WAYS OF GENERATING REVENUE

Have you ever heard the term "nontraditional revenue"? If you're not immersed in radio and TV ad sales, you're most likely not familiar with that industry buzz phrase, more commonly referred to as NTR. But the concept, when applied to your business, can add bottom-line income to your existing revenue streams.

2 TO 5 YEARS, ITS TIME TO GROW

After your first year, re-read the business plan you started with. One reason to review it now is to update and, if necessary, revise your goals or schedules. Re-reading your business plan also re-acquaints you with the goals you had in the beginning but may have lost touch with during the hectic startup days. Fix these goals in mind as you enter years two through five.

WORD OF MOUTH

There is no better form of advertising than word of mouth (a personal referral from someone whose opinions others trust and respect). Small business owners are among the biggest beneficiaries of word of mouth referrals, as they require no advertising and marketing budget.

START CONSULTING

The dictionary defines a consultant as "an expert in a particular field who works as an advisor either to a company or to another individual." Sounds pretty vague, doesn't it? But unless you've been in a coma for the past decade, you probably have a good idea what a consultant is.

EMPLOYEE AND COMMUNICATION

If we told you good employee communication is important, we'd hear a good, resounding "Duh." And if we told you your employees were the key to your success, you'd tell us to stop wasting your time. But if we told you how to run your company from the inside out, would we have your attention?