New Profitable Projects
New projects play a pivotal role in a firm’s operations. They suggest the potential for expanding the income generation prospects. Also, they indicate potential improvements in the income status of the firm by integrating the input of additional revenue-earning activities. Their inclusion may further reflect on the ability of the firm to remain viable in operations. Income generation remains perceived as the primary reason for the desire to participate in further projects. New projects offer a novel perspective of generating income through their profitability margins. As a result, the firm opting to expand its income generation prospects needs to focus on participating in profitable new projects (Matinheikki, Artto, Peltokorpi & Rajala, 2016). A further reflection on new projects points to the need to further the income generation potential on the appraisal qualities of the business operations. New projects have the potential to define the expectations of the firm positively due to their ability to introduce a sense of confidence in management skills.
Participating in new profitable projects allows the visualization of the viability of the firm in terms of market position and competitiveness. New projects may emerge from equally novel clients or retained ones. In either case, the prospect of having the firm attract such business assists in shaping its market prowess. Also, such outcomes allow the cementing of its position as a market leader (Strokov, 2014). New business plays a pivotal role in boosting the confidence of the staff concerning the effectiveness of their contributions to the firm. Profitable projects further their agenda on revenue generation and the eventual growth of the firm (Chung, Kim, Kim & Zhang, 2015). Ideal expectations regarding the acquisition of new profitable projects comprise attributes such as the potential of the firm to remain relevant to the market. As a result, the importance of attracting new projects may tend to extend beyond the element of revenue generation to include an enhancement of the firm’s image.
References
Chung, K. H., Kim, J. C., Kim, Y. S., & Zhang, H. (2015). Information asymmetry and corporate cash holdings. Journal of Business Finance & Accounting, 42(9-10), 1341-1377.
Matinheikki, J., Artto, K., Peltokorpi, A., & Rajala, R. (2016). Managing inter-organizational networks for value creation in the front-end of projects. International journal of project management, 34(7), 1226-1241.
Strokov, A. I. (2014). The methodological aspects of assessing the attractiveness of investments made into financial assets and real projects. Life Science Journal, 11(10), 682-686.
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