Being a business leader means constantly scanning for opportunities to grow and scale. Whether you’ve sufficiently cornered its market, identified another problem to solve or is feeling the pinch of competitive forces, chances are you’ve considered an alternative revenue source at some point. Disney did it by venturing into media networks and AirBnB did it by launching “experiences”. But not every venture is as successful. So what makes one brand succeed while others fail? And what steps can companies take to ensure the resources put into the new revenue stream is worth the investment?
In this recent Inc. column, Tallwave CEO Jeff Pruitt shares four things business leaders should keep in mind when considering a new revenue source for the company. He shares how to identify where to expand, the importance of assessing resources well in advance, and taking the time to research, test and validate your assumptions. Jeff also discusses why building a roadmap or blueprint is mission critical - especially if it ends up showing the new venture wouldn’t be worth the investment in the end. Read the article here.
Written by Tallwave