8 Signs You Should Diversify 2

08 January 2010, by A. Cedilla

In part one, we shared four indicators that you need to diversify in you business dealings. In this, the last half, we invite you to take a closer look at how need,passion, and surprise can help you and your business on to greater heights.

5) When you need to make more money.

In order to expand, to go beyond past a plateau, you need accessible resources, and that usually means money, not just imagination.

You need money to make money. So think of what changes you can do with your product line, your services, to tailor them to the changing and emerging markets.

See, diversification, in the most literal sense of the word, means to make in different ways.

In financial circles, diversification means spreading your investment around to lessen the risks of over-reliance in any one product, helping you grow your money.  In marketing, its aim is to make more money by creating new products and venturing into new markets.

Quick recommendation: How To Plan For Multiple Revenue Sources 1 and 2.

6) When a new trend or market development excites you.
Never underestimate how new blood, passion and inspiration can drive you beyond what you believe is possible.

Jeff Bezos started Amazon.com to sell books online. YouTube was started by three friends who wanted to be able to share videos online without too much fuss.

You don’t even have to be on the cutting edge of developments to take advantage. Surviving the market is like hunting on the African plains.The fastest predators usually get to the prey first. But then, it’s not always speed that wins the day.

Cooperation (joint ventures, mergers, etc) can help bring a big target down. And even after wards, niche-hunters can find a way to salvage the little bits and pieces that the bigger guys missed. It’s all about keeping an eye out for opportunities.

7) When you notice that one area of your company makes more money than you thought it would.

Learn to ask yourself every so often, “What am I missing?” Monitor the health of your company by paying the same attention to your books that you would watching your first-born baby’s temperature–very closely.

Suss things out: why the increase in sales, what caused it, can we carry over the effect to the other products? And so on. You never know, you know?

Also: to experience serendipity — to describe a fortuitous accidental discovery– you have to actually pay attention for it to be discovered.

8) When a whole new market opens up.
Remember number 3 in part one? Remember Betamax and the original Walkman?

When those came out they revolutionized the way people treated music and video, creating a whole new market, and they faded into the sunset when better alternatives popped up and forced them out of that changing market.

Going back to hunting on the plains: keep an eye out, you never know what’s out there that can provide you with the changes you need and want to make happen.

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