Innovative Business Development - Exploring New Revenue Streams

As in other areas of life, the companies that thrive are the ones willing and able to adapt.

The process of exploring new revenue streams for any business begins with a mindset open to innovation.

This isn’t about tearing up the existing playbook and starting from scratch. It’s about appreciating that the key to becoming a sustainable business is evolution. Adaptability.?

The key thing for SME leaders to keep in mind in this respect is the need to foster a culture that sees change as an opportunity for growth.

Rather than a potentially fatal blow to “how we’ve always done things”.

Run out to meet the waves.

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Know Your Customer (Go Beyond the Data)

By now, everybody gets the importance of data. It’s a given. Collect it, analyse it, use it.

But truly understanding your customers goes beyond data.??

It's about connecting with them on a personal level.

What is most important to them?

What keeps them awake at night?

Where do they want the business to be in 3 years/5 years?

Who can they confide in?

What’s the North Star for the business???? ??

Most people are (hugely!) uncomfortable asking these questions.

I have written previously about the real importance of knowing how to have proper client conversations.

Getting over this fear, and investing time in developing it as a skill, allows you uncover additional opportunities with your clients.

Dig a little deeper.

Ask “Why?” and “How so?”.

A lot.??

Get real clarity.

Such that you can explain the conversation to a colleague – or your child!?

Done properly, these conversations are not about "selling". They become about addressing real needs by solving real pain-points.

And doing this is key to building lasting relationships, and attaining the ultimate goal of being seen as a Trusted Advisor. ?

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Make the most of what you have

There is always a temptation to run after the shiny new object.

When thinking about new revenue streams, Step 1 absolutely must be understanding and maximising what you currently have.

Innovation, in terms of Business Development, doesn’t need to be about a complete overhaul of your existing way of doing things.

It doesn’t need to involve huge expense.?

It's about creatively leveraging existing assets and capabilities.

Your team, your expertise, your facilities/infrastructure, and your existing client base can all be reimagined or repurposed.

It's about identifying untapped potential within your business and finding new paths to revenue – not about starting from scratch.

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Collaboration (Done Right)

Every business can add value via the right collaborations or partnering arrangements.

The challenge (never to be underestimated) is identifying the right partner for your business, and executing on a mutually beneficial arrangement.

Partnerships, both within and outside your industry, can open doors to fresh ideas and untapped markets.

Tip – doing this right can be hugely time-consuming.

In theory, these arrangements couldn’t be simpler (ask any non-Sales person for their opinion).

In practice, they are often harder to execute than a direct sale.

Getting the delineation of roles agreed, in terms of how both sides capture value, is where the fun happens!??

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Curiosity is Key

Innovation isn't a one-off event. It's a mind-set. A way of thinking.

And fostering this type of thinking in your business is a key enabler of growth.

Because curiosity leads to experimentation which is critical in terms of identifying new revenue streams.?

But this only works when everyone in your business genuinely feels they can contribute ideas, and have these ideas made part of some forum for further discussion and exploration.

Companies that invite people to challenge the status quo**, and that give people the space to experiment, are the ones that thrive when it comes to developing new revenue streams.?

** One of the most common exchanges we have with clients:

Q: Why do you do it like that?

A: We’ve always done it like that.

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Future-Ready

It’s been said to death but this is all about “skating to where the puck is going”.

What does this look like for your business??

Think ESG, and the whole sustainability space, 10 years’ ago and 5 years’ ago V where it sits today in terms of business leaders’ priorities.

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3SIXTY partners with the most ambitious Irish companies to deliver their full growth potential. ??

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To find out more about what we do, visit www.3SIXTY.ie or get in touch via LinkedIn.