To Diversify or Not?

Diversify or die.  It’s a saying that sounds a warning to businesses about the dangers of staying in the same place for too long.  In tough economic times, it is a warning that many shops have taken to heart by finding new products, services, and revenue streams.

Diversifying your business doesn’t have to be such a roll of the dice.  Yes, it will always involve some level of uncertainty, but what major business decision doesn’t?  However, research suggests that considering the following questions will help push the thought process further to reduce the risk of diversifying.

  • What can our company do better than any of its competitors in its current market?
  • What strategic assets do we need in order to succeed in the new market?
  • Can we catch up to or leapfrog over competitors at their own game?
  • Will we simply be a player in the new market, or will we be a winner?
  • What can we learn by diversifying?

Is it time to take a hard look at your company? Diversifying your offerings, to meet your customer’s needs. Tubes n’ Hoses has helped radiator shops, hydraulic cylinder repair shops, fleet management, auto parts stores, and more diversify their business.  We can help you too.

If you don’t like change, you’re going to hate extinction.