As a business owner, it pays to have multiple revenue streams to become recession-proof.
You may hesitate to explore another business venture because of limited resources, time, and money. However, there are ways that you can thoroughly evaluate current market needs and explore how your business can meet those needs. Creative thinking and innovation can generate services or products from your existing business model. Identify and explore these hidden streams to know how you can best serve your clients while growing your business. They are like a dormant seed waiting to take root and grow into a big plant. Here are seven ways you should take to uncover your hidden revenue streams;
Many organizations fail to focus on their market and customer needs. Your organizational decisions need to place your customers at the center. You can connect with your customers through various online and personal platforms. Ask questions and listen to understand their wants and needs. Equipped with the information, assess your business strengths and areas of improvement. When you know what your business does well and areas that are draining resources, time, and efforts, you can strategize business growth effectively.
You cannot rely on your customers' responses only to determine revenue generation options. It is prudent to research your target market, customer brand, purchasing preferences, and emerging industry trends. Based on the information about what your prospects are buying, how they are buying, and why they are buying, you can adapt your existing services to meet their needs. Additionally, it will help you tailor your marketing message to them.
The key to a successful revenue stream is active customers. And one way you can keep your customers engaged is to keep adding value to them for every purchase made. Give them the reason to return to your brand and buy from you. Many clients and customers are transitioning online to make purchases. Make use of this trend to give value to them. The secret is for you to fulfill their needs. Also, customers want a brand that has both sophisticated services and products. Let your business be a vanguard in this. A good example is a value Apple added to every customer by making it easy for an ordinary person to operate a computer.
Direct sales are not enough to increase your revenue streams. Many organizations have this knowledge, and they are moving to change the order of things. Build a reputation for your company. An excellent way to build a reputation is to work in partnerships to penetrate the emerging markets. Create a network system. Network marketing is a perfect market strategy to increase your business revenue. Build your brand's reputation faster with a referral scheme. However, seek out the partners that believe in your business and its value to get the right result. The partners you gather will represent your brand. So, choose rightly.
Evaluate your existing revenue streams. The purpose is to identify the streams that are not performing. An inactive revenue stream will jeopardize your market strategizes, limit your products and services activities, and prevent you from making more. Set up a new perspective for your actions, and check out your brand aspect that needs strategic positioning and act on it.
Aside from the customers, the lifeline of every business is the team. The right members will easily convert prospects to customers. Check out your team, starting from those holding the management positions to those at the reception. They must think strategically to adjust the course as needed. During your selection process, seek to focus on hiring the right people. How do you know who is right for the team? Check out their skills. Do they match their roles? Look at the pace at which the team is working. Does it work well with the strategy at hand? What type of culture is the building? Will the culture aid the success of your brand's strategies?
Many organizations fail to look ahead into the future. This act will hamper your revenue streams later. Project your present market strategies to work with the market demands in the future. Check what is trending presently, and look at what will like to trend in the future, then strike a balance between the two. So, your current strategy must work well with the times ahead to sustain your revenue streams. Get your team ready for the future, and you will not experience a dwindle in your revenue. Don't let the comfort of "NOW" affect the prosperity of "TOMORROW."
Every business has the potentials to make more revenue. The only thing you need is to have the right knowledge that will enable you to unearth your hidden revenue streams. Follow these tips, and you will experience exponential growth in your revenue streams.
Divya Parekh is an international Executive Leadership Coach and #1 bestselling author. She is CEO of The DP Group, LLC a global coaching and consulting firm that provides leadership and team development services as well as corporate coaching. Having success in four major career paths, Divya has the expertise and knowledge of real world business backed by a proven record of success. Divya brings over 25 years of rich and extensive experience in academia, the biopharmaceutical industry, and as a global executive and leadership coach. In each of her many roles, she has empowered leaders with breakthrough insights, talent development strategies, and measurable business outcomes. During her biopharmaceutical journey, Divya led successful multi-million dollar projects from concept to completion in a fast-paced and competitive environment. Divya knows what it takes to initiate communication channels that cut across departments, improve cross-functional collaboration, and leverage scientific principles, technical skills, and Lean Six Sigma problem solving tools to measure, evaluate, and improve the productivity of leaders and teams. Divya has guided many seasoned executives, leaders, and management personnel into realizing their goals by creating a cohesive plan to reach their next level of accomplishment. She believes the key factor in leadership success is the partnerships we cultivate. She helps others to learn the exponential power in developing a thorough understanding of their business partners to build resonant relationships and a foundation of mutual trust and safety. Working with cross-functional groups, she inspires them to morph into high-performing, collaborative teams. Her technique utilizes measurable assessments, a supportive delivery method and a bit of pointed accountability that ensures the success of both leaders and professionals in the organization. Divya coaches leaders to cultivate interdependence between themselves and their internal and external stakeholders to achieve a combined mastery in connectivity and alignment through complex business and personal challenges. When people function in an environment of mutual trust, Return on Energy and Return on Investment flourish both in business and life. Divya is the recipient of Worldwide Branding VIP of the Year in 2013 as well as NAPW VIP Woman of the Year in 2014 for showing dedication, leadership, and excellence in leadership coaching. Additionally, Continental Who’s Who named her as a Pinnacle Professional in the field of coaching and consulting. As a Forbes Coaches Council Official Member, Divya is a regular contributor to Forbes. Divya is also the author of numerous leadership and entrepreneurial books. Her books include Stress Management, Mindfulness Mastery, Critical Thinking, Candid Critique, Appreciative Inquiry, Leadership and Influence, Emotional Intelligence, and her newest book, The Entrepreneur's Garden.