In my last post, I talked about becoming profitable. Your challenge, should you choose to accept it, in this ever-changing economy is diversifying, being flexible and staying permanently profitable. On top of that, you should be more profitable month over month, quarter over quarter, and year over year.
If you are selling only one widget or one service, it is possible you are leaving much on the table. Diversifying allows you to have different streams of income and if one dries up, you still have at least one other to fill in the gaps.
If you are a service provider, have at least three different services with options for customization in case your new client wants more and has the budget to afford it.
Examples: A CPA can do simple and complex tax returns, tax planning and have a bookkeeping department. Ideally, a portion of your business should be passive revenue, and in this case the CPA makes far more than a bookkeeper. The bookkeeper's services can provide an additional stream of income, while employing someone to provide a much-needed and asked-for service. An Executive, Business or Personal Coach can do 1-on-1 coaching, group coaching, write books or self-study courses, and do speeches or seminars. An HR consultant can consult, edit personnel manuals and do workshops.
If you strictly sell products, what are some complimentary products you can offer or refer and receive referral income? Can you sell from multiple price points to serve more of the clients you already have?
Your challenge is to expand your products and/or services to give your business more options for profitability. One of the best ways to decide what might work best is to listen to your current clients and prospects. They will tell you their problems and your job is to solve them.
Have fun figuring out how to expand your business and create new streams of income. You'll watch your profits soar, regardless of what's happening around you.