Finding Additional Revenue Streams

I much prefer for my consulting to speak for itself. Consequently, I don’t often speak directly about my work. Although a session with a client recently started me thinking that perhaps I should talk more about it.

I hear you asking: What happened?

We started our session reviewing the agenda that we had agreed upon a couple of weeks earlier.

additional revenue streams

For our earlier session, I had reviewed the financial statements for this small organization. After my analysis, I had some concerns that the business’s principal revenue source, as identified by the entrepreneur, wasn’t going to be enough to sustain the business. Our discussion in that earlier session revolved around the idea that multiple revenue streams would be necessary to build this business.

After reviewing our agenda for the current session, we began talking about all of the ongoing business activities that involved contact her clients. The reality was that we discovered her business was providing an enormous amount of value to her clients without any compensation. She was “leaving lots of money on the table”!

When I suggested to my client that many of these business services she provided to her clients could be revenue producers for the business, her response was,”I don’t believe in holding information hostage from the people who need it.”

In principal I agreed with her sentiments. However, that wasn’t occurring here.

She was attending public meetings, gathering publicly accessible data and information, then evaluating it. Next she was preparing brief summaries of all the critical issues along with their priorities for her clients. Finally, she was providing all of this research and analysis without charge!

From my perspective her research and analysis was improving her clients' businesses in a substantial way. Plus she was saving her clients time that they didn’t have to spend attending meetings along with researching and analyzing this material for themselves. All she needed to do was package this work into usable, salable products.

The remainder of our session together involved discussing how she could create these various products. When we were finished with our session she now had potentially three new revenue streams for her business. With her original revenue source and even two of the additional sources we found, my client now had a more than viable business.

Looking for help creating additional revenue streams for your business? Let’s talk!

#innovation #productdevelopment #marketing

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