Ghostwritten for Giraffe CEO, Published on SmartCompany AU
Especially during challenging times, it’s important that businesses are agile enough to move in new directions, diversify their client base, and tap into new sectors and industries when the opportunities arise.
But getting a foot in the door of these new spaces can be a challenge, particularly when face-to-face meetings are difficult and networking events are a distant dream.
Instead of looking out for ways to expand into a new sector, consider turning your eye inward towards your own people.
That breadth of experience and knowledge is an amazing resource, but it goes ignored and unnoticed by so many business leaders.
Here’s how to harness the power of your existing team for a strong business future.
Diversifying for success and longevity
Good businesses will begin with a targeted market segment — a clear understanding of the kind of client they want to attract and the best way to position themselves to do so.
In a small business, this segment is generally quite niche, allowing a business to create a sense of expertise in a particular area and a bespoke service offered to a specific industry.
Starting small in this way is smart. Working within the one industry is efficient, helps to build a network, and allows a business to establish itself as a player in that space.
But what happens when the opportunities within that area dry up?