TECHNIQUES FOR DIVERSIFYING STREAMS
Financial preparation: The more resources the customer has, the more possible problems they can face. Your client with a high net worth keeps money at a bank. They will often pay for security, get insurance, and borrow money.
Anyone who provides these services makes cash from what they sell. They put together money by advertising one-stop shopping.
If you can’t be better than them, work with them: A number of accountants prefer to offer one or more services through their firm. However, others get into an agreement with a product supplier that offers referral fees. This is legal, but the client must be made aware.
The hard part is the wearing down of the relationship. If the accountant refers the customer to a certain financial adviser, are they really getting a deal for their client? The good thing is is that most accountants prefer dealing with an uncertain quantity.
Specialization: Really make sure you do your research well. You’ll receive more letters after your name. There are over forty expert certifications in the U.S.
Position building: Unlike specializing, the majority of professions have characteristics exclusive to their work. Each profession differs greatly.
If you put together a practice inside of a particular business section, you achieve a status as an expert in the field. Diversification usually means going further into the section of the business you like the most or growing into services your customers are going to pay for anyway.
The reason to have diverse revenue streams is simple. Having access to more than a single source protects your business, encourages development, and creates a customer bond.
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About the Author: Lalanii Wilson-Jones, MBA is a dynamic business leader based in Dallas, Texas who owns & operates multiple companies across several industries. Her range of talents and experience makes her an ideal candidate for strong economic partnerships all over the world, a great mentor and a great source of information that can change the mechanics of any sized company.
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