Is your small business reliant on a single income stream, supplier or client? Here’s what you should do….
Taggart: “G’day it’s time for another Taggart tip.
I’m here in fabulous Gordon Country which is a working cattle property.
Now, these guys knew that they need to do something different to protect their asset and minimise their risk of only having one income stream.
So, as you can see; they turned it into a camping ground.
Parts of the property is four-wheel driving tracks and camping. That way they’ve diversified their income streams.
So, my tip for you today is;
If your business is reliant upon one single thing (eg. one asset, one supplier, one employee, one client, one customer… etc), then my tip is to put in strategies immediately to try and diversify away from the risk of only having to be dependent on one single thing.
That’s my tip for the day”
Want to learn more, get in touch with our small business advisor Brisbane team from Taggart & Partners on (07) 3391 1188 and learn how you can diversify your income streams to minimise the risks associated with being dependent on one single thing.
Thank you tuning in to watch another of our Taggart Tips, a series of short video tips that can help you run, manage and grow your business. We hope you have found the information useful and will have a new Taggart Tip out for you shortly. For any urgent concerns we encourage you to get in touch with the team at Taggart & Partners today.
*** Our series of Taggart Tips are intended for guidance purposes only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.
Updated 8 July 2020