2020 did not start with the Covid-19 pandemic but end with new norms that undeniably transformed the business community's landscape. It changed the whole value chain of doing business. Health and safety for individuals and the community became the central theme of doing business. What happened in 2020 taught us many great lessons in business.
Lesson No 1 - Distribute Your Eggs into Many Baskets
We started 2020 with uncertainty from many angles. After a three (3) years contract with a Fortune 500 company in partnership with a Big 4 company, we knew the deal would come to an end. The Fortune 500 company decided not to continue the single-sourcing mode in 2020 and instead opened the services to many qualified providers'. It was a blessing in disguise since the three-year contract's pricing was also a very competitive one.
We were truly fortunate to provide our services for this Fortune 500 company since 2010, and it was a good ten years. We knew years ago that this would come to an end, but we were always optimistic about working hard and ensuring our services will still be needed. The contract did not end because we did not fulfill an excellent job, but the client decided to change its mode of awarding a contract.
In 2017 we consciously decided to diversify our client base during our Annual Strategic Planning session to not depend on this one Fortune 500 company. That's turn out to be fruitful since we managed to get Multi-National companies (MNCs) as our client. Their size is not as big as the Fortune 500 company but good enough to support our growth and cash flow.
Lesson Learned - Don't put all your eggs