We here a lot of talk in the media about what is called a “living wage.” What that is of course no one can say. It’s really a socialist’s last gasp at trying to centrally control the economy and companies through the nonsensical swaying of public opinion; as if public opinion has anything to do with reality.
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In the case of Wal-Mart, consumers vote with their dollars, and their vote is that they want a continued wide selection and low price option. That is the reality of it. The vote has been tabulated and the election is over. Consumers and their pocket-book vote have won.
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Now the reason I am bringing all of that up is to discuss the extreme importance of developing diversity within your company so that you don’t have the problem of instability and being one customer or product-loss away from insolvency.
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That is the real issue with workers in western countries, not that they need more wages, but they need to diversify their income so that they are able to take a hit and still keep going.
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So it is in business. The worse possible number that you can have in business is the number one. If all you have is one product, one medium, one important employee, one service and one major client; you have opened yourself up to potential major problems. It won’t be a matter of if but a matter of when.
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So within the niche that you operate in look at a number of ways that you can diversify your product, services and customer base. Do that for the long-term survival of your business.
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