Is your small business reliant on a single income stream, supplier or client? Here’s what you should do….

SUMMARISED TRANSCRIPT

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 minimize 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.

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

*** This publication is for guidance 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. Publication date October 2016.

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