Expanding and Diversifying Your Company

Expanding and Diversifying Your Company

By: James Webb

Many businesses consider expanding their service area and/or diversifying their services, products, or both. It is easier and more effective to start with small changes you would like to see such as entering a small area in a new territory, adding a minor component to your service, or some median between the two. Think about what your offerings have that separate them from the rest of the items in the markets and consider how this can be applied to your plans for expansion and/or diversification.

Expanding your service area is a good way to increase your customer base and learn new methods to improve your offerings. Before you decide to move into a new territory look at what products are being offered in that area and consider whether your service is better or different enough to be able to compete with the current products being sold. Additional factors to consider are shipping and marketing. The process will also help in identifying or reevaluating your core competencies.

Diversifying your service or product is a good way to maintain and increase your market share. The first step is to brainstorm ideas on how you want to change your offerings. After brainstorming ideas for making changes to your product compare your ideas with what changes other offerings have made and determine if your ideas are different enough or better to be competitive with the other products. If your ideas for changes are not competitive or better others then brainstorm again. This process will help identify or reevaluate what you are offering and what you want to offer.

Find out more on how to expand and or diversify your company by contacting Scroggins Consulting at info@scrogginsconsulting.com.