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It’s important to diversify businesses large and small in order to ensure a more prosperous long-term outlook. In the constantly progressing and changing industry of the life sciences, this fact cannot be overlooked. Diversifying a small company is not a simple task. There are many factors to consider before making drastic changes. Below are three things to contemplate when diversifying your business:
Can your products or services be tweaked to appeal to a larger customer base? Are there related products that go deeper than what you already offer? Assess your products and brainstorm added value you could provide your customers. Lastly, remember to look ahead. Technology continues to change and you don’t want to fall behind. Would a digital aspect improve your product?
Where do products like yours thrive? Perhaps it has changed since you started your business. Do the demographics, taxes, or other aspects of your location take a toll on your business? Analyze your customer base and see how you can nurture its growth. If your customers are growing somewhere else, consider opening another location or moving.
Expand when you’re ready. Can you invest in more or take on new products? Become an expert in the market that your company is expanding into and prepare your staff accordingly. During the growth of your business, be careful to maintain what you already have. Look to the advice of consultants and mentors as you expand.
Diversification can be an exciting time for your company. When making new and innovative decisions for your business, it is crucial to be patient and know your limits. Interested in diversifying your business with a new team member or consultant? Schedule a call with Jim Rudman today.
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