Don't put all your eggs in one basket
Building success by balancing specialisation and diversification
You will have heard the phrase: "don't put all your eggs in one basket". Nowhere is this more applicable than in business and in investing. This is manifest in diversification.
Yet, there is a balance between diversification and specialisation. Like most things in life, there can be too much of a good thing. Keeping our eggs spread across different baskets has helped through the recent pandemic. But too many baskets become difficult to manage and each needs a different set of skills.
It is true that a few multinational conglomerates thrive with lots of baskets. Think of the diversified Samsung. They make everything from washing machines, to smart phones to helicopter engines. Or Johnson and Johnson, famous for baby powder but also maker of one of the COVID-19 vaccines. But these are big companies and more the exception than the rule.
For most businesses, there are a few key management areas which determine success. This is especially true for small businesses. Of course they are all interlinked. Cashflow and diversification are two of the key topics. Cashflow to ensure the business remains solvent. Diversification to make sure it is not overly dependent on one source of income.
Lets Delight operates two core areas of business with a third supporting area. Everything we do is about property. It is what drives and inspires us.
The rental accommodation has a combination of flats for families and Shared Living Projects. Through these properties we provide much needed long-term homes for people. The demand for homes is strong and continues to grow.
Furnished Holiday Lets:
Holiday Lets are not only for holidays! People travel to visit friends and families, especially post-lockdown. Work often requires staying away from home. This may be to perform the job function or for training and meetings.
Within our own business, Lets Delight makes extensive use of technology. Much of this is bespoke. We make some of this technology available to others through our PropTools brand.
One thing that is constant in this world is change. Nowhere is this more so than within property. Society's preferences and needs evolve; government regulations come and go. Having a diverse business with several income sources keeps us resilient through change.
In the months and years ahead, property will boom. The post-pandemic economy is set to explode. The diversification that Lets Delight have in place positions us well for growth. There will always be new and exciting other baskets in which to put our eggs. But we have enough baskets for now and will resist the temptation to fill more. The management of each basket of eggs is very much the same whilst the clients are very different. This combination allows for stability during tumultuous times and efficient use of resources. It has proved itself through the recent pandemic. Thus, it will remain core to our business philosophy.
Our growth gives you the opportunity to partnership with us. The motto "Part of The Housing Solution" is not just empty words. If that concept resonates with you, let's have a chat and explore how together we can make a difference.