One can be a very dangerous number in business. Things fail from time to time, so when you only have one of anything it can bring things to a halt rapidly.
Typical single points of sensitivity:
- One person doing a particular job
- One computer
- One customer (larger ones are especially dangerous)
- One supplier
- One core income stream (like a job)
- One set of financial reports
- One method to receive money
- One source of traffic
When I build my business I have two of everything. I call this the ‘Noah principle’.
At all times two people know how to do every job in the business (including mine). I have two computers right here to do my work. I have two internet connections. I have multiple income streams coming from multiple payment methods and multiple traffic sources in multiple markets. When I travel I have two credit cards etc…. Having a backup on standby increases your odds of being able to deliver better performance and insure against disaster to a large extent.
Sure it costs a little more to set up this type if self insurance, however, the cost of being caught on a single point sensitivity can be too great for many businesses.
Where are you single point sensitive, and what are you going to do about it?
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indeed!