On today’s episode, Autodesk is changing your organizational culture. Plus, a reminder from Theodore Roosevelt, for the doers. And Dan Martell talks upsells.
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Have you stopped to consider your employees?
When you think about all the investments you’ve made in your business, have you stopped to consider your employees—arguably the most important investment of all?
"As you take your business on the continued march of technological progress, your employees need to be on board with any necessary changes for remaining competitive—whether it’s using new tools, learning new skills, taking on new roles, or sometimes all three."
Increasingly, companies are realizing that career growth is not about growing up, but instead about expansion upon preexisting skills and experience.
Whether your overarching goal is to take on a new line of business, digitize your processes, or increase automation, it’s important that the way you behave as a company—through everyday actions both internally and externally—puts you on the path to success.
“When Autodesk set the goal of moving to a subscription-based business, company leadership knew change was necessary because the company as a whole would be engaging with customers differently."
So the question for you is: Do your organization’s strategic objectives require a refresh of your company culture? If so, you can start by creating a change plan that incorporates these five steps:
- Identify the values and behaviors your culture should embody.
- Craft a communication plan so employees understand what is expected of them.
- Operationalize new culture values by incorporating them in key talent programs.
- Use new offices or locations as opportunities to jumpstart the new culture.
- Ensure your leaders “walk the walk."
Obviously, there are nuances to these, but nonetheless, a super helpful resource to have—whether you’re an employee or a CEO.
A reminder for the doers
Now, let’s take a minute to remind ourselves: It is not the critic who counts.
SaaS master Hiten Shah takes to Twitter with a quote by Theodore Roosevelt, a highlight for the doers, the makers, and the creators.
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
Founders, CEOs, and team members as a whole—embody this. Too often we’re caught up in the mess and forget the weight of words. But knowing them and believing them will be worth its weight in gold.
Thanks for the reminder, Hiten. We want to hear the quotes that inspire you, so we can all ready them, apply them, and share them. Send me a note at email@example.com with your favorites and I'll spread the good word.
What's the deal with upsells?
Dan Martell, fellow Recur Boston speaker and serial entrepreneur, is asking, “Do you want fries with that?” When Dan was building his company, Flowtown, he remembers a potential investor talking about expansion revenue, and he had no idea what that was.
But now he knows how to use upselling to increase customer retention and leverage expansion revenue. It makes a real difference, and he’s used it in his own businesses and now teaches it to his coaching clients, too.
“What’s expansion revenue? Essentially it’s the amount of money you add to overcome contraction and downgrades of your account. So if you have customers that pay you every month and they cancel, if you can get a certain percentage of those customers to upgrade to another plan or to add new add-ons to expand their relationship, their monetization with your product—that’s called expansion revenue.”
The strategies in Dan’s episode of the Growth Stacking Show are the kind you can put into practice this week. You don’t need new people to implement it. You don’t need anything you don't already have. So, we’ll link to them in your subscriber newsletter so you can check out the goods.
We also have an episode of the ProfitWell Report during which Patrick uncovers the data from 5,000 companies and 300,000 subscription buyers to uncover just how much expansion revenue you need to be successful.
Protect the Hustle
Building a company takes an extraordinary amount of grit, because you're literally willing something from nothing. On top of all that—life happens, meaning you're going to get plenty of unavoidable roadblocks of all sizes thrown your way.
If the struggle is real, then the question becomes: How do you best set yourself up for success when these hardships come your way? Here's an episode of Protect the Hustle—all about hardship, cancer, and the operational struggle.
And that’s a wrap for your December 17 subscription news. Check back here tomorrow, where we do it all again.
If you have news to share, hit me up at firstname.lastname@example.org and we'll collaborate.