Recently, I had an interesting conversation with a friend of mine who runs the corporate development department of a large, publicly traded software company. We were talking about how to best monetize one’s existing client base with new services. It occurred to me our customers (who are national benefit administrators and health plans) have a terrific opportunity to locate and capture new revenue sources within their existing client base. If you spend a little time thinking about your own company, you will see the resources you have available can be easily leveraged to offer complimentary services that are not specifically COBRA compliance administration.
My friend and I both agreed the hardest thing to rapidly create is the awesome power that comes with the infrastructure built over many years of running a successful business. Consider what you’ve created in your own business:
• You have significant ‘skin in the game’ and know what it takes to deliver shareholder value
• You have a management team who is highly trained, motivated and knowledgeable
• You have a productive team who values working for your company, who care about your clients and buys into your mission
• You have a ‘can-do’ company culture that is both entrepreneurial and aggressive
• You have a proven brand, reputation and documentable references on the quality of work performed
• You have an office with all the tools needed to execute your daily operations
• You have a productive HR department who can recruit, hire, train, coach, promote and reward talented staff
• You have a cost effective and efficient operation that delivers on the trust your clients place in you each day
• You have well tested and mature processes and procedures for your daily operations
• You have a productive distribution channel
• You know and understand the markets you are attacking
Every business engaged in COBRA compliance administration needs to be thinking about how to leverage this powerful infrastructure in order to position the company to capture new opportunities. Senior management’s business plans, strategies and budgets should have a significant focus on pivoting resources to take advantage of these new opportunities.
If you buy into the notion that your existing resources can be aligned to pursue new service revenue opportunities, then taking this into your organization is the next step. To begin the process, take a look at your core competencies and ask yourself what other services, markets, industries or partners can benefit from what you do best. Second, ask your distribution channel, customers, partners and peers where they see as the greatest market opportunity for your company. Third, look closely at the largest competitors to see where they are repositioning their resources and marketing messages. Fourth, engage your entire team in looking for new opportunities. Fifth, ask yourself if you have the right people in the right jobs with the right tools to capitalize on the changing market. Going through this process will reveal those opportunities that best match-up with your company’s core competencies.
Our customers often ask us where we see the next big thing for Benaissance. We are very excited about the direct bill administration service sector. In fact many of our current customers are building teams within their organizations to handle individual billing for health plans and becoming substantial non-COBRA administrators. Non-COBRA administration can be pre- and post-65 retiree, FMLA, Leave of Absence, worksite benefits and any other billing service performed. In fact, one customer is using our technologies to perform tithing billing for a large church organization.
Customers of Benaissance have access to our powerful enterprise class SaaS system designed to empower the organization to attack new markets and service opportunities. However, all the tools in the world will not build the house unless and until you develop a plan, pick up the hammer and start driving nails. Build your plan, assemble the resources and start building the next generation of your business. It will be fun and rewarding.