Watching CNN a few days ago, I came across an episode of Philippines Now where the network was highlighting various initiatives taking place in the nation in areas such as innovation, business and culture just to name a few. One story that caught my attention was that about coconuts and the impact they have on the Philippines economy. Besides being a food, coconut byproducts are used in a number of different applications which creates a number of opportunities through which people can make money.
They highlighted a small scale coconut farmer who generates an income from coconuts but was still farming in the traditional way and it was at this point where I found myself shouting out ‘no!’. As they were working away and husking the coconuts, the next step was cracking them open and throwing out the water. The first thought that came to mind was all of that coconut water going to waste.
Coconut water is something that we always have on hand in our home and I know a few other people who have been drinking it for years and others who have recently taken to it. That said, and going back to the farmers, besides thinking about the water going to waste, I also started thinking about all the money that they were literally throwing away.
The report went on to highlight this fact and just how much money is being lost by not using coconuts to their fullest potential. It started making me wonder about revenue streams and how much value people are really extracting from them?
If you sell a product or provide a service, watch the video for yourself, take stock and ask yourself if you are extracting maximum value from your revenue stream(s)?
If you don’t know what the value of your product or service is, take a look at How to See Your Real Value Using Cost of Goods Sold (COGS) by FreshBooks for a brief rundown on what COGS is (and isn’t) and how to track these costs.
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