How to forecast future revenue generation

Why Quality of Revenue is important

The ability to reliably and accurately assess a company’s capacity to generate sustainable revenue growth and hit financial targets is critical to investors, owners, and managers. Why? Because organic revenue growth – the increase in a company’s sales over time – is the primary basis for creating business value. What investors are buying - and managers are trying to generate – are future cash flows. This makes the ability to understand and maximize a company’s core underlying ability to generate these future cash flows a critical business discipline – especially in a marketplace where rising interest rates, inflation, and competition for deals take the teeth out of financial leverage, engineering, and multiple arbitrage.

The more sustainable and scalable revenue growth is, the more valuable a business becomes. In fact the ability to grow revenues organically has created more firm value than all efforts to reduce costs, expand earnings multiples, and improve free cash flow combined.

The problem with traditional approaches to assessing and forecasting future revenues

It is inherently difficult to predict and forecast future revenue growth. That is why equity investing is both risky and lucrative. But the traditional approaches to forecasting and assessing the future growth potential of a business by both investors and executive leaders make the problem much worse. Despite the importance of organic revenue growth to value, the “science and math of growth” are not very well understood by investors, owners and managers. That’s because the commercial assets and systems that generate growth are hard to measure, manage, and report since they are largely “intangible”. Furthermore, the disjointed and siloed way most organizations manage their growth resources, assets and processes mean finance, marketing, sales, technology and customer service are deficient at sharing the information along the revenue cycle that can provide a better picture of pipeline health, customer value and the long-term revenue picture.

This means that the traditional tools investors and managers use to assess the ability of a business to generate revenues and hit its targets in the future – revenue forecasts, financial analysis, and customer intelligence - fail to provide a complete or reliable picture. Conventional approaches to forecasting, recognizing, and realizing future revenues are fragmented and flawed. Traditional financially based Quality of Earnings analysis can miss up to three quarters of the future earnings picture because they only look at historically based financial statements. As a consequence, this inability to reliably assess the future revenue generating ability of a business adds risk and costs while depressing return on invested capital.

A Quality of Revenue Assessment is a better way to determine a company's ability to generate future growth

A Quality of Revenue assessment is a better way for investors, CEOs and their management teams to assess a company’s ability to generate sustainable revenue growth and hit financial targets than traditional financial analysis of the quality of earnings. A Quality of Revenue (QoR) assessment is a forward-looking analysis that objectively grades a company based on its capabilities in nine core operational and functional drivers of future revenue growth potential areas that are key to sustainable revenue generation and hitting revenue growth targets. These operational and functional drivers have all been proven to be causal of future revenue growth. They include:

The alignment of the commercial teams, systems, processes and operations that support the full revenue cycle across people, product, process, and technology;
The robustness of the core functional capabilities in marketing, product and revenue cycle management;
The strength of growth leadership and the growth strategy, planning process, and culture they have instilled;
The maturity of core operational capabilities in pricing, analytics, performance measurement, and customer experience management.

A focus on the core drivers of future growth helps investors and executives to get better visibility into their ability to hit revenue targets and quantify the untapped growth potential of their business assets. A QoR assessment creates new value by identifying the root causes of poor or inconsistent revenue growth results, and objectively measuring performance on a normalized and “apples-to-apples” basis.

A QoR assessment helps investors, CEOs and their management teams evaluate and understand the key assets and capabilities that impact a company’s ability to generate future revenues that are missed by financial analysis. This approach can significantly reduce the risks, price and costs of their investments. It also provides CEOs and executives a prioritized roadmap for unlocking more growth from existing commercial assets by better allocating resources, aligning sales and marketing, optimizing pricing, and eliminating revenue leakage along the revenue cycle.

What is a Quality of Revenue Assessment?

A Quality of Revenue (QoR) assessment is an objective, empirical and forward-looking analysis of the ability of a business to generate consistent, predictable and scalable growth in revenues, margins and future cash flow which are the foundations of firm value. The QoR scores and benchmarks a company in the 9 core functional and operational drivers of growth: strategy, culture, processes, revenue operations, customer analytics, marketing, product, pricing and revenue management. The resulting scores provide investors, leadership, and operators a fact-based assessment of the probability of hitting future revenue targets plus identify the root cause issues holding them back. In addition to scores, the QoR assessment provides specific action steps that have the greatest potential to improve performance and realize the full growth potential in their business assets.

The relationship between growth and firm value

An analysis of total shareholder return over a twenty-year span found that 58% of value creation is attributed to organic growth. That means the ability to grow revenues organically has created more firm value than all efforts to reduce costs, expand earnings multiples, and improve free cash flow combined.²

This relationship between revenue growth and return can be seen in the high valuations awarded to businesses that can deliver predictable, scalable, and profitable growth. For example, the marketplace values firms with hyper growth (e.g. annual growth over 40%) and predictable revenues (e.g. Net Annual Recurring Revenues of over 100%) disproportionately. That is why a hyper growth business like HubSpot commands Price/Earnings ratios in the hundreds while not yet showing a profit. It also explains why a SaaS business like Salesforce.com with double-digit growth rates and recurring revenue streams will have a valuation in excess of 60 times its earnings – more than triple the S&P 500 average.³ While these are large company examples, they are highly applicable for small and mid-sized companies as well.

Private Equity investors understand the relationship between growth and firm value. They also know that financial engineering and multiple arbitrage alone will not be enough to deliver their LPs the returns they expect In the face of rising interest rates, inflation, competition, and pricing multiples that still exceed 11x earnings.⁴^{, 5} As evidence, most PE investors are actively pushing their portfolio companies to grow at faster than 10% a year in the belief that if revenue growth is strong enough they can outrun the headwinds of a recession, inflation, and high interest rates to generate greater returns from these assets . Growth oriented investors use "the rule of 40" - where combined revenue growth rate and profit margin should exceed or equal 40% - in hopes that higher revenue growth will be strong enough to offset thin profit margins and higher costs of capital.

Why is it so difficult to assess future revenue growth potential?

Despite the importance of organic revenue growth to value, the “science of growth” is not very well understood by investors, owners and managers. Most of the traditional approaches investors and managers use to forecast and assess the future growth potential of a business are fundamentally and structurally limited. Traditional financial reporting and management metrics provide little visibility into the causal chain of events that leads to revenue growth and future cash flow, or the keys that underlie firm value. This leaves investors without an objective and empirical foundation for valuing business assets. It also leaves executives without a financially valid way to prioritize investments, manage performance, and optimally allocate resources across growth alternatives to realize more growth from their business assets. On a practical level, this makes it difficult to build a management consensus on the “math” on how a firm grows and the capabilities that can create the greatest value to the firm.

Reason #1: The Limitations of Traditional Revenue Forecasting.

Conventional approaches finance teams use to forecast, recognize, and realize future revenues are fragmented across sales, customer service and finance are unreliable. Warren Buffett’s warning that “forecasts may tell you a great deal about the forecaster; they tell you nothing about the future,” accurately describes the bespoke and inconsistent ways organizations produce long-term revenue forecasts and plans. One example of how the flaws can impact future revenues is the way most finance teams recognize and realize revenues over time, where they don’t factor in the post booking variables that impact complex long-term contracts and the recurring, SaaS and consumption-based revenues that command modern revenue streams. Plus the challenges of generating an accurate operating and financial forecast is only growing as the complexity of long-term contracts, cross selling, and consumption-based revenue recognition increases.

"Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future"

Warren Buffet

Today 63% of finance executives believe the complexity of forecasting revenues and business performance has increased over the past year.⁶ And most (54%) agree it will only become more complex in the future. The traditional way most organizations generate forecasts is proving to be too slow and labor intensive to keep up with the complex and dynamic nature of modern revenue cycles. The lack of timely and accurate information in these forecasts make it nearly impossible for production, sales and success and finance teams to adjust operationally to gaps between client usage and expectations and the execution required to realize revenues. This can reduce the effective yield on committed revenue by over 25% due to lack of operational alignment.⁶ These dynamics are “breaking the back” of outdated forecasting processes that are based in silos, built on bookings data, managed on spreadsheets, use assumptions based on arbitrary growth targets, and are driven by the fiscal calendar. Inaccurate forecasting impacts future revenues because it leads to over or under utilization of production and selling capacity and lowers the return on assets.

Reason #2: Fractured and Disjointed Management of Growth Resources.

Making matters more difficult, the ways most organizations manage and measure their growth resources, assets and processes are disjointed. In particular, the fractured management of a company’s commercial processes across traditional marketing, sales, service, and customer success functions hamstrings the ability of a business to generate reliable and scalable growth. “The fractured management of revenue generating resources, assets, systems and teams across functional silos is a significant drag on future revenues and blinds managers to ways they can generate more revenue from their capital and operating budgets,” says Stephen Diorio, author of the book Revenue Operations.⁷

This lack of alignment causes revenue and margin to leak through “air gaps” and handoffs in the customer journey. It also means that the customer facing teams that generate revenues – and the operations, systems, data and processes that support them – are not sharing information, leads and data along the lead to cash cycle which leaves finance largely blind to many events that impact the revenue forecast. “Ultimately, the disjointed and functional management of growth resources is costing businesses millions of dollars in value because it depresses the return investors get on their investments in commercial assets and resources,” adds Diorio. “This is why the discipline of Revenue Operations has emerged as such an important management tool to unlock and realize the full revenue potential in a business.”

"The fractured management of revenue generating resources, assets, systems and teams across functional silos is a significant drag on future revenues and blinds managers to ways they can generate more revenue from their capital and operating budgets"

Stephen Diorio, Author Revenue Operations

Most business leaders pay lip service to the notion of being data driven, digital, agile, aligned and customer focused as a basis for competitive advantage. While they understand these things are strategically important, in most cases they don’t have a basis for evaluating these strategic value drivers despite the fact that they are the primary causal factors that determine the financial value of the enterprise. The lack of evaluation and visibility across the entire revenue cycle results in leakage and blind spots that all impact revenue generation.

Reason #3: The lack of reporting of intangible commercial assets

The commercial assets that are fundamental to generate future revenue and margin growth are hard to measure, manage, and report because they are largely “intangible”. Revenue generating commercial assets include many intangible assets such as your brand, customer data, digital channels, commercial technology (aka “tech stack”), systems adoption, and customer relationship equity. Similarly common sense factors like go-to-market effectiveness, organizational information sharing, customer experience, and the quality of products, people and innovations have all been empirically proven to drive increases in firm value by academics.¹ These assets now make up most of the growth investment mix in B2B organizations according to an analysis by the Marketing Accountability Standards Board.⁹ They also comprise a significant portion of your firm’s balance sheet. But none of these important revenue drivers are typically assessed in financial reporting or a Quality of Earnings analysis. The problem is these business assets that support growth are inherently “intangible” whereas factories, inventory materials, and trucks reported in financial statements are tangible. The Financial Accounting Standards Board (FASB) does not require management teams to report the value of the “intangible assets” that are so important to generating sustainable and consistent margins and revenues – despite the fact they now comprise over 80% of firm value.¹⁰ This makes it extremely difficult for financial analysis to effectively and accurately to value and assess the growth assets and potential within a business.

Reason #4: The limitations of Quality of Earnings analysis

The challenge of predicting the future growth potential of a firm is compounded by the fact that traditional Quality of Earnings analysis investors use in the due diligence and valuation process are extremely limited in their ability to shed light on the key drivers of future revenue growth. A Quality of Earnings (QofE) analysis is a financial accounting exercise whose primary purpose is to assess how a business accumulates revenues – such as cash or non-cash, recurring or nonrecurring revenues - from its core operations. This helps investors assess the future cash flow, revenue and earnings potential of the business – which are the basis of firm value and the price they will pay. Unfortunately a QofE analysis is missing a lot of critical information about future revenues. For example, the forward looking revenue pipeline and financial forecast, flawed as they are, are not included in the QofE analysis. The long term contracts are not handicapped to reflect the possibility of revenue expansion or leakage. And as pointed out above, FASB does not require businesses to report on the intangible commercial assets that drive growth, nor their utilization.

Compounding matters, a Quality of Earnings (QofE) analysis is primarily based on assessing historical financial documents, rather than a forward-looking examination of the core commercial processes, systems, assets and revenue plans that are aimed at generating revenue expansion, customer lifetime value, and the opportunity pipeline.

Company ownership and management can be missing up to 75% of the future earnings picture if they are not looking at Quality of Revenue Generation

Unfortunately, financial statements do little to reveal the true and latent potential of a business to generate future revenues, margins, and positive cash flow. FASB standards don’t require accountants to reveal the inner workings of a company and any forward-looking revenue and margin forecasts are often uncertain estimates. So a QofE analysis will share little information about the key drivers and assets that generate future revenues using a rear view mirror history. This means companies can be missing up to 75% of the future earnings picture if they are not looking at Quality of Revenue Generation.

A better way to assess the quality of revenue

To get a complete picture of a company’s ability to generate sustainable revenue growth, a Quality of Revenue analysis should be done in addition to a Quality of Earnings analysis. A QoR assessment incorporates all of the key elements and “intangibles” of the modern commercial model. It provides managers a roadmap for improving revenue quality and consistency. It identifies ways to generate more revenues by aligning revenue teams and the operations, systems, data and processes that support them along the entire revenue cycle to unlock more growth from existing assets.

A QoR analysis provides the same “outside in” perspective as any other operational analysis of a business. It provides ownership and management objective benchmarks across the full revenue cycle to assess gaps and weaknesses. It compares these benchmarks to best practices for similar companies with higher growth to provide an “apples to apples” basis of evaluating performance. This fully transparent and objective benchmarking analysis reveals the key underlying drivers of revenue generation, companies can identify and fix any cracks in their revenue generating foundation. Sustainable growth does not have to be guesswork in the 21st Century Commercial model. With proper diagnostics and action planning, company owners and management can begin to address the underlying root causes of stagnant revenues instead of just treating the symptoms (hiring/firing sales staff, new marketing approaches, siloed technology deployments, etc.).

A Quality of Revenue Assessment is a forward-looking analysis objectively grades a company based on its capabilities in nine core operational and functional drivers of future revenue growth potential areas that are key to sustainable revenue generation and hitting revenue growth targets. These areas include: Strategy, culture, business process, revenue operations & technology, customer experience & analytics, revenue management, marketing, product, and pricing. The discipline of “outside in” benchmarks and objective scoring in each one of these core operational and functional drives of future revenue growth allows investors and managers to:

Better understand the future revenue generating capacity of a business (asset) and it’s latent growth potential;
Have a measurable and actionable assessment of their company’s probability of hitting its future revenue growth targets (meaning if a company is targeting 20% revenue growth, the QoRG assessment is used to assess the probability of achieving 20% growth)
Identify the “root causes” and risks in revenue plans, and obtain a roadmap and action steps to unlock the full latent revenue generating potential of their business;
Utilize a normalized apples to apples score that can effectively measure and monitor performance and initiate a program of ongoing process improvement over time.

Quality of Revenue Assessment Criteria

Strategy	Clarity of vision	Strategic plan	Right to win	Target market/ TAM	Revenue Roadmap
Culture	Alignment of key staff	Culture of revenue generation	Ability to change	Core values
Business process	KPI's/OKR's	Value proposition delivery	Customer onboarding	Employee goals
Revenue operations	Core enabling technologies	Alignment process	Alignment of people	Commerical architecture	Sales methodology
Customer experience	Preference	Engagement	Service & support function	Customer service talent
Revenue management	Revenue goals	Forecast accuracy	Sales management	Sales talent quality	Sales process
Marketing management	Funnel management	Channel optimization	Customer relationship management (CRM)	Content management system (CMS)	Campaign management
Product management	Product market fit	Product quality	Product management	Product development
Pricing	Pricing structure	Discipline & governance	Accuracy

Each driver is objectively assessed by an experienced operating executive (a CEO, Chief Operating Officer or Chief Revenue Officer) and is ‘scored’ to provide a roadmap of where corrective and opportunistic actions can be taken to improve core revenue generation performance.

Typical use cases for a Quality of Revenue assessment include:

Executive Management Use Cases

Benchmarking: What gets measured can get managed. Most companies are not benchmarking less tangible but critical revenue enablement drivers and do not know gaps vs. best-in-class peers.
Blind Spots: All management teams have ‘blind spots’ about how their entire revenue generation value chain operates. This comprehensive 40 point analysis, guided by an experienced 3rd party, can help identify these blind spots and recommended experience based action steps.
ROI: To stimulate growth and increase long term value, management teams have increasingly invested in brand building, marketing, customer experience, analytics and technology. The QoRG assessment is a way to assess the degree to which these investments are paying off and steps you can take to better align and monetize your commercial assets to grow faster.

Investor Use Cases

Portfolio Performance: For company’s not achieving desired revenue growth objectives, QoRG provides an objective assessment and blueprint of tangible action steps to improve. Plus the QoRG score provides a normalized apples to apples comparison of portfolio companies that can be tracked over time.
Due diligence: Better understand the future revenue generating capacity of a business asset and its latent growth potential. A QoRG assessment gives investors visibility into 75% of variables that drive future revenue generation that are not covered in a Quality of Earnings analysis.
Risk Management: Identify and quantify the risk – and root causes of these risks – in revenue forecast plans. A QoRG assessment will identify the points of failure, leverage and scale that can achieve desired revenue synergies. This empirical approach provides a measurable and actionable assessment of a company’s probability of hitting its future revenue growth targets.
Add on Acquisitions: Assess compatibility of core people, process, product, and technology elements between entities: identify the points of failure, leverage, and scale that can achieve desired revenue synergies.

How Quality of Revenue is different from Quality of Earnings

A Quality of Earnings analysis looks at outcomes, whereas a Quality of Revenue assessment looks at the underlying enablers of these outcomes. While both are important, a Quality of Revenue assessment simply expands on the qualitative factors in a Quality of Earnings analysis. It’s the ‘why’ behind the ‘what’.

A QofE analysis is primarily based on historical analysis of financial documents, rather than a forward-looking examination of the core commercial processes, systems, assets and revenue plans that are aimed at generating revenue expansion, customer lifetime value, and the opportunity pipeline. Unfortunately, financial statements do little to reveal the true and latent potential of a business to generate future revenues, margins and positive cash flow. FASB standards don’t require accountants to reveal the inner workings of a company and any forward-looking revenue and margin forecasts are often uncertain estimates.

Quality of Revenue examines different variables in the growth equation

Quality of Earnings	Quality of Revenue
Cash flow analysis	Alignment of revenue teams, systems, and processes
Financial statement analysis	Brand preference and the right to win
Net working capital analysis	Growth strategy, planning, and resource allocation
Revenue recognition	Revenue generation culture
Expense recognition	Willingness and ability to change
Non-recurring items	Customer relationship and expansion management
Accounting policies	Revenue funnel management
Related party transactions	Pricing power, structure, and governance
Accounting quality	Product development methods and effectiveness
Compliance	Utilization of CRM and customer analytics
An extrapolation of HISTORICAL revenue and earnings results from financial statements	Visibility into the core operational and functional drivers of FUTURE revenue & cash flow generation

Unlike QofE, a Quality of Revenue assessment will diagnose the ‘connective tissue’ of a commercial model and pinpoint where corrective – or opportunistic – action is needed. For example:

Aligning the commercial systems, operations, and processes that support the revenue cycle – or Revenue Operations - can contribute five to ten points of profit contribution to the bottom line in the short term and improve individual rep productivity by over 50% over a few sales periods according to benchmark analysis in the book Revenue Operations.⁷
More disciplined and optimized pricing can expand margins by 3-10% with existing resources and improve earnings multiples with limited investment according to analysis by Wharton Business School.¹³
Revenue leakage, shrinkage, and slippage between booked and realized revenues causes between 1 to 5% of EBITDA flows unnoticed out of companies because they do not have their contract management and payment follow-up processes completely in order, according to Nikolaas Vanderlinden, Executive Director Advisory (Risk) at EY.¹⁴
Automating and optimizing the lead-to-cash cycle can grow revenues by 5%, reduce cost to sell by 5%, improve forecast accuracy by 34%, reduce billing errors and disputes on orders by 35%, and shrink the time it takes to collect cash by over 10%.⁶
Tuning your commercial architecture –the design of your sales force and they key incentives, quotas, and roles, coverage and engagement rules within in – to take better advantage of digital technology can double the speed, engagement and performance of your front-line sellers.⁷

Conclusion

To get a complete picture of a company’s ability to generate sustainable revenue growth, a Quality of Revenue assessment should be done in addition to a Quality of Earnings or other types of analysis. Ownership and management need objective benchmarks across the full revenue cycle to assess gaps with best practices for similar companies with higher growth. With honest and objective benchmarks on the key underlying drivers of revenue generation, companies can identify and fix any cracks in their revenue generating foundation. Sustainable growth does not have to be guesswork in the 21st Century Commercial model. With proper diagnostics and action planning, company owners and management can begin to more effectively manage the underlying root causes of stagnant revenues instead of just treating the symptoms via hiring/firing sales staff, adjusting compensation, new marketing approaches, siloed technology deployments, and other traditional methods that don’t fully address root cause revenue issues.

About the author

Steve Busby has 25 years of experience operating, transforming, growing and selling small and mid-sized companies. He is a Partner at Brainheart Growth in the strategic advisory practice. Before joining Brainheart, Steve was CEO of Greenwich Associates where he managed the company’s transition from a professional services partnership into a globally recognized subscription data & analytics company that is now part of S&P Global. Steve has B.A. in English from Colgate University and an MBA from Northwestern University.

Citations

1 Hanssens, Dominique, Empirical Generalizations About Marketing’s Impact, The Marketing Sciences Institute, 2015, Available at: https://www.msi.org/books/empirical-generalizations-about-marketing-impact-2nd-ed/

2 Eric Olsen, Frank Plaschke & Daniel Stelter, Threading the Needle: Value Creation in a Low-Growth Economy, 2010. Available at: https://www.infosys.com/newsroom/features/pdf/file59590.pdf

3 S&P 500 historical financial data, Fact Set, 2021. Available at: https://www.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_061721A.pdf

4 Pitchbook, Annual PE Breakdown Report, 2018. Available at: www.files.pitchbook.com/website/files/pdf/2018_Annual_US_PE_Breakdown.pdf

5 Stevenson, David, Growth equity investors shift their focus to margins, Pitchbook, 2023. Available at: https://pitchbook.com/news/articles/PE-growth-investing-margin-multiple-expansion

6 Dynamic Forecasting, A More Agile, Reliable, And Data Driven Approach To Revenue Forecasting In A Modern Commercial Model, The Revenue Enablement Institute, 2023. Available at: https://www.revenueenablement.com/product/dynamic-forecasting/

7 Diorio Stephen, Hummel Chris, Revenue Operations: A New Way to Align Sales and Marketing, Monetize Data, and Ignite Growth, Wiley, 2022. Available at: https://www.amazon.com/Revenue-Operations-Marketing-Monetize-Ignite/dp/1119871115

8 Diorio, Stephen, Creating an Economic Purpose for Long Term Growth Investment, Forbes, 2020. Available at: https://www.forbes.com/sites/forbesinsights/2019/12/04/creating-a-common-economic-purpose-for-long-term-growth-investment/?sh=5b1073594723Xx

9 Diorio, Stephen, How Transparent is Your Marketing Spend, Forbes. Available at: www.forbes.com/sites/forbesinsights/2019/04/15/how-transparent-is-your-marketing-spend/?sh=f2206e43ad12

10 Intangible Asset Market Value Study, Ocean Tomo, 2020. Available at: www.oceantomo.com/intangible-asset-market-value-study/

11 Edeling, Alexander and Fischer, Mark, Marketing’s Impact on Firm Value: Generalizations from a Meta-Analysis, American Marketing Association, 2016, Available at: https://www.researchgate.net/publication/283827427_Marketing's_Impact_on_Firm_Value_Generalizations_from_a_Meta-Analysis

12 Kantar BrandZ, 2023 Most Valuable Brands, 2023. Available at: https://www.kantar.com/campaigns/brandz/global

13 Jagmohan Ragu and John Zhang, Smart Pricing: How Google, Priceline and Leading Businesses Use Price Innovation for Profitability, Prentice Hall, 2013. Available at: https://executiveeducation.wharton.upenn.edu/wp-content/uploads/2019/12/Raju-Smart-Pricing.pdfXx

14 Nikolaas Vanderlinden, Revenue Leakage: how do you identify revenue leakages in your company and recoup them? 2019. Available at: https://www.ey.com/en_be/consulting/revenue-leakage--how-do-you-identify-revenue-leakages-in-your-co

THE QUALITY OF REVENUE ASSESSMENT WHITE PAPER

Click on a specific section to go directly to it

1. Why Quality of Revenue is important

2. The problem with traditional approaches to assessing and forecasting future revenues

3. A Quality of Revenue Assessment is a better way to determine a company's ability to generate future growth

4. What is a Quality of Revenue Assessment?

5. The relationship between growth and firm value

6. Why is it so difficult to assess future revenue growth potential?

7. A better way to assess the quality of revenue

8. Quality of Revenue Assessment Criteria

9. How Quality of Revenue is different from Quality of Earnings

10. Quality of Revenue examines different variables in the growth equation

11. Conclusion

12. About the author

13. Citations