NEVER STOP LOOKING
Within the last week I have met four small business owners who have over 80% of the income originating from a single source. Yes, they are all profitable, but now “the rest of the story”.
The one that came to my office has been in business a little over three years. The business was founded upon a single client that has been with them since day one. One small problem happened three weeks ago; the single client said that they will no longer need their services.
Without a written agreement, there was no requirement for advanced notice. They had two months to tie up their loose ends and then the engagement was over. Thinking that their business was going to last “forever” with this single client, the three owners had no contingency plan nor had they put any money aside to cover any emergencies.
Yes, there were other potential customers needing the same service but they would have to start, almost from the beginning. They were not known in the industry; they did not know what the competition offered in the way of services provided or the cost to the client. In essence, they are starting a new business with very little money and without an understanding of the current market place.
It’s great to have a “sugar daddy” client that can fully cover your expenses and provide a reasonable profit. The moral to this story is to always be looking to add new customers. When your business is generating revenue, you have the time to develop and to implement a marketing plan.
Change is the only constant, even with “faithful” customers. You should never place yourself in a position that the loss of a customer can put you out of business.
Make sure that if your largest customer leaves unexpectedly, while you may suffer some financial loss, your business can still survive on what is left. In other words, never stop growing and adding new customers.
Look for opportunities to grow your business in everything you do and with everyone you meet. BizQuack
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