from JPT Group | May 2022 | Vol. 14 No. 5
Putting All Your Eggs in One Basket
With Easter 2022 now firmly in the rear view mirror, let’s take a quick glance back at all those Easter eggs. Everybody’s grandmother has said at one time or another that you shouldn’t put all your eggs in one basket. And they’re right.
Even if you’re not in the egg business, they’re right. And they’re right about putting all your business eggs in one basket.
In fact, an entire investment industry has been built around the concept. Isn’t that the main, underlying theory behind mutual funds? Spread the risk among hundreds or thousands of individual investors so that when XYZ Company’s stock tanks, you’re not wiped out.
The same concept has many applications. The head of a very successful public relations firm advised to never have more than 1/3 of your business with one client. This was a lesson lost on someone whose firm was quite successful until his largest client (which represented 90 percent of his firm’s billings) took a walk. Within two or three months, the business closed and all the employees (including the owner) were out on the street.
We’re seeing this today in manufacturing. It’s called “supply chain issues.” If your company has 50-60, or 70-80 percent of your manufacturing done in China, you might now be teetering. It seems foolhardy to concentrate all your manufacturing in one country. Upon closer inspection, most of today’s supply-chain issues can be traced back to China.
This is especially true if that country is less than stable and, at any time, is susceptible to things way beyond your control such as war, revolution, labor unrest, natural disasters, etc.
The same could be said for raw materials. The U.S. found that out in the 1970s with the Mideast oil embargoes. When OPEC turned the spigots off, all hell broke loose.
You’re not a control freak if you want to keep a close hand on where and how things are made as well as where your raw materials are accessed.
“Don't let others be your obstacles.”
From the Morning Brew
If your team is hitting a wall trying to brainstorm, a new study published in the journal Nature found that video meetings make it harder to generate creative ideas.
Researchers paired up 1,490 engineers to brainstorm creative uses for two common items: Frisbees and bubble wrap. Some pairs were in the same room, and some were meeting via video call. The study found that groups meeting in person came up with one more idea on average than their virtual counterparts. And when the researchers tracked eye movements, they observed that the virtual pairs hardly looked away from their screens, whereas the face-to-face pairs let their eyes and minds wander.
“Ideas are all that matter. You can hire people to do everything else.”
– Michael Eisner
As reported by Scoop.it, in a 2021 survey conducted among advertisers who spent more than $10,000 annually on ads, 86 percent said newsletters provided a vital connection between their brands and audiences. And 88 percent said newsletters would become a valuable way to reach target audiences without third-party data.
But wait! There’s more. According to the Content Marketing Institute, 31 percent of B2B marketers say email newsletters are the best way to nurture leads and according to clutch.co, at companies with more than 100 employees,
83 percent send email newsletters, which is more than other reported types of emails.
Across the board, surveys conducted by such erstwhile enterprises such as McKinsey & Company
and Hubspot show that newsletters routinely outperform social media for customer-preferred
Want more? In a survey from NNGroup, when participants were asked how they would like to
receive updates from a company, 90 percent chose to receive email newsletters.
But, alas, all newsletters are not created equal. If you’re on the fence as to whether a newsletter
is good for your business, or if you don’t know where to begin, our Getting Started with your
Newsletter is a good place to start. Download for free.
“We cannot make good news out of bad practice.”
— Edward R. Murrow
Take this job… A new study shows more than 20 percent of the people who quit during the Great Restructuring are already regretting their decision.
Are you lonesome tonight? Monowi, Nebraska is the smallest incorporated town in the U.S. with a population of one resident who owns the tavern, is the town librarian and the mayor. She also taxes herself $500 a year.
— Half As Interesting
Elon Musk’s secret plan? There was study done of people (ages 18-72) who went off social media for one week and found that they had reduced levels of anxiety and depression.
Use it again, Sam. The iconic British red phone boxes have been “re-purposed” in more than 3,000 ways including a pub, a coffee shop, a defibrillator store as well as art galleries, libraries, a grocery store, an aquarium and more.
Life. Love. Long. Men with an active sex life are more likely to live past age 80.
Cooking up trouble. Vladimir Putin’s grandfather, Spiridon Putin, was a personal cook to Vladimir Lenin and Joseph Stalin.
Putting a spark in your diet. Japanese beverage maker Kirin Holdings has begun selling electric chopsticks. The charged sticks apparently enhance the flavor of food.
Cold hard fact. There have been more babies born in Antarctica than there have been people on the moon.
— Half as Interesting
How’s the room service? Pioneer Station, a space hotel that could accommodate 28 people, could be open by 2025.
— Mental Floss
The Month of May
Month of the Month
May is associated with spring which suggests new life so it shouldn’t seem inappropriate that May is Creative Beginnings Month. Appropriate or not, May is Borderline Personality Disorder Month. If ever awareness was needed, it’s May being Neurofibromatosis Awareness Month. And, don’t ask us why, but it’s also Mystery Month.
Since the regular publication day for the JPTearsheet is the 15th of the month, you may have missed yesterday being Ride A Unicycle Day. Today, however, being the first business day after the 15th, please make note of this being National Sea Monkey Day.
Question of the Month
After the president, who is the highest paid public official in the U.S.? Go here to get the stamp of approval on your answer.
Quote of the Month
“You don't get any medals for trying
something, you get medals for results.”
— Bill Parcells