When most small company proprietors consider business continuity or business contingency planning, they are considering disaster-type scenarios:
disasters for example storms, earthquakes, etc.
fires or any other tragedies which destroy your workplace
total computer meltdown in which you lose everything and uncover your backup never supported
It’s vital to possess a plan in position for the above — unless of course you are ready, willing and psychologically-financially-time-in a position to start everything over.
Yet this is not the company continuity and contingency planning I am speaking about today. Rather, I wish to discuss the “my eggs are all-in-one basket” syndrome which plagues many small companies.
Whenever you offer one service, one product or program then one happens — if the economy dips, a rival arrives having a more powerful product or that product/program depends upon only you become incapacitated unconditionally or Nature unleashes her wrath in your office — your company is in danger.
Regardless of how great and innovative your strategic business plan and marketing are, you will find occasions when you are likely to want/require a “Plan B”. The savvy business proprietor, creates and begins applying that Plan B of all time necessary.
A different way to consider your Plan B or business continuity plan’s to produce multiple streams of revenue. If tips over with one stream, it’s “okay” as others support it — this is when true business continuity and sustainability happen.
Some approaches to incorporate multiple streams of revenue include:
converting live programs into passively-delivered programs
creating products (and marketing plans on their behalf) so that they sell themselves
figuring out the other problems exists for your customers and solving them… as either a motivation to take a position along with you or like a separate revenue stream
partnerships where someone pays you to definitely license or private-label your materials
proper partnerships in which you along with a friend collaborate and provide a course, service or product together
Each one of the above belongs to my company. If a person revenue stream dips, it’s okay. If two revenue streams dip, I am concerned, although not scared. My mortgage will get compensated.