Business Diversification

Business Diversification: Diversify your business or Die!

business diversificationI was trying to think of some catchy phrase to talk about the importance of diversification and the importance of keeping a pulse on whatever industry you are in. The Internet is no exception.

Recently, a friend informed me that we was closing his brick and mortar business that had been part of a local community for roughly 20 years. I’ve got similar stories from other friends with brick and mortar or service related businesses.

Here’s a fact: Business is constantly evolving. You and I must evolve with business cycles.

One of the major technologies that has changed the way business is conducted is the Internet, but I’m amazed at some of my old-school friends and business associates that fail to take advantage of or evolve with the way their particular industry is changing.

Everyone knows that having a website for your business today is important, just as having a business card was a no-brainer.

For nearly everyone of my personal friends or business associates that has run into roadblocks with their brick and mortar or service business, some of those issues could have been avoided or minimized if they had diversified via their website. Selling products or services, up-sells, cross-marketing, etc.

How has your business been affected by the economy or technology changes? Did  you diversify your business or did you miss the boat?

Share your story with our visitors below.

Business Diversification:

Wikipedia