MOVING FORWARD

Our awareness of the magnitude of COVID-19 continues and expands.

 

First, its impact is more extensive than anticipated. No simple V recovery. Second, some of our new habits like WFH, virtual meetings, and online shopping will continue. Finally, many companies, large and especially small, have been “damaged” and are thus vulnerable to competition.

WITH CRISIS COMES OPPORTUNITY. 

Now might be the proper time to introduce the new product or service that you have long been harboring in the recesses of your mind.

 

A Way to Proceed:

 

  • Start by evaluating the marketplace into which your product would compete. Then, two questions: 

    • How well have the major players in this market segment weathered the coronavirus financially and staff-wise

    • Secondly, ask yourself - is it likely that this segment will eventually return to normal and ultimately grow?

  • Following steps: As the adage goes “Plan your work and work your plan”.

    • A key to success is the PLAN. A well-designed plan will mitigate risk. Include others in its creation.

    • Enclose short and long-term financial projections.

    • Keep in mind that your chances of success are twice as great if you already participate in the proposed market. Why? You know the market and customers know you.

  • Then, schedule your introduction and launch. You may not find a better timed opportunity!

Interested in further exploring the growth opportunities

afforded through diversification?

  

I invite you to read my book on this subject. This book is recognized as the leading publication in small business diversification. Please click here to learn more.

Get in touch:

 E-mail me, Brooks Fenno, at bfenno@comcast.net 
Contact me to review your growth options. I advise and consult online.
CREST THE WAVE OF CHANGE.

© 2018 Brooks Fenno - Corporate Diversification 

Email: bfenno@comcast.net

  • LinkedIn - Black Circle
  • Twitter - Black Circle
  • Facebook - Black Circle