In this Knowlton Nugget, Lloyd shares a key lesson about managing risk. He recounts a challenging period when their business faced a gap between projects, leading to a significant financial loss. This experience revealed the vulnerabilities of a project-based income model.
To prevent future issues, they’ve diversified their income with more retainers and introduced a mix of full-time and freelance team members for flexibility.
The takeaway? Manage risks by diversifying income and adopting flexible resource strategies.
Full episode - E165: Our Biggest F*ck Ups Of 2023 & What We Learnt