The Golden Goose or Golden Egg, which is more important?
written by Derek Weber
We’ve all heard the eternal debate of which came first the chicken or the egg? As business owners and sales people, we are faced with a similar question in regards to animal life, but much different when it comes to your business life…which is more important the Golden Egg or the Golden Goose?
Let’s take a second to step back and define exactly what a golden goose and egg are. A golden goose is a person/company/system that routinely generates solid, qualified leads. This may be a person in your industry that works with the same type of clients providing a complementary product/service. Since they see people all the time that need your product/service, they are able to consistently provide you with excellent leads. You find these types of geese by hunting them out. A different breed of geese is a system based one, which is done by growing it organically on your “business farm”. When you come up with a better or easier way to provide a service more efficiently or profitably for a specific niche of clientele and then find a way to consistently and effectively market to them, that system should be able churn out one great egg after another. On the flip side, a golden egg is an opportunity for instant revenue. These are odds and ends jobs and the bigger ones are usually come by some sort of bidding war against your competition or for a one time event, so it may or may not turn into repeat business.
So back to the question at hand, which is more important the golden goose or the golden egg? Well, if you find a nice little gaggle of geese you’ll be provided with a consistent source of golden eggs time and again. What we all after is a nice basket of eggs, because the freedom and security this offers is absolutely amazing. If you don’t have to spend your time out hunting for new business, you can spend extra time working with your clients, improving your business processes, and identifying new opportunities. In this situation, you are able to have the best of both worlds, working in your business and on your business simultaneously. Revenues grow, the way you do business improves, and everyone lives happily ever after. So, if this scenario is so great, why doesn’t everyone just go goose hunting all of the time?
The challenge that comes in to play is that it often takes a lot of time and effort to find and/or develop a goose. So, if you spend all of your time hunting, you may come back with the perfect goose and put yourself in a great position, but if you come back empty handed one time too many, you will cripple your business by drying up your cash flow. The key is to be focus on being part hunter, part farmer, and part gatherer. While you are out there looking in the sky for that goose, make sure you don’t just walk by all of the eggs lying on the ground around you. It is important to take the time to gather up some of those eggs while keeping one eye toward the sky. If you are able to keep this balance, you will not only gather enough eggs to keep your business running, but over time, you will be able to hunt and farm enough geese to make your business a cash flow machine.