Business Breakthrough: One is Dangerous
Thursday, December, 25th, 2014 at 8:00 am by Mike J. Agugliaro
Today’s business breakthrough is a little different than the 1 + 1, so don’t get it twisted up here, it’s anything of one is dangerous.
What do I mean by that? If you took all your money and you put it into one stock, could you win? Yeah, you could. You might win a fortune.
What happens if you lose? It’s very tough to recover, because you only had one.
That’s where the concept of diversification comes through. Even if you have just one trade, and that trade is slow, again normally you’re slow.
So, I know a lot of companies that bring on other trades. The originally brought it in, so they could bring in dual revenue.
But the underlying thing they really brought in, is to get rid of the problem of anything of one is dangerous.
Let’s talk about this on a little bit of a deeper level. Where is the risk?
Well the risk of anything of one comes from here: If you only have one bookkeeper that knows how to do all the bookkeeping, and that bookkeeper leaves, what happens?
No one else knows how to do it.
So the concept of anything but one, not only falls to a position, but that information that position has.
The scorecards we talked about, can help lessen that a little bit, so that person takes a scorecard to find another one.
But normally what you want to do, is leverage your bets a little bit. So if you have one person that does something, you want to drain everyone in your business to do one other person’s job.
Once a month, you can just rotate people through. So you have a recovery system.
Your challenge now, is to sit back and ask yourself: “What do I have in my business, those couple ones that if they disappear, could be a problem?” and then “What are the measurements I could put in place, so I’m diversified on all different levels?”
Mike Agugliaro, Business Ninja