Do you have a Stepney?
The old models of scooters had a spare tyre attached for replacement, like we have in cars. All Bajaj Super and Chetak owners in India would fondly remember the Stepney.
You need a Stepney in life too, especially now when the future of both life and work seem uncertain.
As an individual, you need more than one skill to ensure a guaranteed source of income.
Be a master of one. But it pays to be a jack of few trades.
As a business, you need to de-risk your revenue — don’t rely on a few customers or one line of products or services.
Get a Stepney.
As an individual, develop more than one employable skill. There’s more than one thing you are good at.
Take me for an example: I am a content writer. I am a business coach. I can work with tons of data — create MIS reports, dashboards for data driven decision making. I am a Six Sigma Black Belt and can work on process improvement projects and train people on using Six Sigma. I am good at customer service and I know how to cook some great dishes.
See there? More than a couple skills that can get me a job if need be. That is my insurance.
While I continue doing what I love, I have the insurance of some other job skills.
However, can these pay enough. I have created a nice skill tracker to help you answer that. That’s another of my key skills — love creating templates for various personal and business uses.
Download the FREE Skill Tracker.
What do you do as a Business?
Two things for sure:
- Don’t rely on one or a few customers. Always monitor the revenue share of each of your customers. This is especially for B2B businesses. As a thumb rule, make sure no single customer accounts for more than 20% of your total revenue. If you can keep that under 10%, that would be best.
- Never rely on one or few sources for new business acquisition. Such as over reliance on paid campaigns, one star sales rep or organic search etc. Cultivate 5 to 6 sources for new business leads.
That’s it for today folks. You get the message :-)
Get a stepney (back up) for your business and career. De-risk. Diversify.
Would love to hear your suggestions too!
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