Want to diversify your revenue streams?
One of the most dangerous situations for an organization is relying too heavily on a singular revenue source.
While there are benefits to focus on doing one thing well, there can be challenges associated with that too. After all, if the bulk of your income comes from one client or one product, you risk collapse if that customer leaves or if a competitive product enters the market. That’s why it pays not to have all of your proverbial eggs in one basket.
Enhance your offerings with a product or service
If you look at some of the world’s most breakthrough organizations, they have mastered how to leverage their expertise to diversify their revenue streams by offering complementary products or services.
Here’s the idea. If you’re a company that sells a product, we suggest offering a complimentary service to go with it. Likewise, if you’re a service-based company, we encourage you to add products to the mix.
Not only does this approach help you diversify revenue streams, but it also enhances how you serve your customers. This opens up all sorts of opportunities for scalability and growth.
Although this concept seems daunting, we’ll walk you through how to identify the right service or product to add to the mix. The trick is to stick within your strengths so you can maximize your revenue and impact.
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