“In essence, if we want to direct our lives, we must take control of our consistent actions. It’s not what we do once in a while that shapes our lives, but what we do consistently.”
~ Tony Robbins
Your customers are the lifeblood of your business. The revenues you generate from them pay the bills and ideally fund great profits.
As such, companies that one day might want to acquire your business will scrutinize your customer base. And the most important question they will ask is how stable that base is. For example, do they expect 50% of your customers to leave after the acquisition? Or 25%? Or 10%? Or none?
Clearly, the more stable your customer base, the more attractive you are to an acquirer. In the ideal situation, you have signed contracts with customers so the acquirer has complete certainty they will be retained. If not, ideally your customers have gotten in the habit of buying your products or services, or have a solid preference for them, so their continued patronage is likely.
Likewise, having a diversified customer base, as opposed to just a few very large clients, helps. Because with fewer, larger customers, there’s more risk that one will leave and take a large chunk of your revenues with them.
How to Build a $10 Million+ Company in 2022
What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?
Well, there are a LOT of differences, actually…
But I’ve summarized the main differences on this page:
The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…
In fact, when you follow this formula, you can make much more by working less…
Today’s Question: What did Nokia originally sell?
Previous Question: What is the youngest company to ever reach annual revenues of $50 Billion?
Previous Answer: Home Depot.
This company had $73.1 billion in 2004 revenue and employed over 325,000 people. Over 22 million people visit a Home Depot in any given week.
It now has stores in all 50 US states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, 10 Canadian provinces, Mexico, and China.
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