Best Business Expert

Generating revenue is a big priority for your business, and there are really two basic way that you can go about it: You can cast a wide net and generate revenue from multiple streams of income or you can focus on one area with laser precision and generate revenue from that. I've heard success stories on both sides of this argument.

Robert G. Allen is the multiple streams of income guy and he purports that your income should come from a variety of sources (increasingly passive sources) so that you can work less and make more money. The laser focus concept is akin to Jim Collins' Hedgehog concept in his book Good to Great. Neither of these authors invented their idea but their book helped to put it into the mainstream.

So which should you choose? Multiple streams of income seems like a great way to build lots of small businesses to diversify but the costs can be higher and you can spread yourself too thin. The laser focus idea seems like a great way to charge a higher rate and keep costs down but you could be putting all of your eggs into one proverbial basket. 

I think there is a middle ground here: Multiple streams of income with a laser focus. This is where you create several different revenue streams on a single topic: Let's say you're a financial advisor. You focus in like a laser on helping people achieve financial success but within that narrow field you create several streams: On the consumer side, you can offer investment advice, seminars, ebooks, a paid newsletter, and coaching. And don't forget that you can also help other financial advisors with ebooks, coaching, and more. 

You can have the best of both worlds.

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Want to make 2010 way better than 2009? There is one to-do that I recommend: Think back to all of your failed presentations (the ones that DIDN'T turn into sales) and write down the objections the customer gave that killed the sale. In fact, strive to make a list of your top 5 objections that kill sales. 

Then, spend the next week (between now and the first weekday in January) and come up with 2-3 ways to counter each objection. Maybe you need to build more value into your product. Or maybe you need to find a way to accommodate the customer's request to escalate the sales presentation to someone else. Maybe you do need to drop your price. Or, maybe you need to be presenting on a longer timeline so potential customers have a chance to build your purchase into their budget.

If you have 5 top objections and you created 3 ways to counter each one, you'll have 15 top priority to-do's that you need to put into effect right away. And when you do, you'll counter those objections like a pro and make more sales.

Of course, you will face other objections – no one is denying that. But this isn't a situation that you can create a magic bullet for. You just deal with the top ones and move on. In fact, it might be a good idea to schedule an "objection review" at the end of each quarter where you work to solve the top objection you faced in that quarter. Over time, your prospect's objections will become weaker and weaker as your sales skills and ability to handle their objections becomes stronger and stronger.

Brought to by you by: Contemporary VA - Run your business instead of running in circles.

@ContemporaryVA on Twitter.  Follow the team to stay updated on business resources we deliver that cover strategies and tips, social media and more!