Why Your Profitable Business Could Be One Step From Ruin

Posted by mywifequitherjob under Strategy
From http://mywifequitherjob.com 4416 days ago
Made Hot by: Kirsten Jones on October 4, 2012 4:26 am

Without diversification, you are always just one step away from ruin. With diversification, you can be several steps away — with each step being less likely to occur than the previous.

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Comments

Written by ivanpw
4414 days ago

Well said - but to note, diversification is no kid's play. Take one wrong step and you'll get burnt down - I tried to diversify too much only to find that I don't have the resources to manage everything.

But yes, when 80 percent - if not all - of your profits originate from one single business, diversification is a must!

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Written by HeatherStone
4415 days ago

Wow, Tom. A rude awakening, but really true. Markets are often changing and your business needs to change with them. Thanks for sharing this post with the BizSugar community.

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