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All about diversifying your small business

By Samantha Garner | October 15, 2010

In GoForth’s October newsletter, we’re talking about small business diversification. No matter how successful you are now, diversifying your small business is an important factor in sustained success. Diversification helps you increase your sales through a combination of new products and new markets. It helps keep you protected against market slowdowns or sales plateaus.

Five ways to diversify your small business

Small business diversification can be a scary concept to consider initially. It requires focus, determination and – like anything in business – lots of research. Here are five avenues into small business diversification:

  • Engage your existing customers.
  • Engage new customers.
  • Take stock of your company’s strengths or core competencies. 
  • Take stock of your competitors.
  • Think ahead and look for emerging trends.

Read more about these five ways to diversify your business – as well as the contributions of Tommy Douglas and the growth of WWOOF – in our October newsletter, out now!

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