{"id":447,"date":"2022-01-26T10:55:03","date_gmt":"2022-01-26T10:55:03","guid":{"rendered":"https:\/\/cmaaccountants-ct.co.za\/?p=447"},"modified":"2022-03-22T19:47:10","modified_gmt":"2022-03-22T19:47:10","slug":"how-to-create-additional-sources-of-revenue-for-your-business","status":"publish","type":"post","link":"https:\/\/cmaaccountants-ct.co.za\/index.php\/2022\/01\/26\/how-to-create-additional-sources-of-revenue-for-your-business\/","title":{"rendered":"HOW TO CREATE ADDITIONAL SOURCES OF REVENUE FOR YOUR BUSINESS"},"content":{"rendered":"\n\n\nIt\u2019s an undisputed fact that the local and global economy was already on shaky legs (some believe a recession) prior to the pandemic which came down on us all like Thor\u2019s proverbial hammer in 2020.\n

\nIn its wake the pandemic created a huge economic turmoil and, while some businesses boomed with record-breaking profits, most found themselves battling to keep the doors open. Many folded and closed up shop, retrenching hundreds of employees.\n

\nAs I write this, vaccination programs are being rolled out across the globe and in certain countries the pandemic seems to be slowly easing back (I say this with abated breath).\n

\nIn the aftermath of the economic tsunami, businesses of all sizes are clawing their back and trying to create commercial momentum. \n

\nDuring December 2021 I wrote about trends and predictions to watch out for in 2022. You can read it here.\n

\nBut progress and rebuilding of businesses (and the economy) is a slow burn as it tries to revive eradicated revenue streams, deal with changed consumer behavior, rethink out of sync processes, and coping with new technologies.\n

\nWhat I aim to achieve with this article, is to address the question of how a small to medium sized business can create additional or new sources of revenue.\n

\nThe traditional costs-down-income-up model remain a good approach but creating more income (revenue) is more than simply doubling up on sales.\n

WHY NEW SOURCES OF REVENUE?<\/h3>\n
Just to confirm; revenue is income generated from business activities and these activities may, amongst others, generate the following kinds of revenue:\n
\u2022\tRevenue generated from renting out property and assets.\n
\u2022\tRevenue generated from interest bearing assets and investments.\n
\u2022\tRevenue generated from selling goods and services.\n
\u2022\tRevenue generated from dividends on investments.\n
\u2022\tRevenue generated from donations and sponsorships.\n

\nNew sources of revenue mean new ways to create income in your business and is more effective than just increasing sales, especially when the product or service offers very little or no real unique properties or value to the customer.\n

\nPut differently, clients know what to expect when they go to the dentist for example, what they don\u2019t expect is to receive a bouquet of flowers with their root canal \u2013 but what if you were a dentist who did?\n

\nLet\u2019s be frank though; will a new source of revenue actually make you more money?\n

THE IMPORTANCE OF UNDERSTANDING THE DIFFERENT REVENUE MODELS <\/h3>\n
The answer is it depends on you making use of the correct revenue model. There is a bit more to it than just magically creating new products and services for fun. It has to make business and financial sense.\n

\nAll new revenue streams must be based on some financial (mathematical) logic or a methodology which can explain how the revenue stream will translate into more money. If the numbers don\u2019t add up, it won\u2019t work.\n

\n

There are 4 main revenue methodologies you can consider:<\/h4>\n
\n1.\tTransactional \u2013 You deliver a service\/product, and clients \tpay you a fixed rate.\n

\n2.\tOutcomes \u2013 You deliver a service\/product based on a specific \ttime frame or volume, and the client pays you for achieving \tthe agreed quantities. Examples are payroll services, accounting \tservices, manufactured goods, transportation etc.\n

\n3.\tProject\/Performance \u2013 You deliver a specific end-result, and \tthe client either pays you in phases or upon final completion. \tExamples include construction projects, marketing campaigns, \ttraining programs etc.\n

\n4.\tReoccurring \u2013 You deliver a service\/product, and the client \tpays for as long as they make use of the service\/product. \tExamples include subscription service (Netflix), renting, \tlicensing, franchising, paywall (podcasts), broker fees (stocks \tand securities).\n

\nWhen developing a new source of revenue, it would be wise to select at least one of the above methodologies when developing a revenue source.\n

\nSo far so good, but we\u2019re still not there, where do we go from here?\n

STRATEGIES TO CONSIDER AS IDEA GENERATORS TO CREATE NEW SOURCES OF REVENUE<\/h3>\n
\n\nThe next important step is to decide which strategy will best serve as the blueprint for the development of the new revenue source.\n\nAfford me a brief opportunity to run you through some of the more important strategies that can be employed as our main idea generators.\n
\n
\n

Here are 5 key strategies to think about:<\/h4>\n

1.\tBusiness Modeling<\/h5>\n
\tThis strategy aims to improve an existing business model or to \timplement a new one. Here we consider things like pricing \tmodels, payment terms, service and product offerings, \tbusiness structures, hierarchy of business processes and \toperations management.\n\t\n

\tEssentially this strategy analyses the business in its entirety \tand checks if the business is operating at optimum levels.\n\n

\tWe use this kind of strategy for a business that has reached the \tend of its shelf-life and needs a total rethink and rebrand \t(assuming it can still make a profit and it owns a viable \tpercentage of the current market).\n

\n
2.\tTechnology<\/h5>\n
\tMaking use of new technology as strategy to create new \trevenue comes down to creating new customer experiences by \temploying new technology within existing products and \tservices.\n\n

\tThe logic is based on improving productivity and creating more \topportunities for sales and thus increase revenue.\n\n

\tThis strategy is useful to attract new tech-savvy customers \tand to introduce them to novel ways to do business.\n\n

\tThis means creating automated and convenient trading \tplatforms with built-in reporting structures and performance \tmeasures to continuously improve the customer experience.\n

\n
3.\tResearch and Development (R&D)<\/h5>\n
A Research and Development strategy aims to create new products and services by means of research and development. \n

\nThe R&D can either come from within the business or may be raking place on a larger scale within a sector or industry.\n

\nThis strategy is an effective way to develop never seen before product lines and services, and while it is costly and risky, it also promises enormous profits if you get it right.\n

\nThink about successful companies such as Apple, Tesla, and Microsoft as good working examples.\n\n

\tSolid R&D programs can also potentially attract venture \tcapitalists, equity partners or to open the door to Merger and \tAcquisition (M&A) discussions, which can all lead to additional \trevenue and available cash reserves.\n\n

4.\tInnovation<\/h5>\n
\tInnovation usually follows closely on the heels of Research and \tDevelopment. The only difference is that in many instances, \tinnovation speak to a broader spectrum of industries and \tsectors and may also impact other sectors.\n\n

\tThink for example about the development of biofuels and the \timpact it\u2019s had on the economy and multiple sectors.\n\n

\tAs with R&D strategies, innovation strategies have the potential \tto offer large payoffs as a business capitalises on new \tindustries and opportunities. Examples are crypto currencies \tand NFT\u2019s (non-fungible tokens) as new investment \topportunities and potentially new related products and services.\n

\n
5.\tLeverage<\/h5>\n
\tLeverage, also known as an \u201cup-sell strategy\u201d, is a technique \tused by businesses to sell additional products and services to \tan existing client base.\n\n

\tIt is usually offered under the guise of product improvements or \tadditional add-ons only available to loyal customers, which of \tcourse is everyone.\n\n

\tI have described this strategy rather tongue in cheek but using \tleverage as a strategy to create new revenue sources can be a \thighly effective way to create new products and services.\n\n

\tA client base is also a valuable resource to reach other markets. \tThink for example at how successful referral network marketing \tworked to sell Virgin Active memberships to friends and family.\n\n

\tOr how effective medical aid scheme customer reward \tprograms have been in convincing their members making better \tlifestyle choices, effectively saving them millions in medical \tclaim payouts.\n\n

\tLet us now consider how to make these ideas practical and how \twe can translate these processes into new revenue options for \ta typical small to medium sized business.\n

EXAMPLES OF NEW SOURCES OF REVENUE IN A SMALL TO MEDIUM BUSINESS<\/h3>\n
\nAt this point I think it is fair to say we now have a good working knowledge of revenue as a business activity and that we have looked at it from a number of different perspectives.\n

\nBut how do we translate this information into real-world business activities that will generate more income?\n\n

Below I have listed 5 examples of new sources of revenue which could be considered by small to medium business owner, irrespective of the sector in which they operate:<\/h4>\n
\n

1.\tCreate New Products and Services<\/h5>\n
\tThe easiest way to increase revenue is by creating new services \tand products within your business and your current sector.\n

\n\tIf you apply your mind and involve your employees, you can \tquickly create a long list of creative ideas.\n

\n\tRun an idea-of-the-month campaign and handsomely reward \tnew business ideas. Create a culture of new thinking and \topenness to discuss typical client complaints or requests.\n\n

\tThese are golden opportunities waiting for you to explore and \tdevelop them into products and service your customer will be \ttoo happy to pay for.\n\n

2.\tTake your Business International<\/h5>\n
\tOne of the difficult challenges businesses had to deal with \tduring the pandemic was to keep their doors open while being \tsubject to lock downs, restrictions, closed airports and ports. \t\n

\tBusiness owners were forced to create remote work spaces to \tensure staff and teams can continue working.\n

\n\tThis also meant that many businesses had to adopt the \tnecessary technology to move to digital platforms and to create \tconvenient customer interfaces.\n

\n\tEffectively many businesses can now take their products and \tservice to international markets with greater ease.\n

\n
3.\tCreate Referral Partnership and Cooperative Agreements<\/h5>\n
\tThis is an easy way to use your existing business relationships \tand informal partnerships to create referral revenue streams \tfrom them.\n

\n\tThis will require that you commit your intentions to paper and \tthat you create the necessary internal and external \tadministrative controls.\n

\n\tA practical example is where a sound electronics retailer, refers \tclients to a specific installer technician and receives a referral \tor partnership fee in exchange for the business.\n

\t\n\tOther examples include sales commissions paid to motor \tvehicle sales consultants when selling ad-on products such as a \tonce off paint and polish refurbishment packages as part of the \tsale.\n\n

\tOpen and honest communication is the name of the game. \tMake sure your different service divisions know about special \tagreements or referral arrangements between your business \tand any other industry partners.\n\n

\tMake sure the system is not mis-used or that you don\u2019t incentivise corrupt businesses practices.\n

\n
4.\tOffer Consulting and Training<\/h5>\n
\tAll businesses possess critical skills and knowledge that they \thave earned through making mistakes, trying new ideas and \tdealing with clients.\n

\n\tIn specialised fields, for example solar energy or off the grid \telectrical systems (to name an example), even more so.\n

\n\tThese critical skills and knowledge have a particular value in \tthe market place and non-sector businesses, who don\u2019t pose a \tcompetitive threat, will happily pay you a handsome fee to learn \tfrom your experiences.\n

\n\tTake the solar energy business as another example. They can \toffer informative talks or a basic orientation course to property \tdevelopers or financiers of electrical systems.\n

\n\tInformation about how such specialised systems are designed \tand constructed, and the typical questions consumers ask may \tturn out to be valuable to other.\n

\n\tIn many instances those who attend such training and \tconsulting sessions turn out to also become clients.\n

\n
5.\tFollow Current Market Trends<\/h5>\n
\tMost of the practices we find today, were once trends. It started \twith a few people doing it, and more followed, and today it is \tstandard practice. Think about selfies \u2013 I mean come on, who \thasn\u2019t taken a selfie?\n\n

\tThere are numerous market trend champions, organisations and \tspecialists who keep a watchful eye on new ideas, concepts, \tproducts, services, and consumer behavior which may become a \tstandard practice in future.\n\n

\tFollowing these trends in your industry might very well become \tyour biggest source of new revenue if you can spot them on time.\n

\n\tThink about the old example of how 80\u2019s camera manufacturer Kodak missed the digital camera revolution and how others have capitalised on the new technology and made millions of \tnew revenue streams.\n

CLOSING REMARKS<\/h3>\n
It\u2019s easy to get carried away with a list of new year\u2019s resolutions and an even longer list of novel business ideas, thought out while on vacation.\n

\nThe reassurance of a clean slate offered by a New Year, and renewed motivation, can fool us in believing that anything is possible; but it\u2019s not, and we should be realistic about our own expectations and the realities of our businesses.\n

\nCome the first few days back at the office we are suddenly reminded of why we needed a break in the first place! By the end of the first week, our memories of sandy beaches, coconut scented sunscreen, afternoon naps and seafood platters are but a faint memory.\n

\nDon\u2019t get carried away by the alure of increasing your revenue with an endless list of unrealistic ideas.\n

\nYou can only effectively introduce one, maybe two, new revenue streams in any given year. If you are a start-up or a small business, even less so \u2013 keep your ambitions within reason.\n

\nWith new functions, products, and services, come new challenges which you didn\u2019t have to worry about before. New things create new problems.\n

\nBear in mind that there is no such thing as a free lunch. Be patient with yourself, your team, and your energy as they all come in short (and precious) supply.\n

\nRemind yourself to have also have a bit of fu along the way. Make time to rest and to recharge and feverishly seek to strike a good work-life balance.\n

\nBe magical, and I wish you all a prosperous 2022!\n\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nHOW TO CREATE ADDITIONAL SOURCES OF REVENUE FOR YOUR BUSINESS - Certified Master Accountants - Cape Town<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cmaaccountants-ct.co.za\/index.php\/2022\/01\/26\/how-to-create-additional-sources-of-revenue-for-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOW TO CREATE ADDITIONAL SOURCES OF REVENUE FOR YOUR BUSINESS - 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