Morris County Chamber of Commerce
  • About
    • Chamber Team
    • Our Mission
    • The President's Desk
    • Morris Business Cabinet
    • Board of Directors
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Committee Chair and Vice Chair Application
      • Ambassadors Council >
        • Ambassadors-Only Resources
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic Affairs Council
      • Human Resources Committee
      • Not For Profit Roundtable >
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Real Estate Forum
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Why Join?
    • Join Our Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Grand Opening Support
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member to Member Deals
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • 100th Annual Meeting Program
    • Signature Events & Programs
    • 2021 NFP Nominations
    • Submit an Idea for an Event
  • Find A Member
    • Searchable Business Directory
    • Nonprofit Organizations
    • Professional Services >
      • Accounting, Auditing and Related Services
      • Advertising, Marketing and Related Services
      • Aerospace & Defense
      • Attorneys and Legal Services
      • Architectural, Engineering and Surveying Services
      • Banking and Financial Services
      • Business Consulting and Professional Services
    • Retail, Restaurants, & Service Providers >
      • Arts & Entertainment
      • Auto / Trucks
      • Catering & Food Products
      • Child Care & Day Care
      • Cleaning Services
      • Contractors
      • Decorating & Organizing Services
      • Environmental Services & Recycling
      • Event Planning
      • Farm & Agriculture
      • Fitness & Wellness
      • Health Care
      • Home & Garden
      • Hotels & Conference Centers
      • Moving & Storage
      • Personal Development & Coaching
      • Pet Care
      • Photography & Video Services
      • Restaurants & Bars
      • Retail Stores
      • Senior Care & Related Services
      • Shipping & Delivery
      • Travel & Leisure
    • Higher Education Partners
  • News & Info
    • Member Exchange Online Community
    • Chamber Magazines
    • Coronavirus News
    • Business Resources
    • News Around the Chamber >
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Chamber Newsletters
    • Social Media
  • Programs
    • Economic Development Corp.
    • Executive Council Program
    • Women in Business Executive Round Table
    • Morris Chamber Toastmasters
    • Mentor Morris
    • Entrepreneur Roundtable
    • Morris Mastermind
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
    • Thrive Morris
    • Work-Based Learning Internship Program
  • MCTV
    • MCCC On-Demand
    • MCTV Let's Talk
    • Actionable Advice Video Library
    • Member Spotlights
  • Member Login

MCCC Blog

Click Here to submit an article for our blog. 
Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

Creating Additional Revenue Streams from Within

10/25/2019

 
Picture
Author: Allan Berger, Berger Business Advisors, 
Aberger@BergerBusinessAdvisors.com​


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 ensure 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


Comments are closed.

    Archives

    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019

    Categories

    All
    Around The Chamber
    Business Advice
    Business Development
    Business Edge Magazine
    Chamber News
    Coaching
    Entrepreneurs
    Events
    Finance
    Government Affairs
    Health & Wellness
    IT
    Leadership Morris
    Legal
    Manufacturing
    Marketing
    Message From The President
    Nonprofit
    Real Estate
    Sales Strategy
    Seniors
    Strategic Planning
    Women In Business

    RSS Feed

    Please Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

JOIN Us
REGISTER for Events
FIND a Business
BUILD Community
CONTACT Us
YOUR SUCCESS IS OUR MISSION!  Membership keeps you connected to timely information, business resources and your fellow members - now virtually!  You can rely on us.  
We rely on you, too. Your investment in membership provides a stable foundation that allows us to support you: the people who power Morris County's business community!

Picture
Copyright 2021 | All Rights Reserved
MCCC+EDC
325 Columbia Turnpike
​​Suite 101
Florham Park, NJ 07932 
​973.539.3882        ​(MAP)  
Mission: The Morris County Chamber of Commerce collaboratively advances the interests of its members to champion a thriving business and community environment.
Vision: Creating member experiences that foster exceptional business success and quality of life.
  • About
    • Chamber Team
    • Our Mission
    • The President's Desk
    • Morris Business Cabinet
    • Board of Directors
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Committee Chair and Vice Chair Application
      • Ambassadors Council >
        • Ambassadors-Only Resources
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic Affairs Council
      • Human Resources Committee
      • Not For Profit Roundtable >
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Real Estate Forum
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Why Join?
    • Join Our Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Grand Opening Support
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member to Member Deals
    • Member Referral Bonus
    • Connect to Morris Job Bank
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • 100th Annual Meeting Program
    • Signature Events & Programs
    • 2021 NFP Nominations
    • Submit an Idea for an Event
  • Find A Member
    • Searchable Business Directory
    • Nonprofit Organizations
    • Professional Services >
      • Accounting, Auditing and Related Services
      • Advertising, Marketing and Related Services
      • Aerospace & Defense
      • Attorneys and Legal Services
      • Architectural, Engineering and Surveying Services
      • Banking and Financial Services
      • Business Consulting and Professional Services
    • Retail, Restaurants, & Service Providers >
      • Arts & Entertainment
      • Auto / Trucks
      • Catering & Food Products
      • Child Care & Day Care
      • Cleaning Services
      • Contractors
      • Decorating & Organizing Services
      • Environmental Services & Recycling
      • Event Planning
      • Farm & Agriculture
      • Fitness & Wellness
      • Health Care
      • Home & Garden
      • Hotels & Conference Centers
      • Moving & Storage
      • Personal Development & Coaching
      • Pet Care
      • Photography & Video Services
      • Restaurants & Bars
      • Retail Stores
      • Senior Care & Related Services
      • Shipping & Delivery
      • Travel & Leisure
    • Higher Education Partners
  • News & Info
    • Member Exchange Online Community
    • Chamber Magazines
    • Coronavirus News
    • Business Resources
    • News Around the Chamber >
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Chamber Newsletters
    • Social Media
  • Programs
    • Economic Development Corp.
    • Executive Council Program
    • Women in Business Executive Round Table
    • Morris Chamber Toastmasters
    • Mentor Morris
    • Entrepreneur Roundtable
    • Morris Mastermind
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
    • Thrive Morris
    • Work-Based Learning Internship Program
  • MCTV
    • MCCC On-Demand
    • MCTV Let's Talk
    • Actionable Advice Video Library
    • Member Spotlights
  • Member Login