Diversify to Protect Your Business from Risk

Diversify to Protect Your Business from Risk

Diversify to Protect Your Business from Risk

Diversify to Protect Your Business from Risk

One of the most important lessons I learned the hard way is the importance of diversifying your income streams and customer base. Trust me, you don’t want to put all your eggs in one basket.

Reflect today: Is your business overly dependent on one income source or location?

Here’s why diversification is crucial for business survival:

Avoid Over-Reliance on One Source
Years ago, I learned this lesson the hard way. My education company relied on one government funding stream and a single geographical location. When the government made one decision in 2014, I lost $2.7 million and 21 employees—in a single day.

Spread Your Risk
Today, I focus on having a global customer base across multiple industries and currencies. By diversifying your income streams and customer base, you protect your business from sudden changes or downturns in a single industry or location. 🌍

Build a Resilient Business
Remember: Diversifying your business isn’t just about growth—it’s about survival. Don’t let one income source or market control your entire business.

Want to learn how to diversify your business and build a strong, resilient company? Join Legends Lab and I’ll guide you through the steps:
https://sarahcordiner.com/legends

BusinessGrowth #Diversification #RiskManagement #SarahCordiner #LegendsLab #EntrepreneurTips

Sarah x

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The Legends Lab is Sarah's ongoing coaching membership where you will learn how to become a well-known expert in your industry.

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