How To Increase Your Income Potential In 2020

Building Multiple Streams of Income

One area we all know everyone will tend to plan for in 2020 is to increase income, especially if you are not comfortable with your current earnings, since there are bills and other projects to embark on.

So increasing ones income potential has to be a key focus and to do that you have to be strategic and know what to do in 2020 in this area. In this article I have summed up what I believe will help you based on my experience to increase your ability to earn additional income (multiple streams of income) come 2020.

1. Provide a Product or Service that is solving a particular need in demand: there is no income without a product or service. Even if you create a product or service, they must be in demand or there must be a market or people who need it and are willing to pay money for it. In thinking about a product or service ensure you focus on Needs, Target market, size and their purchasing power. You can read up more here good-product-constitution/. One of my mentors and top leadership and business coach always says;

“Money flows in the direction of value”

Dr Sam Adeyemi

you must be a able to give value in return for money. So plan as this is the best time to put together what you got to offer in 2020. Either you are starting a business or just to add a service besides your current work? then plan it.

2. Ability to Sell: Products or Services don’t just sell themselves people need to sell it, either through advert, face to face marketing or other social media marketing. As a product owner you must have this skill to sell what you manufacture or produced to potential customers. You must be willing and hungry to sell your products, and in selling you must know who to sell to, not everyone is the right customer for a particular product, but if your product cuts across all market segment, then you will have a higher target market. products like daily consumables and in high demand.

In increasing your sources of income, you don’t need to reinvent the wheel, just identify a gap within a market and use the same available solution to meet it. Last year I launched a product on how to turn your skills to money with a focus on creating digital products, you can subscribe for the course here skills-to-money/

So go an identify

3. Humility to Sell: To sell you must be humble, and willing to hear things you might not like from your potential customers, some will even want to educate you on your products, its not bad it’s just part of the whole game. That customer is holding your potential money in his pocket and only your ability and humility will force him to bring it out of his pocket and give it to you. Don’t give up after the first try, keep pushing. one of the businesses I started the first 3-people I met said no, but they ended up becoming my first customers with the highest referrals.

There is no pride in selling, you must be humble enough to answer all questions from your potential customers. they want to know you are not just taking their funds without the value you mentioned, after the first try they will always come for a repeat if their experience is positive. so strive to ensure their first experience is positive.

4. Good communication skills: Communication is everything, I have seen people who have good products or services but cannot communicate the value to potential customers or sell it to them. it’s the most frustrating experience to any sales person or product owner. You must build your communication skills, you must know the right word to use to sell your products or services, you must practice how you want to sell, till you become extremely good at it that when you are woken up suddenly you will repeat the same thing. Communication covers all channels of your sales, you can also get a professional to guide or help with a cover for products especially on digital marketing channels.

These four skills are very key and will guarantee you multiple income sources in 2020.

Don’t wish to increase your income, be deliberate about it.

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To your Success

Lawrence Obi

How To Get More From Your Employee Through Training

Maximising Employee Return on Investment (ROI) Through Continuous Training and Development Programmes

Business sustainability largely depends on how we respond to changes that have a direct impact on bottom line performance as well as how we manage our resources through these changes. 

Hence, to a large degree, where your business finds itself tomorrow will depend on how much you are prepared to invest today in staff training and development.  Training and development include any learning opportunity that helps employees improve their skills and overall capacity to deliver quality service. It may or may not be related to their core area of work in the organization, but must improve their capacity to reason, relate, or lead as the case may be.

Your employees are the lifeblood of your business and sustaining their potential to perform means better bottom line results.  20th Century genius Albert Einstein offers some healthy advice in this regard that can be summed up as: “The definition of insanity is doing the same thing over and over again and expecting a different result.”

Beyond the obvious reasons, what are the other implications for your business when you make a dedicated investment in maximising employee potentials through training and development?  In this article we examine what we consider to be the reasons why it makes perfect sense to invest in employee training and development programmes.

  1. Training enhances staff performance levels

When your employees undergo training to improve their knowledge and enhance their skills it goes without saying that they will naturally be able to perform better.  This applies to each and every department and covers employees at all levels within the business.  Through training, your employees will automatically acquire a better understanding of your business, the industry at large as well as the function and purpose of the particular jobs that they do.

2.    Cross-training opportunities mean a better understanding of the business

If your business is structured in such a way that you have different departments, creating an environment that embraces collaboration among employees inspires members from different teams to learn from each other.  For instance, when one team is involved in a training session, even if it is a specific initiative, invite others from different teams or areas to also attend.  This will give others the opportunity to learn more about aspects of the business that they previously knew nothing about. 

  • Training minimises staff turnover

While a certain degree of staff turnover is normal for any business and new people who join an organization bring along with them fresh ideas and different perspectives, a high staff turnover rate can be disruptive and costly.  Spending the money on staff training and development as opposed to recruiting new staff is far more cost effective.  Not to mention that when employees realise that you are prepared to invest in their training and development needs they are more likely to feel valued and this means that they are less likely to seek employment elsewhere.

  • Employees who are trained feel more engaged with the business

Benjamin Franklin was quoted to have said: “Tell me and I forget, teach me and I may remember, involve me and I learn.”  The same applies to actively engaging with your employees.   It goes without saying that your employees will greatly appreciate any opportunity you give them to learn and grow.  Continuous learning keeps things from becoming staid and boring by helping to stimulate a flow of fresh ideas which in turn ensures that staff are sufficiently motivated.

  • Training helps employees stay abreast of new developments that invariably translate into business growth

Training ensures that employees stay abreast of any new developments within the industry, which, in turn translates into opportunities for business growth.  Staff who are informed of new developments should inform others within the business and keep everyone on the same page.  This will help to sustain a competitive advantage and ultimately improve customer service levels. 

  • Training improves your business bottom line

Engaging with employees through dedicated training programmes helps to improve your business bottom line in that by upskilling your employees, whether it is with a view to enhancing customer service levels or elevating technical knowledge, through training, your employees will naturally become better at their jobs which in turn translates into better bottom line performance.

  • Training enhances the reputation of your business

The perception around a company who cares enough about their employees to invest in staff training and development enhances the reputation of the company.  Staff and customers alike will see the company as one that is good to work for.  This, in turn, not only positively affects the hiring process but also augments sales and boosts the bottom line.
Train Your Team

  • Training upskills employees for promotion

Existing employees are familiar with the day to day running of the business and when it comes to considering promotions and placing individuals into key roles and positions of greater responsibility and influence it is natural to look within the company before hiring from the outside.  Not only does training ensure that employees are more capable, but also helps to identify appropriate talent within the organization.   Managers are then able to determine who should be considered for promotion and gain a better grasp of latent strengths and weaknesses. 

  • Training helps with succession planning

Dedicated staff training and development programmes should be a continuous process.  In terms of succession planning it can help to enhance employee skill levels when considering what types of leaders a company may need in the future, what industry changes and developments are expected to take place that can impact the business or what customers may need in the future.

Helen Fenton, Senior Analyst:  Business Optimization Training Institute (BOTi)