Grow Your Business (Part 4) by Robert Finkelstein

Grow Your BusinessSo, my entrepreneurial and expansion conscious readers, what method of growth attracts you – Multiple Locations, Franchising or Licensing? Not sure yet. Read on. There are plenty more options available. Today’s topic – Diversify.

DiversifyFor many, diversification is the best approach to innovation and sustainability, but strangely, many oppose it because we’re told to stick to our core competencies. Diversifying adds risk when you’re doing business outside that which you’re most familiar. Learning about new products and services, and attracting new customers is not always easy. The other perspective is never have all your eggs in one basket. I lean toward the latter philosophy, but like I always say, do what’s right for you, your business and your comfort level. I would explore this methodology when you feel that your products have grown about as far as they can. It’s believed that diversification can also work very well for newer businesses that have a solid cash flow and are in seasonal, low-growth and low-margin industries.

Low hanging fruitBottom line here that you need to be sure you’ve really maximized all the low-hanging fruit before you start taking this on. Take your time and do it right.

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