The goal of any company is to experience a stable revenue stream. You can do so when you are clear about your achievements by the end of this year. In this article at Business 2 Community, Peter Daisyme shares three steps to help fix your revenue stream this year.
Maintaining a Proud Revenue Stream
After deducting the losses and expenses, you get the balance of the revenue stream of your organization. Some measure bottom lines at regular intervals. However, for long-term gains, you cannot expect periodic wins.
For instance, new hires will start giving back to the company when you invest at least a year on them. They will eventually begin reducing their material waste after learning to use it efficiently.
Find out here the three steps that will fix your revenue stream this year:
Curb Cyber Attacks: Cybersecurity is the main issue behind your revenue stream being unpredictable. With more new technologies coming to the market, the vulnerability window is wide open. Hackers are using sophisticated tools to hack into the system and steal sensitive data. If you are not compliant with any of the laws and regulations, penalties can cause a significant dip in the bottom line. Use the five components from the cybersecurity model of the National Institute of Standards and Technology. They are ’identify, detect, protect, respond, and recover’.
Be More Customer-Specific: Instead of pouring a large portion of the marketing budget on acquiring new customers, focus on maintaining the current ones. Cross-sell and upsell within the known customer portfolios because they are already engaged. You will generate better revenues than risking your money on chasing new leads. P.L.A.Y founder Will Chen suggests offerings like rewards, targeted promotions, and email marketing to retain their interest.
Automate to Avoid Operating Expenses: Nowadays, dominant market players are automating systems and applications to improve their revenue stream. If your employees are working manually on assignments that you can easily automate, you cost yourself more money and time. Though these automation tools are expensive, you will soon reach the break-even point.
To go to the original article, click on the following link: https://www.business2community.com/finance/want-to-improve-your-bottom-line-in-2020-start-with-these-3-goals-02274676