Years ago, I had a very profitable year, but it was also a very stressful year.
Because while I was generating a substantial amount of cashflow, I was reliant
on far too few sources for it.
And it made the business insecure.
With this in mind, I’ve learnt to always focus on two things in business:
1. Generating revenue
2. Diversity in revenue
Because that makes you what Nassim Nicholas Taleb refers to as anti-fragile.
Think about it like this:
Perhaps the most fragile person is someone who is earning a sizeable income, let’s
say $250,000.00 – $1 million a year…
But works for someone else.
Because a simple decision can see his income crumble in an instant.
So always, always, always think of two things: income + diversity.
That way you stay tough – and aren’t like a glass vase sitting on the edge of a ledge,
where a single puff of wind can see you smashed into a million pieces.
Imagine a turkey and a butcher.
Everyday the butcher feeds the turkey.
The turkey thinks the butcher is his best friend.
He feeds me.
He loves me.
But then one day the butcher cuts the turkeys
The past does not always equal the future.
Never forget that.
And the marketing strategy that’s working for
you today may fall on its face tomorrow.
For instance, the other day I was speaking with
He used to have a great technique that worked
in the local newspaper.
(the local newspaper was like the butcher).
But it no longer does (it cut his head off).
Instead, the new guys in the industry who understand
the new media are eating his lunch.
Gary Halbert said…
“Be a student of people, not of products”
And yet I’m amazed at how few people truly understand their customer base.
I’ve been guilty of this too.
Of thinking I know my customers because I speak with them all the time…
But the reality is every time I dive deep, I get clearer insights.
The same goes with my clients.
When possible, I try to start with a survey to their database to find out their challenges,
frustrations, gripes and unanswered questions.
Because when you understand this… truly understand this… you can write with a rifle instead of a scattergun.