If you’re a Small Business Owner then you probably already know that diversification is the name of the game. If you don’t diversify and grow your business almost daily then you will die a very painful death.
I know several Small Business owners that do one thing and do it well, but over the long haul they are loosing their buyers. You can buy the same product once maybe twice (the second time as a replacement or a gift) and then the buyer is done, they no longer need or want your single product. At this point your buyer moves on to someone else that has grown their business by adding to their product line. They have diversified and their business is growing!
Change or diversification is constant and if you want to grow your business then you to must change and grow. Stretch those creative juices. Look around you, what is your competition doing that you aren’t? Are they on more than one site? Do they promote their business on social media sites? Do they blog, send emails? Take a close look, why are they out selling you.
Don’t allow your business to become stale, reach for that brass ring. When you diversify test the waters first by making a few of your new product and see how that item goes over. No Small Business wants to be stuck with a lot product that bombed out in the market place. Go slow, test a few new products and make sure you market and promote your new line.
If you have a product that didn’t make it, CUT the price, put it on sale, get it off your shelves and make room for what your customer really wants.
“Just as variety is the spice of life, diversification is the key to success in business.” McNulty
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