Multiple Streams of Income: Internet Myth or Vital Business Strategy?

Written by Diane Hughes


So often we, as online business owners, fall victim torepparttar hype surroundingrepparttar 104464 latest buzzword or idea. It’s a truly pitiful state of Internet affairs when we can’t distinguish sound truth from blurred theory. So what isrepparttar 104465 truth surrounding one ofrepparttar 104466 most talked about Internet catch phrases, "multiple streams of income"?

In all actuality,repparttar 104467 idea of multiple streams of income is not a new concept. Those who have been successful in business (in life for that matter) have long understood that you simply aren’t acting wisely if you place all your trust in one wealth-generating company, idea, or tool. Those in offline business refer to "multiple streams of income" as "diversification."

Take a look atrepparttar 104468 stock market for a moment. This is a prime example of diversification or "multiple streams of income" (MSI). For as long as it has been in existence,repparttar 104469 stock market has thrived on diversification. Stockbrokers encourage (almost insist) that you keep your funds split between multiple companies. Why? Because if one company goes under, you’ll have additional sources of revenue throughrepparttar 104470 dividends of other companies.

How about business purchasing? Professionals in business procurement will advise you to line up and use several vendors forrepparttar 104471 same products/services. Why? Again, to protect yourself should one or more of your vendors close their doors atrepparttar 104472 same time. If this happens, and you have other vendors lined up and ready to go, you won’t lose any time in gettingrepparttar 104473 supplies you need to continue conducting your business.

These same proven tactics apply to MSI online. Just as you wouldn’t want to invest all of your savings with one retirement fund company, you wouldn’t want to derive all your income from one source. Justrepparttar 104474 opposite. You’ll want to ensure you have revenue coming in from as many different sources as possible.

Multiple Channels, Multiple Times

Written by Robert F. Abbott


I've just been reading aboutrepparttar frustrations of a Human Resources manager. He's tired of having to answerrepparttar 104463 same questions about benefits over and over again.

I understand that, having been on both sides ofrepparttar 104464 issue, both as a consumer of benefits and in communicating about them on behalf of corporate clients. Benefits can berepparttar 104465 slippery eels of internal communication.

But, to putrepparttar 104466 issue into context, this is another case of complex communication. In this case, a large volume of information that's not easy to understand.

Descriptions of benefits typically involve a high level of density: in other words, they contain a lot of information in a small amount of 'space'. Many of them resemble insurance policies -- long on legal language and short on examples and anecdotes. As a result,repparttar 104467 information is accessible to only a small proportion ofrepparttar 104468 whole group.

How do you deal with this kind of communication challenge? Multiple channels, multiple times. That means repeatingrepparttar 104469 message many times, and sending it through as many different channels as possible.

For example, when one of my clients changed its benefits package to offer more choices, it used this strategy. Collectively,repparttar 104470 overall value ofrepparttar 104471 benefits would work outrepparttar 104472 same forrepparttar 104473 company. But, individual employees would have to make choices, and in many casesrepparttar 104474 value ofrepparttar 104475 individual benefits they received would depend on how wisely they made their decisions. In turn, that could lead torepparttar 104476 equivalent of 'buyer's remorse' and complaints.

The company took a proactive approach torepparttar 104477 changeover. It began planning well in advance ofrepparttar 104478 switch, and its preparations includedrepparttar 104479 equivalent of focus groups to identify concerns, questions, and problems.

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