8 Strategies to Diversify Your Business
Don’t Put All Your Eggs in One Basket
1. - Adapt. Tweak your product or service so it appeals to a new group of consumers or users. If you have a “high end” product or service,
consider a less-expensive version. You need to be careful that you don’t undercut yourself. In some cases a “professional” and “hobbyist” version of the same product work well.
2. - Find related products. Are there products that go along with what you sell or do that your customers or clients purchase from a different vendor? Perhaps there are training materials that you can offer as well. A medical equipment company, for example, found a new niche in providing ongoing training and support for its equipment.
3. - Offer an integrated solution. This flows from the previous idea, and the basic question you need to ask yourself and your team is, Can we do more?
4. - Find out what’s next. Are technological changes beginning to erode your base? Don’t be the last in your industry to sense where things are going. Devote part of your business to meeting the needs of the “early adopters,” and then you’ll be ready if a major shift occurs.
5. - Sell online. If you don’t offer your products over the Internet, add an e-commerce element to your website.
6. - Open another location. If you’re exclusively online, consider a physical location. If you have one physical location, consider opening a second.
7. - Go overseas. Not every small business has the wherewithal to launch an overseas operation. Right now the big players are eyeing Africa the way they eyed Asia 10 years ago. Network in your community, and see if any businesses are exploring overseas ventures. You might find a project where your company fits in.
8. - Follow the growth. If you’re in an area with disheartening demographics or punishing tax rates, see if you should expand to a lower tax growth area. Look at the South, Texas, and North Dakota. Would one of these areas be a good candidate for a branch office?
Read the full article at: inc.com
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business consulting for women entrepreneurs in Houston.
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