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Leveraging AI to Transform Materials & Supply Chain Management
February 28, 2024 | 12:00 PM EST to 1:00 PM EST
Virtual Event
You’re Number One! You’re Number One!
For much of our lives, we’ve been accustomed to thinking of the number one as the goal. We want to be on top, right? As we build our businesses, we’ve kept that tantalizing idea in mind: To be the number one company in our fields.
Why, then, does marketing coach Dan Kennedy often tell aspiring CEOs the following confusing statement —
“The most dangerous number in business is ONE.”
What? Isn’t that what we’ve been working towards? What gives?
Consider your largest client. Or market. Or partnership.
What happens if that client leaves you? If the market tumbles? If the partnership falters? What if one circumstance beyond your control results in your business tumbling down?
If the answer is bleak, then you need to reassess the stability of your base. If your entire business depends on just one market or client or partner, then you are ALWAYS one decision away from failure. One stroke of bad luck.
That doesn’t sound like the best strategy. For peace of mind, certainly.
Think about this:
Murphy’s Law states that if something can go wrong, it will. If your business would suffer catastrophically if any of the above events happen, you need to take steps to build resiliency.
Let’s talk about why redundancy is your new best friend.
When you’re first building your startup, it can seem unimportant to invest in similar marketing strategies, services, or types of clientele. After all, you need to have all of your bases covered before you spend time and money solving one problem with several solutions.
Here’s why you need that multiple-solution strategy:
You can still be #1. Just don’t make that your strategy as you grow! Relying on one market, one client, or one strategy will make your business brittle. You don’t want that.
Be smart. Build a business that will withstand any storm. Rely on redundancy to create resiliency. (Trust us, you’ll thank yourself later.)
Sharon Muniz established her software development consulting firm in Reston, VA after 15 years of working in the software industry. NCN Technology helps clients implement best practices and software to drive their business to success. Ms. Muniz is skilled at strategic planning, business process management, technology evaluation, project and agile software development methodologies.
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