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Offsetting loss with new revenue streams
After a year marked by loss and challenge, many small businesses are looking at a long road to full recovery. One solution to offset losses is tapping into new revenue streams. A recent article by SCORE gathers insight from financial experts and small business owners on boosting the bottom line. Here are some tips: 1. Launch new products and services
Necessity is the mother of invention: Look for gaps in the market that your business could fill and do it with a product or service you’ve never offered before. It’s time to innovate. 2. Take stock
Asses your current abilities and processes before creating a new revenue stream so that it aligns with your main product or service. In order to be profitable, the new revenue stream can’t drain your limited resources. Consider how various forms of waste can be repurposed into profit. 3. Expand into new markets
If financially viable, entering new markets will not only create new sources of revenue but also new ways of doing business,
especially if you expand internationally. 4. Form partnerships
Connection is key. Join forces with brands that have complementary services as a source of referrals. Successful partnerships deliver value to both parties. In the words of one business owner, “Think about how you can create value for a partner first and then make a pitch.” 5. Market your expertise
Offer online classes or seminars on topics within your expertise. Sharing your knowledge on entrepreneurship or growing a business (for a price) will, in turn, help other leaders and companies recover from a devastating year. 6. Sublet office space
Paying rent for an empty office? Offer a sublease to another business that could put it to better use while your employees work remotely. n
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BREAKTHROUGH STRATEGIES
BIZ PEOPLE Advertising Section: New Hires, Promotions, Accolades and Board Appointments
FINANCIAL SERVICES
SVA Certified Public Accountants Welcomes Richard Kollauf as Principal SVA Certified Public Accountants is proud to announce the hiring of Richard Kollauf, JD, CPA, CFP®, AEP®. Rick has been hired on as a Principal to lead the firm’s Trust & Estate Compliance service line. He has more than 35 years of experience working in financial, accounting, and legal operations. His expertise in the multi-faceted financial environment includes business succession planning, tax, investments, finance, mergers and acquisitions, estate planning, and trust administration. He also has experience in estate planning and distribution for complex operational and investment multi-state businesses.
PROFESSIONAL SERVICES
Nancy LaViolette, VP, Recruiting Process Insourcing, has joined Lauber to lead the new Human Resources service, Recruitment Process Insourcing (RPI). Nancy comes with over 24 years of experience in the Recruiting and Staffing Industry.
HEALTHCARE
Saint John’s Communities, Inc. welcomes Matthew Loyd as COO to its Executive Team. In this newly created role, Loyd will oversee Saint John’s reinvented Health Center, Marketing, Dining and LifeStreams wellness programming. Loyd brings more than two decades experience in not-forprofit senior living community leadership. Most recently, Loyd was Vice President of Health Services at Oklahoma Methodist Manor in Tulsa. An advocate of longterm care culture change, he has previously led three organizations through the transition into personcentered care environments.
PROFESSIONAL SERVICES
Kim Lyden Joins Lauber Business Partners’ Recruiting Process Insourcing Kim Lyden, Recruiting Manager, has joined Lauber as part of the new Human Resources service, Recruitment Process Insourcing (RPI). Kim comes with 15 years of experience in the professional staffing and recruiting industry.
HEALTHCARE
Saint John’s Communities, Inc. is delighted to announce that
Cristina O’Brien, PT, DPT, MPH,
ATRIC, has joined our team as Director of Physical Wellness.
In this new role, O’Brien will be responsible for all fitness and therapy services. O’Brien earned a Master of Public Health (MPH) at the Medical College of Wisconsin; a Doctor of Physical Therapy (DPT) at Marquette University where she also completed her under-graduate studies Bachelor of Arts (BA) – Spanish Language and Literature, & Psychology.
FINANCIAL SERVICES
Catholic Financial Life announces Sara Walker as VP of Investments. Walker will oversee the organization’s $1.7 billion investment portfolio. Walker is a graduate of UW-Parkside and has an MBA from UW-Milwaukee. She is a Chartered Financial Analyst.
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BANKING
Ixonia Bank proudly announces that it has appointed Ryan O’Connor as its new Senior Vice President & Chief Operations Officer. Ryan will serve as a member of the executive leadership team and will be directly responsible for the management of deposit and loan operations, customer solutions and information technology. He also will be a participant in the development and execution of the bank’s operational and strategic initiatives.
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