I’m proud to announce I’m now a contributor to Entrepreneur Magazine’s YouTube channel, Entrepreneur Network video channel. We kicked off the series with a fun Halloween video describing one of our worst business nightmares. In Entrepreneur Network video I talk about dependency, a risky situation a business of any size can find itself in. It’s dependency on one or two large accounts.
I’ve made this mistake in the past and found my business in dire straits. Years ago, the revenue generated by my largest account far outweighed all the others put together. My largest client was dependent on private investors and was chasing government contracts. A few years into our relationship, they were hit with the perfect storm: a recession, a copyright infringement claim, and a shift in federal funding.
It hit them hard. They had to move out of their prestigious Park Avenue office, and back into a three story walk up – right where they started five years prior! My business and employees were hurt too. That this was our largest contract, plus the recent economic downturn, made it hard to find replacement clients. I had to reinvent my business. It was not the first turnaround I had endured, but it was the most stressful, and after a year of barely getting by, I enjoyed my best years ever!
The video about my worst business nightmare is on the Entrepreneur Network YouTube channel. My own video channel is now rolled up and featured so I will be posting videos in both areas! I can’t wait to share my business experiences, including how to incorporate video into your business strategy!