Date: September 9, 2022
More Revenue Streams, Less Stress
Small businesses (defined in this case as having 500 employees or less) account for approximately 99% of all businesses in the United States. Of those small businesses, about half will survive the 5-year mark. Those who don’t survive generally mention having cash flow problems. How can you ensure that your small business thrives, and that you reach your financial goals?
It’s important to not keep ‘all your eggs in one basket’ – you don’t want to rely on only one revenue source because it could dry up and leave you in a tough situation. The best way to avoid this is by having multiple streams of revenue as a safety net. But how are you able to diversify your revenue streams without overloading your already busy schedule? Below are some handy tips to help you.
- Search for opportunities – Do a thorough search of your current service offerings and look for gaps that you can fill. Is there a particular niche that you are missing out on? If so, think about what the needs of that niche are how you can meet them. You will want to bridge any gaps and make sure you aren’t wasting any resources. Look at your processes and find ways to streamline them, and incorporate automations where you can- it will save you time and manpower.
- Look at your current customer base – Are there opportunities to expand your relationship and upsell your current clients? It takes less time and money to upsell than it does to make a new sale. If you research your clients needs and find a service that addresses those needs, then that is a win-win for everyone! Happy clients will potentially give you new leads via word of mouth. It may be a good idea to start expanding your horizons!
- Have an expert in your corner – Having a CFO is a gamechanger. Not only will they be able to prepare budgets and cash flow forecasts, but they will help you manage them, so you don’t accidentally overspend. Do you feel overwhelmed by the financial aspect of running your business? You are not alone. A CFO will help guide you and make sure you are pricing your services right, help you to determine when to hire and or fire, and help you grow your business and reach your goals.
It is always to your benefit to plan ahead, especially when it comes to your business finances. Having multiple streams of revenue and the ability to be adaptable will help you reach your financial goals and allow you to invest in your business and yourself. Having a Virtual CFO will help you avoid costly mistakes and give you expert guidance. We love helping small business owners succeed, and if you are looking for someone to advise you on the next best steps for your business, we would be happy to help. Click here to schedule a complimentary session with one of our experts today.