Put More Hooks in the Water
Each industry has its own traditional sources of revenue. A sales team might be a source, the internet, a retail location, radio ads, etc. Developing the right sources means optimizing each source so that it is as efficient and profitable as possible and innovating to open up sources that the competition isn’t utilizing.
A simple example of optimization is with email marketing. When sending out an email advertisement, you want to achieve the greatest pull possible. It is essential to apply techniques to get the email to the right people, get more of the right people reading it and most importantly, acting on it?
Innovation is creating an effective revenue source that isn’t currently being used. Maybe a restaurateur devises a clever way to use twitter to drive traffic to the restaurant during slow periods or a unique web strategy pulls in a whole new crowd.
Developing growth strategies is just like fishing. If you put one line in the water you have a chance to catch something. If you put two dozen lines in, you have a much higher chance of catching fish.