NetSuite - An Introduction to Multiple Revenue Streams
by Campbell McLeish on
Multiple Revenue Streams
Adding multiple revenue streams to a services business need not be complicated expensive, but it does require a well thought out approach supported by a core technology system. Here’s how to do it while reaping the many rewards of diversification in any business environment.
Few would argue the value of income diversification. Whether it’s a company, a career or an investment portfolio, having multiple revenue streams is a smart approach. For a services business, diversifying can be as obvious as identifying gaps between what customers want or need and what you’re actually giving them. Or it can be as complex as figuring out what your clients should be doing—and what they’re actually doing on a day-to-day basis—and helping them achieve their higher goals.
Multiple revenue streams sound straightforward enough but not all companies are willing to put time, effort and money into identifying them when business is booming, clients are plentiful and bottom lines are healthy. Instead, they opt to rely on a fixed income stream and let potential opportunities fall by the wayside, never to be explored.
Click here to learn more about running a service business and how multiple revenue streams can provide a competitive edge.