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What are some ways to diversify your small business to mitigate risk?

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Diversifying your small business can help you reduce the impact of market fluctuations, customer preferences, and competitive pressures. It can also create new opportunities for growth and innovation. However, diversification is not a one-size-fits-all strategy. You need to consider your goals, resources, and capabilities before you decide how to diversify your small business. Here are some ways to diversify your small business to mitigate risk.

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Introduce complementary services:

Adding new services can attract more customers. Ensure they align with your brand and fulfill market needs to boost revenue and stand out from competitors.### *Explore diverse markets:Targeting new industries reduces reliance on a single market. Conduct thorough research and tailor your strategies to meet these new segments' expectations.

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Leonardo Santangelo

Posicionamento de Marcas, Branding e…
Fábio Oliveira

Digital Artist - Creative Retoucher

1 Offer new products or services

One way to diversify your small business is to offer new products or services that complement your existing ones. For example, if you run a dental practice, you could offer cosmetic services, such as teeth whitening or veneers, in addition to your regular dental care. This way, you can attract new customers, increase your revenue, and differentiate yourself from your competitors. However, you need to make sure that the new products or services are relevant to your target market, aligned with your brand, and profitable.

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Fábio Oliveira

Digital Artist - Creative Retoucher
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Quando falamos em diversifica??o de oferta, devemos tomar cuidado para n?o confundirmos Diversificar com Disruptar. A diferen?a entre essas duas características (extremamente importantes em diferentes momentos) é que quando se vende um produto ou um servi?o específico, diversificar é encontrar novas formas de acelerar ou melhorar o resultado oferecido pelo servi?o. Disruptar seria abordar outras possibilidades para alcan?ar objetivos diferentes **desejados ou indesejados** pelo cliente. Quando se trata de diversificar, o melhor a se fazer, é ter ciência do Resultado desejado e n?o correr riscos. Ideias disruptivas s?o sempre válidas porém, os riscos s?o sempre maiores e nem todos os clientes est?o prontos para isso.

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Igor Gomides

Marketing Development Consultant
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"I have seen that diversifying is a great opportunity to achieve success. However, as with everything in life, planning is the key. I understand that diversifying a product, for example, can and should be done in a way that expands the area of operation, both for the initial consumer of the product and for reaching new consumers. Enlarge, expand, should be the key words behind the action of Diversification."

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Luis M.

Abogado Magíster Derecho de la Empresa (LLM) 25 a?os en derecho corporativo, legaltech y tributario. Autor Libros Manual Pymes: Sociedades de Profesionales y Manual Pymes: Sociedades e Impuestos. Secretario Linketaxes AG
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Una forma de diversificar tu peque?a empresa es ofrecer nuevos productos o servicios que complementen los existentes. Ejemplo -Emprendepymes ofrecemos el Servicios de creación de empresas, la constitución de varios tipos societarios comunes en las Pymes en Chiles: SpA; SRL; Sociedades de Profesionales (SdP) E.I.R.L.; S.A.C. Pero también ofrecemos lo que viene después, cual es el Inicio de actividades, rut de la empresas y verificación de domicilio. Incluso (algunas veces) sistema de facturación gratuito del SII, para que la empresa que acaba de nacer pueda funcionar sin problemas. Complemento a las Pymes, actas de directorios de las SpA - SAC + modificaciones importantes, poderes y otros varios necesarios para el desarrollo de las Pymes.

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Ricardo Frederico

Gerente Nacional de Vendas no Grupo Ecoart | Especializado em vendas e marketing
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Primeiro identificar o que a empresa faz e em que mercado ela realmente está inserido, digo isso porque n?o é incomum encontrarmos empresas com dificuldades de "identidade". Somente após isso é que é possível se estabelecer uma estratégia focada em ou novos produtos, ou novos mercados adicionais ao mercado principal.

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2 Expand to new markets or segments

Another way to diversify your small business is to expand to new markets or segments that have a demand for your products or services. For example, if you run a accounting firm, you could target different industries, such as healthcare, education, or non-profit, in addition to your existing clients. This way, you can reduce your dependence on a single market, reach more potential customers, and leverage your expertise. However, you need to do your research, understand the needs and expectations of the new market or segment, and adapt your marketing and sales strategies accordingly.

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Fábio Oliveira

Digital Artist - Creative Retoucher
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A expans?o ou escala, vem carregada de novos desafios. Esteja sempre em movimento, n?o se afaste das inova??es e mudan?as mercadológicas ou tecnológicas. A resistência ao que é novo (por exemplo, o uso de inteligência artificial nos processos de sua empresa), pode sabotar o seu crescimento e em um movimento contrario, te deixar para trás!

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3 Partner with other businesses

A third way to diversify your small business is to partner with other businesses that offer complementary products or services. For example, if you run a law firm, you could partner with a financial planner, a tax consultant, or a real estate agent to provide a comprehensive solution for your clients. This way, you can create value for your customers, increase your referrals, and access new resources and networks. However, you need to choose your partners carefully, establish clear roles and responsibilities, and communicate effectively.

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Michael Wall

Berkshire Hathaway HS Elite Real Estate|Financial Services
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I currently partner with other business professionals. This helps to increase the awareness with a larger audience. Leveraging each other and collaborating with new ideas can decrease risk.

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Fábio Oliveira

Digital Artist - Creative Retoucher
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Criar conex?es é um caminho sem volta para sua evolu??o e da sua empresa. Conecte-se com pessoas que possuam princípios e valores semelhantes aos seus e que tenham habilidades que agreguem valor ao que você oferece e vice-versa. Toda conex?o, ao meu ver, deve ser feita juntamente com a defini??o de um objetivo final, para que n?o se conectem sem propósito!

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4 Adopt new technologies or processes

A fourth way to diversify your small business is to adopt new technologies or processes that can improve your efficiency, quality, or customer satisfaction. For example, if you run a veterinary clinic, you could adopt telemedicine, online booking, or digital records to enhance your service delivery. This way, you can save time and money, increase your productivity, and meet the changing needs and preferences of your customers. However, you need to evaluate the costs and benefits of the new technologies or processes, train your staff, and monitor the results.

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5 Explore new business models or revenue streams

A fifth way to diversify your small business is to explore new business models or revenue streams that can generate income from different sources. For example, if you run a coaching practice, you could explore subscription-based, membership-based, or online courses in addition to your one-on-one sessions. This way, you can create recurring revenue, increase your customer loyalty, and scale your business. However, you need to test your assumptions, validate your ideas, and measure your performance.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Leonardo Santangelo

Posicionamento de Marcas, Branding e Comunica??o | Identidade Visual | Designer Gráfico
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é importante criar alguma conex?o sobre o valor entregue por esse pequeno negócio. O que traz autenticidade em seu produto ou experiência gerada. Pode ser numa forma de atendimento, na "roupagem" do produto. Nesse caso, tentar criar algum diferencial em alguma ou todas as op??es como embalagens, comunica??o, entrega, onboarding, pós-venda, todos voltados a criar alguma conex?o mais íntima e autêntica com a sua base ou audiência. E esses s?o temas dos quais pequenos negócios as vezes podem captar com mais facilidade do que os grandes negócios, por terem volumes menores, conseguindo atuar com ideias mais personalizadas, agregando valor ao seu produto ou servi?o.

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Hendrik N.

Free Artist
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Wenn man von Diversifikation spricht bedeutet dies auch den Status Q des Vertriebs zu analysieren & anzupassen, da bei allen guten Ans?tzen Diversit?t zu erlangen ist am Ende die Sichtbarkeit entscheidend über Erfolg und Misserfolg und es gilt diese auf die Zielgruppen abzustimmen. Der Einsatz von KI spielt dabei mittlerweile eine elementare Rolle.

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What are some ways to diversify your small business to mitigate risk?

1

2

3

4

5

6

1 Offer new products or services

2 Expand to new markets or segments

3 Partner with other businesses

4 Adopt new technologies or processes

5 Explore new business models or revenue streams

6 Here’s what else to consider

Practice Management

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What are some ways to diversify your small business to mitigate risk?

1

2

3

4

5

6

1 Offer new products or services

2 Expand to new markets or segments

3 Partner with other businesses

4 Adopt new technologies or processes

5 Explore new business models or revenue streams

6 Here’s what else to consider

Practice Management

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感谢您的反馈

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