“Don’t put all of your eggs in one basket” or, said another way, “Only a fool bets it all on one throw of the dice.” Whether egg production, gambling or the flooring business, your worst mistake may be to concentrate all of your resources into one market segment.
Case in point: “Tom” is a retailer who was quite successful – the envy of most of his competitors – with his high-end carpet and area rugs business. That is, until the 2007 downturn. He soon discovered he was unprepared when the floor traffic slowed and the phones stopped ringing.