For your own Personal Development and your Personal Career Development,Personal Professional Development with our Personal Development Ideas and our Personal Development Training by our Personal Development Tips.
- Income Diversification is a very common idea, though, ways and means as well as potential for the same are always necessary to be assessed first.
- Now look at Pie Diagram reflecting 18% alternative income from a single Diversification of income source to substitute your fall in income.
- Now look at the above Financial Reporting that is necessary by considering all the criteria listed in the illustration for assessment and selection of other fields where one should diversify their activity.
- Our advise is to diversify on the areas where you need to put in minimum expenses as well as you already have the required expertise within your Corporate Team Building process.
- This principle of diversification of income works for both the Corporate Sector as well as each and every individual.
- As an example we may learn from the Leaders of the Corporate world like ITC- The major Cigarette Manufacturer, who changed and diversified their business in Hotels,Vegetable oils, Fresh Vegetables, Biscuits and Soaps and fast catching up and emerged as an FMCG major also, - awareness grew over a period of time about the injury caused by smoking.
- Like the Architects who are designing in the Housing and Commercial Complexes only may include designing of Industrial Sector and the vast field of Interior Deigning.
- Like the Consultants who have limited their activities in the sphere of infrastructural consultancy only they may diversify in the additional areas of Interior Project Management or Industrial Project management.
- Diversification of income generation form different sources also add to the economic development of a country and generate additional employment opportunity.
- Individuals may also do the same by way identifying the areas with the same principle.
- In fact the basic formula of diversification is:
- Your Income = Your own market rate X Time
- One may increase either their rates by updating themselves constantly by way of increasing their qualifications in their own professional field.
- Others multiply the time by way of creation of vacancies for their diversification efforts and build up a team of people who devote their own time for the common goal.
IF ANY OF OUR VIEWERS ARE NOT BEING ABLE TO DECIDE ABOUT INCOME DIVERSIFICATION OF THEIR OWN, PLEASE FEEL FREE TO WRITE TO US AT OUR ADDRESS : addvalue2me@gmail.com It will be our pleasure to help and guide you to the correct path for generating additional income.
- Personal Development tips of the day:
- Generate additional income by way of diversification of your own activity for your personal career development, personal professional development to contribute for the Corporate tam building process with our personal development training and personal development ideas.
- Follow this web journal everyday and regularly for your self-improvement.
