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Should you diversify in the new year?

Don’t worry this isn’t another blog about resolutions that we all know you will never keep. Save yourself the trip to the gym and instead let’s focus on business diversification.

As a small business owner it is hard to find time to strategize and think big-picture, most of our time is filled with putting out fires or actually running the business. It is very easy to get into a rut and just go through the motions, which is why creating business resolutions for the coming year is so important.

This coming year, I challenge you to step out of your comfort zone and diversify.

  1. Adapt. Can you tweak your current offerings to appeal to another audience? For example roll out packages that are specific to small businesses or another industry, such as manufacturing.
  2. Can we do more? If you build trusted relationships with your clients, they want to rely on you to provide a full range of services. What customer feedback have your received? Have they asked for more? 834 launched a web division in 2015 due to customer demand, since then we have done a wide range of projects and our reputation has only grown in the digital realm.
  3. Are you ahead of the curve? We manage social media, digital and more for our clients which means we need to be on top of technology and any new solutions out there. Dedicate time to researching tools and emerging tech and be sure you are incorporating into your business practices.
  4. Sell online. Are you able to offer more online? Ecommerce is booming, is there a way for your business to take advantage of this?
  5. Expand. Is there a geographic region where you see potential? Can you roll out services overseas or in another part of the country? If you have one location, should you look at two?

Inc. sums up the need for diversification perfectly:

Smart business owners, like the smart investors, place a high value on diversification. Take time to draw up a good game plan for your company.

Source: Inc., 8 Strategies to Diversify Your Business

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Hi, I'm Kim!
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