We have found ourselves recently discussing the need for the High Street to diversify in order to survive, in much the same way that the farming sector has done. The Guardian picks up on this topic in a recent article and asks whether small businesses need to ‘diversify or die?’. Below is a short excerpt from the article, to read the article in full please follow this link:
‘Diversify or die: it’s an adage that sounds a warning to businesses about the dangers of staying in the same place for too long. And, in these challenging economic times, it is a warning that many small firms have heeded by finding new products or services, new markets and new revenue streams.
It can be a risky strategy. Business owners must be able to focus on their new venture without neglecting their core business, yet in trying to control everything, they risk spreading themselves or their resources too thin and losing everything.
However, some small firms have been remarkably successful in the diversification stakes, spotting and exploiting new market opportunities for their products, using their core skills to offer complementary businesses services or simply taking their brands into uncharted territory.’ taken from the Guardian online 14th June 2013