How healthy and strong is your business? Is it able to endure an economic turndown? Will it survive the lean years? Businesses can avoid many of the pitfalls that cause thousands of business each year to fail. Don't let your business become a statistic. With some fore planning and wise business tactics your business can not only endure, but flourish with the best of them.
Having multiple streams of revenue is a good thing; as long as this practice does not weaken the overall framework of your business. Companies have been known to put all their eggs in one basket only to end up watching that single basket falter causing the business to not succeed. But, on the other-hand, too many baskets can drain resources to the point of having a similar negative consequence.
Take a step in the direction of versatility and mobility. Survivability has much to do with adapting to change and or the relocation of goods and services. As the saying goes, "times are changing". Businesses that don't feel the need or are just unwilling to adapt will in all likelihood become relics of the past.
Begin the initial step by sizing up actual and potential setbacks. Business owners and managers need a realistic view of the threats their business faces or may face. Businesses that are blindsided are usually casualties of poor business practices. The key is to not get caught off-guard.
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