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Diversifying Services Revenue in Downturns

MediumStrategy00:00
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The question is on your right: Diversifying Services Revenue in Downturns. Take a moment with it first.

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Problem

Scenario

You are advising a professional services firm as client budgets tighten and traditional project work becomes less predictable. Leadership wants ideas that go beyond simple cost cutting or selling more of the same work, and is asking how the firm could create new revenue streams that hold up better in a downturn.

Question

What are some unconventional ways a professional services firm could diversify its revenue streams during an economic downturn?