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.
Also read: Sex and Business, Business Lessons from Molue, Business Lessons from Tennis, Business Productivity, Start-up Ideas and Profit & Loss Analysis
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