The decision maker drug their feet, the onboarding process got delayed; the list goes on and on why the onboarding of services got pushed back. For any organization that generates monthly recurring revenue (MRR), the goal is to generate as much revenue, as fast as possible. Compounding revenue is very powerful for a Service Provider.
Onboarding customers sooner in the year versus later in the year can be the difference in achieving or missing your revenue goals. A factor often forgot about is the opportunity cost of pulling additional resources to speed up delayed onboardings. These resources could help generate future revenue.
Be mindful of the impact faster onboardings can have on your overall MRR. Do what you can to speed up your onboardings and eliminate delays without compromising on your quality to generate more MRR that will contribute to your yearly revenue.
Corey Kerns, Senior Finance and Operations Analyst, is responsible for developing and monitoring key performance indicators, as well as assisting in the evaluation of profitability, efficiency and automation strategies. Prior to joining Collabrance in 2015, Corey started at GreatAmerica in January 2011 and served as the Senior Business Unit Analyst for the Communication & Data Group. As the Business Unit Analyst, Corey led all activities with respect to financial controls and evaluating the financial implications of the business unit’s operating strategy. Corey received his B.A. in Business Administration from Wartburg College and an M.B.A. from the University of Iowa.