Phonexa CEO Lilit Davtyan joined goLance founder and CEO Michael Brooks on The Scaling Edge Podcast to talk shop around the lead generation industry.
The Scaling Edge Podcast taps into the experiences of seasoned business leaders and thriving startups to deliver insights into the arena of entrepreneurship.
Let’s dive into Davtyan’s expert input and explore some key takeaways she shared regarding financial savvy and business optimization, among other topics.
The Pivotal Role of Understanding Financials
The conversation kicked off with Davtyan – a CPA and former CFO for Phonexa – delving into the critical role of understanding financials in the business world.
“When you understand financials, business tends to make more sense … you have to be able to spend money, but you want to spend money with the proper projections,” said Davtyan. “If you have a five-year plan in your business and you have stuck to your financials, your story starts making sense, [as does] your confidence level in building toward the financials that you projected.”
Daytan emphasized that by using numbers to guide informed decision-making, business leaders need to better understand which risks to take to scale their business.
“It’s really important to have either a great relationship with your accounting team or with the person or people handling your financials so that you’re always on the right track,” said Davtyan.
Streamlining Complex Workflows
After delving into her background as a CPA, Davytan went into detail about her experience building Phonexa’s accounting department from the ground up, which ultimately led her and a developer to create Phonexa’s automated accounting product Books360.
“We did that within a couple of months. After that, we had a full system, which is now actually a licensed system through Phonexa to manage accounts receivable and accounts payable,” said Davtyan. “Instead of sitting down 10 hours a week just doing accounts receivable, tracking payments coming through the bank, making sure all the vendors are paid and everything is properly reconciled, all of that is now done through our product Books360.”
Davtyan said Phonexa’s automated accounting capabilities extend beyond simply processing a company’s payables and receivables.
“The reason the accounting function is so important is because when you’re buying leads and when you’re tracking all of the sources of leads for a high volume industry, there’s a lot of people to pay and a lot of people to invoice,” said Davtyan. “Managing cash flow is very important.”
Business Optimization
In addition to automating accounting tasks, Davytan reiterated that the Phonexa suite is a sales and revenue-focused lead generation and call tracking platform. She then gave examples of why understanding client use cases is key to addressing pain points and unique needs.
“Say there’s a new client that comes in, and they have multiple systems that help their business operations, and ideally, you want all of those systems to talk together,” said Davtyan. “The reality is they don’t always talk together – the APIs don’t always work properly, the subsystems are legacy or are very advanced, and they can’t communicate together, some APIs cannot be connected with another platform, and so on.”
As a result, companies often find themselves ultimately resorting to manual management, requiring additional resources, more personnel, heightened comprehension, and substantial expertise and training.
Davtyan’s approach to resolving these issues comprises comprehending a client’s distinctive workflow, refining it, and progressively guiding them toward the seamless adoption of Phonexa’s system, thereby enriching their business model.
“On average, what we’ve been told by our customers is that their revenue goes up about 40% within a few months of using Phonexa,” said Davtyan. “The Phonexa Suite helps you track the actual conversion of every spend that you do from a marketing perspective … You are seeing it – in real-time and accurately – and what’s actually not generating revenue for you so you can eliminate it or optimize it.”
Davtyan wrapped up the discussion by explaining that the Phonexa platform ultimately streamlines complex workflows, offering unparalleled visibility and transparency into marketing expenses, all while helping clients cut costs to focus on quality leads that drive revenue.
To continue the conversation with Davtyan, connect with her on LinkedIn.
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