Here is Lesson Six in my video series in which I talk about diversifying your business in order to maintain success. Enjoy, and please share and comment –
Lessons Learned:
Every business has a finite life cycle and must be reinvented periodically to survive.
An ideal diversification is a complementary business in terms of seasonality and the use of shared resources — like bookkeeping, payroll, financial services, real estate.
A profitable, seasonal and complimentary business can do wonders for cash flow.
In order to survive, a business must constantly adapt and change to ensure growth in a competitive environment.