Make sure you maintain a broad customer base. If you are closely aligned with one customer, what happens if that customer no longer needs your product or service? It is important to make sure that you have a broad range of customers. If you are too closely tied to one customer your success or failure will be tied to that customer. By having a wider customer base you will be protecting your business from suffering the ups and downs that your customer suffers. As we have seen recently, even the strongest of companies may suffer tremendous losses in this economic environment. By diversifying your customer base you are providing the opportunity to your business to be independent of one customer’s fate.
Business Survival Tip No. 2
Posted In: Business Law