Eggs, Baskets and Economic Diversity

Rachel Mendleson has put together an excellent article for the Huffington Post.

Of note is Canada's shift towards oil, gas and mining as a key driver of the economy.

The chart below (via Huffington) shows the decline of manufacturing as a percent of GDP and the increase of the natural resource sector over an 11 year period.

So is this a bad thing?

Too many eggs in one basket?

Doom and gloom?

No.

Business is simply going where Business goes.

As the US continues it's economic sputter, China has become a source of real opportunity.

Working with private business across the world, we see this situation Canada faces reflected in individual businesses again and again.  Do I follow the money trail?  Do I stay with what has brought us this far?

The answer is usually a diversified approach.

Completely abandoning a product or even a strategic direction may make sense in some cases, but many times a mixed approach of retaining a company's history, customer base and core while pursuing a new opportunity is the best recipe.

To read more about Canada's shifting direction read the full article from the Huffinton Post here.

To analyze your own business strength take the Wardell Business Strength Test. (free, online and private)

Mark Wardell's Top 10 Tips for Increasing Your Sales

1. Up-sell to your customers

For starters, they already know and trust you, plus they have demonstrated a willingness to buy.  So if they are given the option of a volume discount, for example, they just might jump at the opportunity to buy more.

2. Cross-sell to your customers

People appreciate convenience and choice.  Be sure to provide both by making additional products or services available that complement and enhance your customers’ buying experience.  For example, if a customer buys a product from you that requires batteries, be sure to offer him batteries at the time of purchase.  Otherwise he’s likely to be frustrated when he gets home and discovers that he needs to head back out to get some batteries… possibly from someone else’s business..

Letting Go for Entrepreneurs...in Several Easy Steps!?

The Globe and Mail ran a great story all about entrepreneurs reaching the point in their business when growth and success forces decisions.

How much can the entrepreneur continue to do on his/her own?

If I am going to bring in help, how do I decide who or even which areas in my business I should begin with?

Can working with a Business Advisor help these transitions without having to fully commit payroll to a specific area?

See what the experts say including Werner Knittel who works with Wardell.

Click here for the article.

To test how your business is doing, you can take the simple 30 question Business Strength Test.

 

It's instant, free and anonymous.  If you score less than 50% in any category (leadership, management, marketing, operations, finance or sales), you may have reached the point where looking for assistance makes sense.

There are many places and organizations that can help.

If we can offer some guidance, don't hesitate to connect.

A shout out to all entrepreneurs helping to make Canada and the world a better place...one business success at a time!

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“Wardell has helped me systemize my business so I can travel with my family often and live the life I’ve always dreamed of.”

— Brad Haima, Founder, Circle Graphics

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