferred revenue on the balance sheet as a liability—that is, an amount that the company owes to somebody else.

A no-nonsense management model: Choose people carefully Set expectations and vision Remove obstacles Inspire your people Work for your people Improve it next time

We select our target customer segments, we design our value propositions to best serve these customer segments, we choose which type of relationships we will have with our customers and we choose which channels we will use to find, win, make, keep and grow our happy customers. We call this part of the business model the “Front Office.” Our front office activities will generate customers and revenue. In the “Back Office” of our business model we need to employ certain key resources that can execute certain key activities delivering our value propositions to our customers. The back office often builds relationships with key partners5 and the back office generates cost.

Gentle Sir Conan, I'll venture that few have been Half as prodigiously lucky as you have been. Fortune, the flirt! has been wondrously kind to you. Ever beneficent, sweet and refined to you. Doomed to the practise of physic and surgery, Yet, growing weary of pills and physicianing, Off to the Arctic you packed, expeditioning. Roving and dreaming, Ambition, that heady sin, Gave you a spirit too restless for medicine: That, I presume, as Romance is the quest of us, Made you an Author-the same as the rest of us. Ah, but the rest of us clamor distressfully, "How do you manage the game so successfully? Tell us, disclose to us how under Heaven you Squeeze from the inkpot so splendid a revenue!" Then, when you'd published your volume that vindicates England's South African raid (or the Syndicate's), Pleading that Britain's extreme bellicosity Wasn't (as most of us think) an atrocity Straightaway they gave you a cross with a chain to it (Oh, what an honor! I could not attain to it, Not if I lived to the age of Methusalem!) Made you a knight of St. John of Jerusalem! Faith! as a teller of tales you've the trick with you! Still there's a bone I've been wanting to pick with you: Holmes is your hero of drama and serial: All of us know where you dug the material! Whence he was moulded-'tis almost a platitude; Yet your detective, in shameless ingratitude Sherlock your sleuthhound with motives ulterior Sneers at Poe's "Dupin" as "very inferior!" Labels Gaboriau's clever "Lecoq," indeed, Merely "a bungler," a creature to mock, indeed! This, when your plots and your methods in story owe More than a trifle to Poe and Gaboriau, Sets all the Muses of Helicon sorrowing. Borrow, Sir Knight, but in decent borrowing! Still let us own that your bent is a cheery one, Little you've written to bore or to weary one, Plenty that's slovenly, nothing with harm in it, Give me detective with brains analytical Rather than weaklings with morals mephitical Stories of battles and man's intrepidity Rather than wails of neurotic morbidity! Give me adventures and fierce dinotheriums Rather than Hewlett's ecstatic deliriums! Frankly, Sir Conan, some hours I've eased with you And, on the whole, I am pretty well pleased with you

People who are distracted by door money, neglect the production and the audience. Money becomes their god. They sacrifice their reputation in favor of building revenue. Believe me; the former is more difficult to recover if lost.

After January 1, 1959, the Castro Revolution changed the way business was done in Cuba. Abruptly, supplies for Cubana were no longer available, most routes were altered or suspended, and many of the pilots deserted their jobs or were exiled. In May of 1960, the new Castro administration merged all of the existing Cuban airlines and nationalized them under a drastically restructured Cubana management. At the time, many of Cubana’s experienced personnel took advantage of their foreign connections, and left for employment with other airlines. During the Bay of Pigs Invasion in April of 1961, two of the remaining Cubana DC-3’s were destroyed in the selective bombing of Cuba’s airports. Actually the only civil aviation airport that was proven to be bombed was the Antonio Maceo Airport in Santiago de Cuba. During the following years, the number of hijackings increased and some aircraft were abandoned at American airports, as the flight crews sought asylum in the United States. This corporate instability, as well as political unrest, resulted in a drastic reduction of passengers willing to fly with Cubana. Of course, this resulted in a severe reduction in revenue, making the airline less competitive. The Castro régime reacted by blaming the CIA for many of Cubana’s problems. However, slowly, except to the United States, most of the scheduled flights were restored. Not being able to replace their aging fleet with American manufactured aircraft, they turned to the Soviet Union. Currently Cubana’s fleet includes Ukrainian designed and built Antonov An-148’s and An-158’s. The Cubana fleet also has Soviet designed and built Illyushin II-96’s and Tupolev TU-204’s built in Kazan, Russia. Despite daunting difficulties, primarily due to the United States’ imposed embargo and the lack of sufficient assistance from Canada, efforts to expand and improve operations during the 1990’s proved successful. “AeroCaribbean” originally named “Empresa Aero” was established in 1982 to serve as Cuba’s domestic airline. It also supported Cubana’s operations and undertook its maintenance. Today Cubana’s scheduled service includes many Caribbean, European, South and Central American destinations. In North America, the airline flies to Mexico and Canada. With Cuban tourism increasing, Cubana has positioned itself to be relatively competitive. However much depends on Cuba’s future relations with the United States. The embargo imposed in February of 1962 continues and is the longest on record. However, Cubana has continued to expand, helping to make Cuba one of the most important tourist destinations in Latin America. A little known fact is that although Cubana, as expected, is wholly owned by the Cuban government, the other Cuban airlines are technically not. Instead, they are held, operated and maintained by the Cuban military, having been created by Raúl Castro during his tenure as the Minister of the Revolutionary Armed Forces.

Rational decisions are necessarily bounded by the information available to employees. If managers don’t understand what it will cost to capture an incremental dollar in revenue, they will always pursue the incremental revenue.

Before the invention of the GDP, economists were rarely quoted by the press, but in the years after World War II they became a fixture in the papers. They had mastered a trick no one else could do: managing reality and predicting the future. Increasingly, the economy was regarded as a machine with levers that politicians could pull to promote “growth.” In 1949, the inventor and economist Bill Phillips even constructed a real machine from plastic containers and pipes to represent the economy, with water pumping around to represent federal revenue flows. As one historian explains, “The first thing you do in 1950s and ’60s if you’re a new nation is you open a national airline, you create a national army, and you start measuring GDP.

For A Sales Team I encourage clients to generally set up their dashboards in a three column format, including: Left: Current month activity (amount of stuff going on). Center: current month results/deals. Right: Long-term results (year-to-date). Example screenshot, blurred for privacy: Example Sales Development Rep Dashboard Every sales rep should set up their own personal dashboard, so they can see the state of their own business at a glance (and it makes it easier for their manager to coach/help them). Below, I have laid out a three-column dashboard

Organizations seeking to commercialize open source software realized this, of course, and deliberately incorporated it as part of their market approach. In a 2013 piece on Pando Daily, venture capitalist Danny Rimer quotes then-MySQL CEO Mårten Mickos as saying, “The relational database market is a $9 billion a year market. I want to shrink it to $3 billion and take a third of the market.” While MySQL may not have succeeded in shrinking the market to three billion, it is interesting to note that growing usage of MySQL was concurrent with a declining ability of Oracle to sell new licenses. Which may explain both why Sun valued MySQL at one third of a $3 billion dollar market and why Oracle later acquired Sun and MySQL. The downward price pressure imposed by open source alternatives have become sufficiently visible, in fact, as to begin raising alarm bells among financial analysts. The legacy providers of data management systems have all fallen on hard times over the last year or two, and while many are quick to dismiss legacy vendor revenue shortfalls to macroeconomic issues, we argue that these macroeconomic issues are actually accelerating a technology transition from legacy products to alternative data management systems like Hadoop and NoSQL that typically sell for dimes on the dollar. We believe these macro issues are real, and rather than just causing delays in big deals for the legacy vendors, enterprises are struggling to control costs and are increasingly looking at lower cost solutions as alternatives to traditional products. — Peter Goldmacher Cowen and Company

Recently, a large company offered to buy one of our portfolio companies. The deal was lucrative and compelling given the portfolio company’s progress to date and revenue level. The founder/CEO (I’ll call him Hamlet—not his real name) thought that selling did not make sense due to the giant market opportunity that he was pursuing, but he still wanted to make sure that he made the best possible choice for investors and employees. Hamlet wanted to reject the offer, but only marginally. To complicate matters, most of the management team and the board thought the opposite. It did not help that the board and the management team were far more experienced than Hamlet. As a result, Hamlet spent many sleepless nights worrying about whether he was right. He realized that it was impossible to know. This did not help him sleep. In the end, Hamlet made the best and most courageous decision he could and did not sell the company. I believe that will prove to be the defining moment of his career.

In many companies, managers’ pay is contingent upon the efficiency of their staff as measured by revenue per employee hour. Scheduling software helps them boost these numbers and their own compensation. Even when executives tell managers to loosen up, they often resist. It goes against everything they’ve been taught. What’s more, at Starbucks, if a manager exceeds his or her “labor budget,” a district manager is alerted, said one employee. And that could lead to a write-up. It’s usually easier just to change someone’s schedule, even if it means violating the corporate pledge to provide one week’s notice.