Is now the time to diversify your business?Wed Jan 27 2021. 3 min read
It’s a certainty that 2020 didn’t look like any other year on record for businesses. After the global Covid-19 pandemic ramped up heavily in March and April, traditional business knowledge and thought processes basically went out the window. But for businesses looking to diversify, is 2021 the time to do that?
Forbes thinks so: “One of the ways companies have been able to find stability during such a turbulent time is to expand their services so they are not fully reliant on just one. While specialising can lead to holding a top spot and becoming the go to name for a particular service, if that service is no longer viable, it can leave the business at risk. 2020 has shown even the most well known brands have reason to worry and think about their future, and we expect to see more businesses finding security through diversification.”
SMB CEO agrees, with caveats: “Diversification is a great way to adapt your business, remain relevant and stand out from the competition, but it is a step that requires careful consideration
Rather than blindly lunging to corner a new market, seek feedback from your existing customers and find out what products and services they would be interested in. This can be done via email surveys, onsite feedback forms and social media polling.
Responding to the needs of your customers in this way is a much more effective means of growth that fulfils an existing demand.”
So here’s what we know at the outset of 2021: things are going to continue to change rapidly. This is an extremely fluid situation. Diversifying right now may be the best way to help your business survive. Think of ways you can expand your offerings and increase your reach in the marketplace. Once this is over, your survival techniques may end up being a permanent asset to your business.