Are you Diversified?
Are you Diversified? I hope so.
I was speaking today with the head of a communications firm who has been growing her business every year for the past several years and now her revenue has plummeted. Here is why: all her clients were in the real estate development industry: that industry that has also plummeted. The question is clear- I ask it of you: Are you serving only one industry? Is that industry suffering? Is it time to diversify your client portfolio?
I do agree with the idea of going deep in a niche, or becoming a big expert in a small pond. However, perhaps it is time to rethink the basic premise of creating a niche and instead ask if it is time to start a second niche or a second specialty. For example, if your firm provides high- end catering perhaps it is time to build a box lunch business, if your firm specializes in professional organizing for people working from home, perhaps it is time to add professional organizing for small offices.
Here is one of my big secrets- I have 3 business cards- the business is the same, business coaching, consulting and speaking, however the niches are different. It may be time for you to get a second or third card. Is it more work? Yes. Does it cost more to market to two niches? Yes. Is it more profitable? Absolutely, and more importantly, it makes your business less vulnerable. Our world is changing ever faster, business is changing ever faster. One of the ways to ensure your business remains stable is to diversify. Let me know your thoughts.
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