Monthly Archives: June 2019

Alternative Revenue Streams for Your Small Business

Established & Growing Businesses, Finance & Accounting, Strategy, , , ,

Why would you want to develop some alternative revenue streams for your small business? For lots of reasons! Diversification and customer retention, for a start – customers who have a wide range of sevices and products from which to choose are happy customers!

Alternative Revenue Streams: Things to Consider

You can’t provide everything, so choose your alterative revenue streams wisely. You need to consider:

  1. Your core competencies
  2. Adjacencies to those competencies
  3. Your existing customers
  4. New customers
  5. Standard types of alternative revenue streams

Core Competency

How to decide what your core competency is? This is your bread & butter! A core compentecy is your competitive advantage, what you are known for! You should be better at your core competency than everyone else is. It’s probably the reason why you went into business.

Logical Adjacencies

Logical adjancenies are potential alternative revenue streams that are strategically aligned to your core competency. They steer what you offer in a defined direction. Some different ways to pivot when you do adjacencies is if they are a new product or service for your existing customers or if you are doing the same product or service for a new target market. Both are a natural step in growing your alternative revenue streams strategically.

Existing Customers

Strategies to develop alternative revenue streams that focus on the existing customer include:

  1. Increasing the average sale from a customer
  2. Increasing the frequency with which customers use your business
  3. Offering something new that customers also need
  4. Developing more effective retention strategies.

Keeping a customer is worth even more (and is much less expensive) than finding a new one!

New Customers

Strategies to develop alternative revenue streams that focus on new customers include:

  1. Targeting new markets
  2. Testing new offerings

Standard Alternative Revenue Streams

Standard alternative revenue streams include:

  1. New products, services, intellectual property, programs
  2. Events
  3. Memberships
  4. Intermediaries
  5. Residual income
  6. Sharing economy
  7. Government contracts
  8. Crowdfunding

Learn More About Alternative Revenue Streams

When it comes to alternative streams, the limit is really only the resources that you have available to implement them and oversee them. The general rule is that, regardless of how many revenue streams you have, 20% of your revenue streams should be producing 80% of your income, so focus on that 20%…but make them what you want! You can do one or more of them, blend them…have fun!

Watch the video to hear more about all of this.

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Credit Union Straight Talk with DUCA’s Keith Taylor

Established & Growing Businesses, Finance & Accounting

Have you ever wondered what the difference is between a credit union and a bank? Are you curious about why you might choose one over the other?

Keith Taylor of DUCA Financial Services can tell you – and he does.

Why Join a Credit Union?

In this webinar you’ll learn about:

  1. What DUCA is and how a credit union is different from a bank
  2. The different programs that DUCA can offer as a credit union including the Profit-Sharing Program and Profits with Purpose.  There is also a Community Hero Mortgage with a profit donation program with in.
  3. What B-Corp certification is and why DUCA works to maintain it including ensuring that they are paying all employees a living wage (including benefits) and were the first to do so.
  4. What DUCA offers businesses from no or low-fee business banking and all of the other account options.
  5. Plus there is business lending with lines of credit, loans and mortgages  just like you would expect from a bank. But the added advantage for small business owners is the relationship that they have including having a designated Small Business Advisor for all business members.
  6. The DUCA Impact Lab – what if banking’s primary focus was on solving problems and creating opportunities for everyone and not on simply making a profit? 

Social enterprises like DUCA generate revenue, but aren’t in business solely to make profit – they also want to make a positive social impact. For businesses interested in supporting banking institutions with a social conscience while receiving full range services, a credit union like DUCA is the way to go.

To find out more, watch the webinar – let us know what you think!

Special thanks to Keith Taylor for guest hosting. Find out more about DUCA Financial Services

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