How One Is The Loneliest Number When It Comes To Running A Business
Finally you own a business. Blood sweat and tears are put into building your company from the ground up.
You’ve got one rockstar on sales, Nick, who has a knack for always closing.
The lifeblood of your sales, thanks to him, you’ve had steady growth month after month.
Without realizing it you’ve positioned yourself into one of the most common pitfalls of running a business.
You're asking the universe to screw you over!
Imagine waking one morning ready to tackle the day, only to find that Nick, your star salesman, has accepted a job offer from your competitor.
Now that steady stream of sales dries up faster than the euphrates river and now panic sets in.
It's like watching a car crash in slow motion—you can see the disaster unfolding, but you're powerless to stop it.
You slowly realize how fragile your entire operation has become, teetering on the edge of disaster.
It’s all your fault and you know it!
You should have built your business like a fortress, the ability to withstand any storm.
The key is to diversify– creating a framework that doesn’t rely on one particular pillar inside your company. Like sales for example, even if Nick didn’t accept a job working for your competitor.
He could have gotten sick, quit, gone rogue, or even died.
The point is that your sales team should be well balanced and this is only one area where things could go tits up.
Here are some ways to avoid these common issues.
The five steps to diversify.
If you do only have one rockstar on your team then you should look into cross-training, making sure that your team can handle multiple roles so that even if one leaves, operations can continue smoothly.
Explore new avenues for lead generation. Invest into digital marketing and social media.
Don't rely solely on any single method. Experiment with different strategies to see what works best.
Consider new products or services that complement your existing offers.
Maintain a network of suppliers and partners. So that if one relationship sours it doesn’t create a disruption in service.
Make it a habit to evaluate your business strategies. And be open to change, ready to pivot when needed.
Thrive in any storm that is to come!
Thriving and not Surviving.
Start Small, Think Big:
Begin identifying your most vulnerable areas. Is it your sales team, your product line, or perhaps your supplier network.
Take your goals and break them down into manageable steps. You don’t have to overhaul everything overnight, but you do need a plan.
Get Everyone Involved:
Make sure your entire team knows how important diversification is. Share the vision of your business strategy with them, encouraging input from all sides.
Have everyone feel that they have a stake in the company’s success. This way, instead of having one rock star, you’ll have a unified force.
Keep one eye on the market:
Stay informed on industry trends and changes. This will help you adapt your strategies as needed keeping you ahead of the curve.
Constantly reassess your position in the market and adjust your approach when needed.
Strengthen your Relationships:
Build and maintain strong relationships with multiple suppliers and partners. Keep communication open and ensure that you’re aware of potential issues before they arise.
Diversify your client base. Avoid relying too heavily on one or two big clients for the majority of your revenue.
Measure and Optimize:
Use analytics to track the progress of your strategies. What’s working and what’s not.
Get ready to pivot. If a strategy isn’t delivering the results you want, don’t be afraid to try something new.
By taking these steps, you’ll be able to build a business that doesn’t just survive but thrive, no matter what challenges come your way. You’ll sleep easier knowing that your company isn’t teetering on a single pillar, but secured on a strong foundation that is built to last.
At the end of the day, running a business on a single pillar is like building a house on loose ground. It's only a matter of time before it starts to give way.
By diversifying your operations and ensuring you have multiple avenues for success, you're not just protecting your business from the inevitable storms—you're setting it up to thrive.
Start today!
Take a look at your business and identify the areas where you're relying on that one risky pillar.
Implement the steps we've discussed, and watch as your business transforms into a powerhouse, ready to weather any storm.
Remember, the business landscape is always shifting, and what worked yesterday might not work tomorrow. By continually assessing and adapting, you’ll have your business not just surviving but thriving.
And if at any time you require some assistance, we’d love to help strengthen your business, so it has the foundation you're seeking. Message us at contact@jackalopemarketingsolutions.com for a free consultation to see what we can do for you.