Unlock Growth: Diversify Your Business for a Sustainable Future!
Discover strategies to mitigate risks, reach new markets, and enhance your offerings.
What is Diversification?
Diversification is a business growth strategy that involves expanding your business offerings to reach new markets or create new products. Diversification can mitigate risk, stabilise revenue, and tap into new customer segments.
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Discover if diversification is the best business growth strategy for your business.
How do I know if Diversification is right for my business?
Market Share
Understand your position in the market. If you dominate your current market, diversification could help sustain growth.
Strengths and Skills
Analyse your strengths, skills, and resources. If they can be leveraged in new areas, diversification may be viable.
Brand Reputation
Consider how your brand is perceived. A strong reputation can facilitate entry into new markets.
Financial Health
Evaluate your current financial status. Strong revenue and profits can provide the resources needed for diversification.
What is the first step in diversifying my business?
Self Assessment
Use LeadinGrowth's checklist and conduct a self-assessment of your business and its current position. Understand if diversification is an option to consider for business growth & risk mitigation.
Research merging trends in your industry and related markets to spot potential opportunities. Gather insights from existing customers to identify gaps in the market or additional needs that could be met by your business. Need help? LeadinGrowth can help you with market research and consumer insights.
Is Diversification is a good fit for your Business?
Diversification is one of many business growth strategies LeadinGrowth offer. To determine if diversifying is the "right" fit for your business download your Free Diversification Resource Kit.