Additional potential revenue streams exist in every business.  They are hidden within the capabilities of the firm.  The challenge is finding and turning them into new products and services.  Most businesses are not structured or focused to discover or develop them.  As a result, sales don’t materialize.

This does not have to be the case.   The business leader needs to make generating revenue from new sources a strategic priority.  Enlisting the leadership team in this effort can have a two-fold benefit.  It focuses on growing revenue and unifies the company on a positive initiative that potentially benefits everyone in the company.  Below are a series of steps to make this happen.

Create a leadership team meeting agenda to focus on uncovering new revenue sources.  Include your outside advisors in this meeting.  They will bring an external view of the business and the market that will be helpful. Brainstorm what internal capabilities could become new sources of revenue. Set a goal to identify one idea in each leader’s area.  For example, a new product or service could be developed as a result of a unique solution devised for an individual customer.  It may come from a valued employee developing an idea for a product or service.  Implementing unused functions in existing technology could generate a new product or service.   An internal process could be re-purposed to generate revenue. No ideas are off limits.  Write them all down for all to see.

Have the leadership team prioritize the ideas.  Focus on ideas that could be implemented in 12 to 18 months.  That way results can be seen in a reasonably short period of time and reinforces that the process can be used successfully again. Have each executive take responsibility for the top idea that emanates from their area.   Each area leader should discuss the idea with their staff to determine if it is feasible.  If it is, devise a plan to make it a reality.   If an idea involves more than one area, each area leader commits to work with the other to determine implementation feasibility.

Establish review milestones.  Put dates on the calendar for the leadership team to get together quarterly.  Meet with each area executive monthly to review the status of the initiatives they are leading.  Monitor each team initiative to insure that the teams are meeting and progress is being made.

Team brainpower is more powerful than individual brainpower,  Whenever possible, using a team to refine and implement any idea provides far more value to the business.  It gives the team a sense of ownership.   It also provides motivation to help ensure the success of the idea.

Other benefits.  Using teams to develop a product or service adds another level of benefit.   The team that developed it becomes the cheerleaders.  They provide an additional push to the sales organization to focus on the sale of this product or service.There is an additional benefit for the firm’s leader.   He/she gains time to focus on other areas of the business and their personal life to keep them energized.

An option.  If you don’t have the appropriate staff or time to focus on identifying and implementing new products and services, Berger Business Advisors has the expertise to help you.  For a free consultation to explore how you can implement new revenue streams for your organization, contact us.