Business Diversification is the process of entering into a market or business category – which is new for the organisation.
Leaders are normally tasked to look for strategies to grow Sales Revenues / profitability, & business diversification can be a very effective, relatively low risk approach to achieve the business goals.
It should be noted that growing the business by this approach, can take considerably longer than an Acquisition, however, is likely to involve a lower initial investment.
- Develop the initial concept, rationale, proposal & budget planning processes
- Research the market and understand the competitor landscape
- Develop & work up your USP’s
- Mitigate risks
- Help build & then implement a launch strategy