I grew up watching Lost in Space. Just about every episode had Dr Smith getting up to no good and the Robot waving his arms with Danger, Danger, Danger.
Which brings me to today and the most dangerous number in business. One!
One major client, one key employee, one product or service, one way of attracting clients.
We’re seeing this play our here with the current issues with our biggest trading partner, China. Lots of industries rely on them as not only their biggest market but often their only one.
Tap gets turned off for reasons completely outside your control and you’re in trouble.
The same risk applies to a key employee. They leave, take a whole lot of institutional knowledge and experience with them.
And last, but not least, traffic.
Many an organisation relies on Google or Facebook to bring them all their leads. But as Google giveth, Google can take away. And it does. Whole categories have been wiped out overnight because Google or Facebook or any other source you rely on changed the rules.
So what’s the answer?
Diversify, diversify, diversify. Do it now while you can. Down the track it may be too late.
You cannot afford to be complacent. Sleep with one eye open!
Now I realise this is often easier said than done when you’re working in the business, often constantly running around, keeping the lights on.
But it’s critical you take the time to step out, take a helicopter view and put in place risk mitigation strategies.
Now you can do this yourself, or get our help via our Reboot, Revitalise and Thrive strategy and implementation sessions.
Working together we’ll look at where you are, where you want to get to in 12 to 24 months and then put a plan together.
You’ll know what your major risks are, have a plan to mitigate them and what your 3 to 4 major priorities are moving forward. What must be done and by whom.
Remember, you need to dig the well before you need the water.
Contact me at revealedresources.com for more details.
Till next time, this is Rashid Kotwal.