Business Cash Flow: New Revenue Sources
Business income is important to all entrepreneurs, whether new to small business or along time independent business owners.
Without cash flow, the organization will not be able to meet its financial obligations. No revenue from the business means…well…no more company.
Along with your income statements, as derived from your accounting records, simply make a note of the number of different sources supporting your business. For example, you might have your own product or services sales income, cash from affiliate programs, revenue from consulting services, and even some money arriving from rental property.
The important thing is to find your cash cows, and see where you get your milk. Okay, that wasn’t the best analogy, but I think you get my point. Your business will have its major sources of revenue, and also some minor ones that could grow with time. A few revenue streams will be growing, as others dry up to a slow trickle. Along with the existing cash flow sources, new ones should be sought on a constant basis.
Look for ways to expand the growing income sources even more. Check into expanding some of the smaller revenue generators. Abandon the money losers that take all of your time, but give little back in the way of hard cash. They are costing you far more than they are worth. Your time and money is better used elsewhere in the company.
As you take stock of your business revenue centres, you will often unearth brand new opportunities. Older products and services can be revived or packaged in a brand new and exciting way. Some services can be easily expanded and take on new forms. If a product or service can be expanded, combined with another existing line, or used in an entirely new way, then more income can be derived from what already exist. Never stop searching for new money making ideas. You are only limited by your imagination.
Look over the income side of your business, and find ways to enhance your company’s cash flow. As most of us in the business blogging community already know, your blog is a powerful source of income and profit growth. Blog revenue can be derived either directly as income or as support for growth of your main business. Both business blog advantages add money to your company’s bottom line.
Consider adding an e-mail newsletter or direct marketing campaign. Develop joint ventures with other complementary, but non-competing businesses. Sharing customers and clients help both businesses to grow and expand. Seek out free publicity, and media coverage of some company event or milestone.
Offer your services as a guest speaker who provides information that people can use. Becoming an expert in your industry provides trust in your company as well. Don’t think in terms of sales. Think about helping others to solve their problems. By building trust, business will naturally gravitate your way, all by itself. Think creatively, and about helping others and you’ll find that ideas will flow like water. Not all revenue producing ideas have to cost money. Many are low cost or even free.
A successful entrepreneur is always seeking new and exciting ways to add revenue to the business. I know that you are a successful business person, as you are actively seeking new and profitable product and service ideas. As we now know, research and development doesn’t have to be expensive. In fact, it can often be almost cost free. Let your creativity flow into some exciting new product development.
Now it’s time to get started on increasing your cash flow, enhancing those profits, and achieving greater business success.
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