<P> - Time Recording was at first the main revenue earner, and was used by Watson as a vehicle for diversification, though none of these was great success . </P> <P> - The tabulating business most interested Watson, perhaps because it was closest to his NCR experience . This was where he directed much of his attention and by the early 1930s this had indeed become the largest piece of CTR . </P> <P> In 1920s, while still under Fairchild's domination, Watson focused on achieving a significant degree of growth . Revenue grew from $4.2 million in 1914, when he took over, to the peak of $16 million in 1920 . The price of this, however, was a precarious cash position . In 1921, sales fell to $10.6 million and Watson faced a cash - flow crisis . Once again CTR was to be funded, and rescued, by Guaranty Trust . Watson was forced to cut costs across the board, including reducing R & D and laying off employees . He never again allowed his cash position to fall so low . He subsequently maintained a policy of low dividends, high revenues, and careful cost controls . He adopted very conservative accounting principles . </P> <P> Hollerith, beginning with the 1890 census, had rented his machines so that his company could provide the maintenance necessary to assure reliable operation . Watson recognized other benefits including the idea that renting equipment was inherently more stable, since the income continued when equipment orders would otherwise have dried up . Less obviously, it forced sales personnel, aware that they might lose the rental, to maintain regular contact with customers, thus ensuring--even as early as the 1930s--that customer relationships were well - managed . This approach became central to IBM's activities . </P>

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