This article was originally published in Maker’s Row on April 8th, 2017.
You’ve heard the saying “don’t put all your eggs in one basket,” well the same goes for relying on one customer for all of your business. A manufacturer with more than 10 percent of its business tied up with one customer or more than half of its business in one industry is at risk.
If that customer goes away would you have to close your doors? It’s scary to think about, but if diversification isn’t part of your strategy – it needs to be. By diversifying your customer base, you are making your business more resilient and profitable.
From understanding your market to outlining resources, the tips we cover in this article will help you diversify your customer base and make your business more resilient.
You can find the rest of the article here.