Ride the Waves of Change - Part Three of Three

 

We'll guide you safely to shore

Seek synergistic collaboration

One of the upsides to all the chaos we're all going through is the change we are seeing in humanity. The giving economy is on the rise and rightfully so. You are of greater value to your clients when you offer them more of what they need.

Seek collaboration with business partners who can add value to your client base. What can others bring to the table that is beneficial to your clientele that is not in direct competition with you, yet creates synergy for both of your businesses?

Reaching out to other corporates and business owners will stimulate the economy and creates a three-way win.

Learn and Go Digital

The way business is conducted today has already changed. Operating efficiently in the new c-economy, will require the use of more technology and apps for conducting business remotely with clients and team members.

Businesses that once offered their services in person, must adapt to digital platforms in the new normal. This form of communication once thought to be a 'nice to try' has moved into the realm of a legitimate way of doing business.

Not only will the need arise to learn new technologies for virtual engagement, the need to know how to protect our privacy will require us to spend some time understanding cyber security as well.

There will be a learning curve, yet failure to dive in and embrace the new wave of technology that has now become part of our everyday lives, will mean that those who are unwilling to learn will be left behind.

Repurpose to Create Additional Revenue Streams

As a veteran small business owner, I'm a big advocate of having multiple streams of revenue. Each time I develop a new brand, I map out the various ways I can sell my services at different price points and through different distribution channels.

Having more than one revenue stream is something that I push small business owners to do initiate when crafting their business model from the get-go.

View your business with fresh eyes. At the onset of your business, the product or service you offer may have been created for a specific target audience. Can what you offer now be re-purposed for another audience or niche market?

Case in point. I have a deck of cards on entrepreneurship that was derived from the chapter action steps from the book, The 50-60 Something ™ Start-up Entrepreneur. The deck of cards was a spin off from the book and became another form of re-purposing information and additional revenue stream.

Given that the information on how to create a business is the same, I can now re-purpose the deck of cards with a new brand name, new design and sell this to a completely different market.

Is there a portion of your business that can be splintered off to create a new product in another industry? What could potentially be re-purposed or even upgraded within your own business to create a new stream of revenue? With a little brainstorming, you just might surprise yourself with what you come up with.

Riding the Wave

A big wave of change is on the horizon for all of us. It's going to come in the form of a recession or possibly a depression. I'm preparing myself now. I want to be ready when the wave of opportunity surges toward me. I hope others will join me out there in this blue ocean and we can ride this wave together.

Pamela Wigglesworth, CSP in an international entrepreneurship coach, speaker and CEO of Experiential Hands-on Learning. Residing in Asia for over 20 years, she is The 50-60 Something ™ Start-up Entrepreneur and supports encore entrepreneurs in their business development and growth. To learn more about Pamela, visit the Experiential website at http://www.experiential.sg or email her at courses@experiential.sg  Article Source: https://EzineArticles.com/expert/P_Lorraine_Wigglesworth/969794