Have you ever taken the time to consider all that your small business has to offer? Different activities which generate revenue can be organized into revenue streams. Grouping your activities this way will tell you which are doing well and which are not – valuable information for you to use to make decisions about your business.
If a revenue stream is not doing well, you may want to drop this activity altogether. Or you may want to place more focus on making it viable, such as by cutting costs, increasing prices, or doing more marketing.
Taking a new product or service to market? Include it as a revenue stream in your business plan. If you don’t meet your revenue forecast in the period of time expected, it’s time to re-evaluate. Keep in mind most business plans cover a period of 3 to 5 years.