We continually talk about reach, revenue, and impact at Tagoras and Leading Learning because the balance among these elements is the key to growing a successful learning business (or, for that matter, any business).
- Reach is about connecting with as many of the right learners as you can. It is not just about quantity, but also about quality.
- Revenue is the fuel that keeps your business running and growing. Even for nonprofit organizations, positive net revenue is essential.
- Impact is what makes your business vital and sustainable over time. Educations businesses that create significant impact for learners, organization, and the fields and industries they serve not only survive but thrive.
It’s usually not hard to tell when these elements are out of balance.
If reach and revenue are given too much weight, while impact is neglected, value problems arise. Learners don’t see the kind of results that will make them tell others and come back themselves.
If reach and impact are stressed without sufficient emphasis on revenue, the business will grind to a halt, whether quickly or over time, because it lacks the fuel to continue.
And if reach is ignored while the organization aspires to revenue and impact, potentially valuable offerings may languish as a best-kept secret.
How is the balance of your learning business looking?