MOVING FORWARD

Timing IS everything. NOW is the moment to prepare, then activate a diversification-growth plan. During this business lull in the midst of the pandemic – create your revenue enhancement strategy.

But what is your most opportune move?

Start by looking in your backyard. What does that mean? Your backyard includes your products/service offerings and their immediate neighbors. Consider the previously-mentioned ripple from a stone tossed into a pond. The stone represents your current offering, the pond your market area.

 

Take the popularized work-from-home scenario as an example and examine the business-opportunity offshoots, which create a ripple effect throughout your pond.

An example: Duracell, the battery manufacturer, recently introduced an enhanced, upgraded model, the Duracell Optimum.

A second ripple would be Uber’s founder building a food reality empire – CloudKitchens – a startup that will lease space to businesses that prepare food for delivery.

Where should you look? Two immediate thoughts:

  

  • Your First level of ripple: consider vertical expansion of your current offerings i.e. offer higher and lower priced/quality version of your existing product line as a form of product enhancement.

  • Your Second level ripple: seek out (by asking customers, distributors, and sales staff) demand-related opportunities for versions of what you currently sell or distribute… include competitive products in your search.

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

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