Is It Time to Add New Revenue Streams to Your Services Business?
Relying on just one or two types of revenue streams doesn’t make good fiscal sense. Added revenue streams not only improve both top- and bottom-line revenues, but they also help services firms expand market share and augment streams that are prone to seasonal, economic or other fluctuations.
Here are six signs that it’s time to add new revenue streams to your software, advertising, media, publishing, professional services, IT services, managed services, or value-added reseller business.
You’ve been doing the same thing the same way for a really long time.
Your current model may not sustain itself. Poll your customers and talk to your team to see what changes are in order.
Your company is grappling with margin and revenue challenges.
By providing a new crop of differentiated services, you can avoid this problem while also boosting profits.
Your customer roster looks like it did 10 years ago.
Could your firm be doing even more for both existing and prospective customers? Ask yourself this as you consider adding new services to your menu.
Clients are asking for services that you can give them.
The advertising firm focused on digital strategies can add content production as an adjunct service, knowing that such services are in high demand right now.
You’re over-leveraged in one business area or customer segment.
Services businesses must have a range of offerings to keep their customer base engaged, being highly leveraged in one customer segment is just bad business. For example, if you are an implementation consultant that specializes in helping sales team’s setup their CRM, adding offerings to help optimize or make tweaks to their environment would provide a powerful new revenue stream with wide application to your current customer basis.
Those big-picture, strategic goals are getting put off.
Solve this problem by keeping your firm’s values and mission at the forefront, even when putting out daily fires is taking up all of its energy and focus.
Key Benefits & Features of a PSA System
With NetSuite’s PSA solution you will increase visibility into your professional services organization, improve resource utilization, streamline invoicing and billing, elevate on-time project delivery and drive profitability.
The totally integrated solution, which includes Project Management, Resource Management, Project Accounting, Timesheet and Expense Management and Analytics, provides powerful tools to help you manage your projects, resources and finances.
Whether you are struggling to gain control over your projects, accurately invoice your clients or deliver more with less, NetSuite Professional Services Automation solutions have you covered.
- Delivers real-time visibility into your services organization’s performance and profitability.
- Improves on-time project delivery and drives project success rates.
- Increases resource utilization with advanced resource management functionality.
- Equips your services team with mobile access to time and expense management.
- Reduces hardware maintenance costs and upgrade hassles with cloud-based delivery.
Project & Resource Management
Project Management capabilities enable project managers and team members to collaborate on projects and maintain current and accurate project status at all times, allowing managers to proactively identify and resolve potential issues with each engagement.
Resource Management enables project managers to optimize staffing and utilization by minimizing bench and ensuring that qualified resources are working on the right projects.
Project Accounting & Billing
Project Accounting connects project activities with company financials, helps ensure accurate accounting and billing throughout the project lifecycle, and streamlines time and expense management while providing extensive reporting capabilities.
Billing and Invoicing Management automates one-off invoices as well as complex recurring, time and project-based billing. NetSuite provides flexible billing options—based on completing project work, achieving project milestones, or according to a schedule of dates.
Timesheet Management
One of the highest touchpoints in a PSA solution, our customizable timesheet feature enables users to quickly and easily capture detailed timesheets, whether in the office or on the road.
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Maximize your Services Business Performance with NetSuite Professional Services Automation
Key Points to Consider When Selecting an ERP Implementation Partner
In addition to the few points below, our free business guide will provide you with a checklist of what you must consider when selecting an ERP service provider
1. International Expertise
a. In addition to their ERP expertise, their knowledge of your business both locally and internationally should be evaluated
b. Are they able to support your day to day users both locally and internationally?
2. ERP Experience
a. Qualification and competence of the implementation team
b. Industry expertise
c. Ability to deliver on time and on budget in as little as 30 days for small sized projects with out of the box functionalities
3. Methodology
a. Transition from sales to implementation team
b. Ability to set fixed timeline and fixed rates for the implementation
c. Data migration techniques and tools, dedicated project resources, post go-live support and much more
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