“Restaurant Chains Close as Diners Reduce Spending” describes more downstream parts of the US economy adjusting to the recession. And that matters if all your business “eggs” are in one basket.
If your business touches those lately hit by the downturn, you’re already feeling it. Hopefully, those in charge of your firm’s diversification have planned for it in advance .
If you’re a service contractor, and the bulk of your business is serving customers like those chain restaurants, you’re probably looking at new vertical markets. Good hunting, so are lots of others.
In either case, customer or contractor, diversification of your business base isn’t a bad idea. But who thinks about it in good times?
I guess the lesson to be learned is “in good times try and remember the bad times”. But not by missing out on some portion of the gold rush.
How is your business base diversified?
President, Service Performance
Image by: night86mare
Technorati: diversification, service contractors, vertical markets