MHWest & Co., Inc.
MANAGEMENT & EDUCATION CONSULTANTS
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Marilyn H. West
Chair & CEO
Email:
Phone:
888.937.8904
Web:
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Placing All Eggs in One Basket...Threat, Opportunity or Both
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How many times have you faced a situation where it appears that you have no viable option to lean on in an adverse situation? Perhaps you have not experienced this dilemma, but if you are like most you can recall at least one experience. Sometimes it results because we have placed all of our eggs in one basket. When this occurs, it may be reflected in failing to or moving too slowly to diversify service lines, talent, network ,revenue streams and clients. An underlying cause could be we become too comfortable.
A safe harbor is a good thing, but staying there can bring complacency. On the positive side, placing eggs in the basket that tend to empower you to get back on track are important as well. These eggs become assets as they represent vision, goals setting, problem solving, relationship building, resourcefulness, self-assessment, leadership, healthy lifestyle, core values (such as being respectful of others, caring and honesty) and the ability to think creatively.
The key I believe in placing eggs in the basket is to strike a balance between the productive and non-productive eggs. For example, one of my mentors indicated "Do you want to have a few clients where you are a one stop shop or do you want to have many clients where you only offer one or two services?" This expression underscores the "push and pull" that all of us face. I have chosen the path where I have few clients, where the sky is the limit for services offered and I also have resorted to obtaining many clients where I have provided only a few services as well.
The reality is after twenty-five years in business, I have used both approaches. The client mix is largely impacted by the needs of the clients, which is driven by the landscape impacting their bottom line and vitality as a business, and the quality of the customer service and products provided. Research and project engagements of M. H. West & Co., Inc. substantiate this. On the one hand there is much emphasis placed on a need to refrain from placing all the eggs in one basket because diversification is key in order to align with trends, the economy, technology, talent availability and demographics. Yet on another hand, there is the notion that some leaders should put all their eggs in one basket, as it demonstrates commitment to an investment, approach or practice that has proven to work, minimizing exposure.
Below are some expressions of placing eggs in one basket from successful individuals:
Warren Buffett: Do not put your eggs in many baskets. Put all your eggs in one basket - and proceed to watch that basket. Do not place small amounts in each basket.
Mark Twain: Put all your eggs in one basket, then guard that basket!
Peter Drucker: Don't put all your eggs in one basket. Consider new areas where you can use your talents and reach different people in different ways.
Steve Jobs: I think if you do something and it turns out pretty good, then you should go do something else wonderful, not dwell on it for too long. Just figure out what's next.
So what strategies do you take to help assure that you have eggs in your basket and that there is balance to the contents?
1. Fill your basket with your strengths-areas where you know you have proven competencies.
2. Stay alert on trends happening on both a micro and macro basis-Micro may only be your local affiliate of a professional or social organization for that fact. Macro may be the national organization of the affiliate. In health care, for example, it may be good to be a member of a State Hospital and Healthcare Association but on a macro basis, it is likely a good idea to belong to the American Hospital Association. On an international basis, you may wish to have some affiliation or relationship with the World Health Association. This same thinking works for Chambers of Commerce. Belonging to the local chamber of commerce works, but you may wish to have an affiliation with a state and national chamber of commerce.
3. Remove practices that have proven not to be productive such as keeping on staff that over time have proven they do not measure up or continuing with an association with an individual where the relationship is going in one direction.
4. Assure that you have identified indicators that signal when you are not making progress on an issue or opportunity. For example, placing ads for your business with any organization without any return. (this assumes that the ad is of quality and has been placed for a time) It may not be the ad but the service.
5. Identify individuals or use tools that can provide you with feedback on the eggs in the basket. Do you have the right mix? Do you need to replace any? Are the eggs too small or too large? Are the eggs fresh?
6. Have a back-up basket filled with eggs that include drivers for long term sustainability and vibrancy. What you have in your basket now and what you would like to have, will help you to identify the gap you need to fill.
If you, your organization or the talent within your organization are interested in identifying strategies and guidance for placing eggs in your basket, Connect with Marilyn West today --- [email protected].
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