Why Your Profitable Business Could Be One Step From Ruin

Posted by mywifequitherjob under Strategy
From http://mywifequitherjob.com 4224 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.

Who Voted for this Story

Top BizSugar Users

This week's most active BizSugar users. Join Them!

Comments

Written by ivanpw
4222 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!

- 0 +

Written by HeatherStone
4222 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.

- 0 +