Crisis like the new coronavirus pandemic can have expected—and unexpected—impacts on your business’ revenue streams. That’s why it’s important to have a plan to diversify cash flow, tapping into other alternative income sources and freeing up capital. This is often easier said than done, however—and if it’s handled poorly, you may end up hurting your business even further.
Focused Energy's founder Andrew Lyon spoke with Forbes on examples of opportunities that can be found in times of crisis.
"Most software as a service businesses overlook the fact that there is a great opportunity to offer professional services and a 'white-glove' approach to create accretive revenue potential. Services work, while not glamorous, is cash-rich and generates the cash flow necessary to supplement any software churn. It will create a deeper connection with your customers and their use of the product," says Lyon.
Are you looking for ways to navigate the uncertainty of COVID-19? Get FE's tips for navigating risk and finding opportunities or contact us today.