How Not to Hit Revenue Targets in 2024

My last article, “I Got Out of My Own Way: Can You?”, provoked an insightful response from Payments leader, Fintech ambassador and Diversity champion, Jo Dewar:

“… I am reflecting on: ‘In a curious paradox, he held all the hard power, yet I had access to what he really needed to serve his self-interest.’ Soft skills are far more important than many people recognise …”

Over the coming weeks, I will be sharing my predictions on where the Payments industry will be heading in 2024. I have the privilege of collaborating with many key players in the industry. I understand the challenges facing leadership teams and advise them on how best to overcome them. 

Over the last decade, I have helped payment disrupters secure significant rounds of funding. These exceptionally large investments have led to the development of friction-reducing technology that has and will continue to have a game-changing impact on the payments eco-system. 

My first prediction is there will be a significant shift of focus by investors on their desire to drive profitable revenue generation. They are keen for payment disrupters and scale-ups to become more resourceful and to optimise the investment they have received.  I have observed a sense of ‘Much has been invested and built - now it's time for return.’ 

This urgency adds a significant pressure to leaders within the industry and increases the tension with investors. How well-equipped are leaders to manage these pressures? 

Naturally, many leaders in the Payments industry come from a finance and professional services functional background; few are from the business development or revenue-generating function. This is not a problem alone, but when combined with outdated assumptions about focusing on certain market segments and when the sales function, is only opportunistic. 

An imprecise ‘Go to market’ strategy is a recipe for not securing profitable customers in 2024. This is heading to four losses rather than four wins; investors do not get returns, the right customers’ needs do not get met, leaders do not grow their businesses and jobs are at risk. 

I am not the type of person to simply identify a problem: I am solution- focused. We all know that every payment executive wants to reduce costs, de-risk their business and unlock hidden revenue. Trust is fundamental to solving each of these issues. As we know, the more trust goes down in business, the higher transaction costs rise. This impact on the bottom line of this ‘soft’ skill is often overlooked. 

The most effective leaders know their strengths and weaknesses; they know they will miss more effective segments if they are not self-aware and are vulnerable enough to admit they do not have these skills and need to call upon expertise to fill this vital gap. Effective revenue generation is a team sport – see the photo below.

Payments Leaders Advisory offers practical advice on how to build trust, how to identify the most profitable market segments, identify the actual economic buyers that have the funds to link, and where our clients can add value. By bringing clarity to segments, economic buyers and how to engage with prospects, we impact the leadership and profitability of payments companies. 

What we do:

Payments Leaders Advisory engages with decision-makers in the Payments industry – large financial institutions, scale-up disrupters, established incumbents, and merchants. We are proven, trusted advisors with the rare ability to build deep levels of trust, and ask challenging, thought-provoking questions.

What we can do for you:

We advise Payments Executives on how to solve the most complex challenges - unlocking latent revenue, reducing the cost of doing business and de-risking operations. We create a strategic plan and offer tailored advice, using our wealth of experience in the complexities of the industry.

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If you find this article valuable, please like, re-share and pass it on to a colleague or your trusted network. If you are a decency-led leader in the payments industry, don’t hesitate to reach out to adrian@adrianevans.co.uk to open dialogue with a trusted partner.