Cash flow is the main reason why 82% of businesses close. Whether you’re a large corporation or a small business owner, managing cash flow is essential to thrive.
Part of good cash flow management is revenue management. It’s the system for predicting sales, spotting new opportunities, billing, and reporting. These activities ensure your business has the necessary income to operate.
Revenue managers are found across industries, from the hotel industry to the financial services industry. If you want to find the best revenue manager for your business, you’ll want to keep reading.
Read on to discover the top characteristics of revenue managers.
1. Strategic and Analytical
A revenue manager needs to understand the big picture of an organization. They need to have a strategic mindset to recognize the long-term goals of the company and the mission.
They need to be incredibly detail-oriented and analytical, too. This is a rare combination because most people are one or the other.
The best revenue managers are both strategic and analytical.
You don’t need to worry about a revenue manager’s productivity. They always do the work and you can trust that they’ll work tirelessly for the company’s best interests.
They will always approach you with new ideas and opportunities. They’ll make sure that your business is prepared to beat the competition.
3. Consistently Decisive
Revenue managers make decisions quickly, but they always provide data to back up those decisions. They rarely make a decision based on a feeling.
They know the market so well that they can work fast and keep your business ahead.
4. Technologically Savvy
Revenue managers rely on data to spot trends and predict sales. At the most basic level, a revenue manager would take a look at the previous year’s sales and assume a slight increase.
Today’s revenue manager needs to do much more than that. They should be able to manage different platforms and read analytics. In the financial services industry, revenue managers should be familiar with platforms like Redi2 Technologies to manage complicated billing issues.
5. Leadership Skills
Revenue management requires leadership. This means that the revenue manager can gather information, present suggestions, and sell their ideas.
This makes the job of the other stakeholders in the organization easy.
6. Communication Skills
Not only can revenue managers sell their ideas, but they can challenge the ideas of others. They do this in a way that lifts people up and makes them better.
You don’t want to have a revenue manager with an abrasive personality. They’ll put others down while challenging ideas. That can create a toxic environment.
Hire the Best Revenue Manager for Your Business
A revenue manager can transform your business. What’s standing in the way between your current situation and consistent growth? Knowing the key traits of the best revenue managers.
The traits listed in this article give you a good idea of the traits and skills to find the right revenue manager for your business.
Check out the other articles on this site for more great business tips.