The Perils of Single Source Dependencies
If you have “one” of something in your business, you basically have none
One of the worst things you can be in business is what’s called, “Single Source Dependent”. This is something that can take many shapes, but it essentially means that a vital input into your business comes from a single place or source.
This is going to largely be a conversation about risk mitigation because this is a pretty critical issue for people who are new to running a business or who haven’t really thought through the way that they “get” their key inputs into their business.
Let’s Start by Talking About Inputs
When it comes to your business, you have a bunch of inputs that help you produce goods or services that you sell to customers. For the sake of this conversation, I’m going to pretty much focus on online businesses but some of the inputs like “traffic” are the same irrespective, they just might go by a different name.
Ok, so we’ll start with traffic. In your online business, traffic is the lifeblood of your business. If you don’t have people coming to your website or hitting your sales pages, then you don’t really have an online business.
