Diversifying Revenue Streams
Rick Dennen: Hi, I'm Rick Dennen, founder and CEO of Oak Street Funding and welcome to OnPoint Vlogs. Diversifying revenue sources, and even some of your costs of revenue, can be critically important at certain times if you've got concentrations of customers, concentration of vendors, and concentration of geographic regions. It can be a curse if you don't have the skillset and able to diversify it. It's going to spread you too thin and you're going to expand into an area that you don't have expertise in. The critical component there, to me, is really understanding what your core competencies are in your business. Why you're trying to expand and ensuring the reason for the expansion. You've got the skill set to be able to do it. You've got the markets and it's going to be a profitable endeavor.
In about 60 seconds, Rick Dennen, Oak Street Funding Founder and CEO, will discuss what to focus on as you look to expand your business.