If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about how you can identify a new business need in your community.
This edition of “Ask the Board” features Audrey Ryder, Franchise Owner of three YogaSix studios in the San Francisco Bay area. Audrey shares her tips on how you can diversify your revenue and in turn, increase your profitability.
Be insatiably curious
Getting to know your current customers and prospects is crucial for identifying new revenue streams. Let every interaction with them be an opportunity to ask open ended questions where listening is your main goal. Conduct surveys and feedback sessions to uncover unmet needs and preferences. This curiosity can reveal opportunities for new products, services, or enhancements that align closely with their desires, fostering increased loyalty and spending.
Solve problems
Businesses thrive when they solve problems effectively. Identify the pain points and challenges your customers face, then develop solutions that address these issues directly. By positioning your business as a reliable problem solver, you can create new products or services that not only meet existing demand but also open up new markets and revenue opportunities.
A motivated, inspired, and empowered team is essential for driving innovation and diversification.
Audrey Ryder, YogaSix Franchise Owner
Say “yes”
Say "yes" to every opportunity and then figure out how to make it happen. Adopting a flexible and open-minded approach can take your business to the next level in record time, and lead to immediate, unexpected revenue opportunities. Saying yes to new ideas, partnerships, or market experiments allows your business to explore and capitalize on uncharted territories. Each new venture, even the ones that fail, are priceless learning opportunities. This willingness to embrace change and innovation can lead to diversified income streams and a more resilient business model.
Inspire your team
A motivated, inspired, and empowered team is essential for driving innovation and diversification. Foster a culture that encourages creativity, collaboration, and initiative, allowing your employees to contribute ideas and take ownership of new projects. When your team feels empowered, they’re more likely to identify and develop new revenue streams, driving overall business growth.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
