Listen to Episode 15:
Stefan explores the topic of business diversification. Many business owners look to diversify their business far too early, putting more and more balls in the air before really mastering one yet.
It’s important to build upon your business’s core strengths – don’t diversify your business into new areas where you spread yourself too thin and become mediocre. Instead, focus on your strengths, leverage your assets and deliver more value to your customers.
Be consistent in your excellence, build upon your repeat business and referral business, and focus on value innovation for your target market – especially in the first phases of business. Only diversify into other markets, or other segments once your core business is solid.
In other words, you need to go deep – that’s where the diamonds are found.
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Stefan Kazakis on 23 August 2017
Stefan Kazakis is the founding Principal of Business Benchmark Group and has spent more than two decades at the forefront of business including 25 years as an owner across multiple industries. He has ...Read more
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