The goal of a Revenue Audit is to find Revenue opportunities within your company. This is done by an analysis of revenue streams, expenses, pricing decisions, commercial strategies, etc.
Our Revenue Audit is partly carried out on-site, and partly off-site. The duration of the Revenue Audit depends on your company’s wishes, demands and goals.
Part of the study is done On-Site when Taktikon’s Revenue Management experts analyze the result of all departments within the company. After this a full report is written and delivered. The report includes all findings, recommendations and Next Step planning. After this, Taktikon’s Revenue Management consultants cn help you with the Implementation Phase.
A Revenue Audit is very often used for Budget purposes. In order for a Budget to become a strategic document, a Taktikon Revenue Audit offers a good base in order to ensure that the goals are being met and the entire organization understands the actions that have to be taken.
During the Audit, Taktikon differentiates 3 main phases:
- Revenue Audit Phase
In the In the Revenue Audit an evaluation is done in order to find your unique revenue opportunities. The evaluation includes Review Scores, The Revenue Management- and Commercial Organization, Pricing Strategies and Distribution opportunities. The Revenue Audit is partly carried out on site and result in a report with concrete objectives applicable procedures, structure, pricing and revenue opportunities. Such an evaluation usually includes:Detailed market analysis including benchmarking reports (where available)
– Competitor analysis and SWOT
– Evaluation of online sales and distribution strategies
– Analysis of existing and potential Marketing Mix
– Analysis of existing reports and tools (forecasting, budgeting, sales, etc.)
– Establishment of IT needs and access to all the necessary system
- Budget Phase
In order to understand how to meet next year’s goals, a study needs to be done into Competitor’s strategies, the markets to target and the distribution strategy that gives the best net result. Together with a Budget, a Marketing & Sales Plan can be written. These studies are time consuming but necessary and can give you the possibility to meet your goals. A Revenue Audit can therewith be a very good base.
- The Implementation Phase
This consists of Tailor Made Courses, Discussions, Meetings as well as Practical Applications and System updates. In order to ensure that the Revenue Audit results in Long Term Revenue Increase, staff members are involved in all stages of the implementation. If needed, part of the implementation can be done on an Outsourcing basis in which one of Taktikon’s Consultants make sure that systems are being updated and Revenue Management Practices are implemented as quickly as possible. Read more about Taktikons Revenue Management Outsourcing programs here.
Depending on the need, the Implementation Phase can take from one week up to several months. Taktikon’s Revenue Audit is followed up sex months after the Implementation Phase is closed. This to ensure that long term goals are being met.