Double Income Streams
When I originally started my first company, Buzz Marketing Consultants, I recognized that having multiple streams of income was a wise idea.
In the past, I provided consulting services to clients of the Business Development Bank of Canada, taught at Langara College and worked directly with my own clients.
When Buzz Marketing closed and the incorporated company Lift Strategies opened, my philosophy remained strong, with multiple streams of income including consulting, speaking and training.
In the fall of 2009, after a barrage of media hype on the current economic climate, I noticed many businesses were hit hard with a slowdown in consumer and B2B purchases. Retailers in particular appeared to be suffering greatly.
At this time, my clients trimmed back their marketing spending. Yet, despite working with less marketing funds, the level or intensity of promotion didn’t change.
At this point those business owners who had more than one stream of revenue experienced fewer problems.
What have you done? Have you diversified your product and/or service offerings? Cut back on your marketing budget? Actively promoted your business more than ever?
I believe the greatest benefit from this perceived recession is the reminder it gave us to:
1. Have multiple streams of income
2. Get creative
3. Improve customer service
4. Diversify the product and/or service mix
5. Promote the best business more than ever