Are all your business Eggs in One Basket?

Are all your Business eggs in one basket?

Today I want to talk to you about the old saying ‘laying all your eggs in one basket.’

This old saying really resonates with me and I think as business owners we need to understand this is NOT a good tactic when running a business.

I remember an experience I had early on in my business, when one Valentine’s Day I had ordered all my roses to come from one supplier.  On the day they were to be delivered we were notified that they were held up in quarantine and we were most likely not going to get them. Aargh!!!  After endless amounts of phone calls and complaining to the supplier I remember being told “why did you order all your roses through us?”  Here I was thinking I was being a loyal customer, only to be told in some kind of round about way you dickhead don’t give us all your money!

I really learnt from that experience, that I was putting too much trust into just one thing and I have no fall back systems in my business.  I realized this wasn’t just for Valentine’s Day but my business in general. I was too reliant on just website sales alone, or only having one staff member on the books.  I’ve since used this learning experience to evaluate my number of baskets and branch them out, overall to improve my long-term success.

Then the other day I was speaking to a friend, she was telling me how she needed to get a website to grow her aromatherapy business and she mentioned how a leader in her industry was only using a Facebook page to promote herself.  One day this lady woke up to an email from Facebook saying her group had been closed due to some technicality on her behalf…eeek.  As wonderful as these free services are for new business owners they really are not a long-term solution if you are serious about running a business.  I really hope this lady had a backup plan, did she have a business website or an email database of her clients?  See, this is why we need to have our eggs in a few baskets!

I really want you to think about these experiences and whether your business might fall into the same trap? Look at everything from you promotional model, staffing model, products, and processes.  Finding ways to branch out now may save you plenty of heartache in the future.

If you are not sure how to develop fallback systems in your business, why not get in touch with me today.  I provide small business owners and organisations with affordable strategic marketing plans that will branch your business out for long-term success.

 

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