The best businesses master all five streams of income:
1. Client Contributions - Your clients already work with you and as you exceed there expectations they continue to purchase more of your products and services to meet there needs.
2. Client Referrals - Over time your clients become advocates and introduce you to new clients.
3. Referrals from Centers of Influence - The outside professionals and resources you use also become advocates and introduce you to their clients.
4. Merger and Acquisition - The fastest way to build a business is to buy it from someone else.
5. Outside Income - This includes all other income. Examples: consulting income, royalties, or income from outside interests.
The first step is realizing that all five of these exist and can grow with attention and care. Begin by documenting the strength of each of these currently in your business. Then assess the opportunity that exist in each area. Finally allocate time to pursue and enhance these income streams. Create a strategy to implement over the next 90-days to improve the area with the greatest potential and each quarter add a new strategy for an additional area.
Multiple income streams smooth out the volatility of your business. This Mastery Level Skill improves your sustainability and allows you to concentrate your efforts where the biggest opportunities exist.