DIVERSIFY YOUR BUSINESS


Business survival is getting stiffer by the day, especially for start-ups and SMEs. 


It is becoming more common for businesses to offer more than one unrelated product or service in order to survive, achieve and grow in the marketplace. This allows a business to expand on its potentials, gain entry into new markets and build on its network, contacts and relationships. The possible downside is: having to learn or acquire new skills, invest in training, go into partnership and of course expenditure.

There is so much choice in the marketplace with all companies battling for a place in consumers' minds, by way of branding, recognition and or sales. This has become more difficult as presence is widely gained through the use of social media. Therefore knowing how, when and who to target takes time to work out unless some big bucks are thrown at a good SEO company to analyze and produce results.

Divulging into new areas brings new experiences and opportunities. Customer base also expands and allows any business to introduce new and previous customers to all its products/services. Nothing in business comes without risk and therefore anyidea or project would need to be researched, planned, piloted, tested and measured.

Implementing new ideas means change which needs to also be managed in a way that it does not prevent the current business from faltering. Change needs to happen gradually, especially when there are staff, partners, third party agents, etc. to consider. Change is usually from the top down so may need adaptations or revisions to business models, strategies and or procedures.

It is also important to source the right resources in order to make things happen successfully. A business should look at what resources are to hand firstly, what other businesses they currently partner with and trust. Review how contacts have worked in the past, their success and delivery rates and also whether they can also commit to your project, knowing the expectations that the business requires.

Diversifying could in turn bring greater revenue with customers who wish to purchase more than one product/service therefore; achieving the full growth potential. Businesses can then start to see their business multiply and a greater reputation and place within the marketplace.

In all, there is a lot to consider before putting a plan into practice: budgets, resources and focus. Despite the undermining huge benefits, try to be realistic. Endeavour to work it all out before you take the bold steps. Business success is simple: follow the patterns that yield.


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