6 WAYS TO DIVERSIFY YOUR BUSINESS PORTFOLIO

In business, it is always a good idea to diversify your portfolio in order to reduce risk. A diversified portfolio helps your business thrive when the market fluctuates since you’re able to find new opportunities that would not have been possible otherwise.

In this blog post, we will discuss 6 ways you can diversify your business portfolio and ensure long-term success for your company!

1. RESEARCH AND IDENTIFY NEW MARKETS TO EXPAND YOUR BUSINESS

It’s time to make some changes and create new opportunities for your business. The first step is research, where you identify markets that would be profitable to sell into. Make your own little investment portfolio.

ONCE YOU HAVE A LIST OF POTENTIAL MARKETS, IT’S IMPORTANT TO FIND OUT WHO THE DECISION MAKERS ARE WITHIN THOSE COMPANIES.

This will help ensure that they’re receptive when you reach out with your strategic proposal.

Once you’ve found contact information, send them an email introducing yourself and explaining why their company should work with yours. It may take some time before they respond or show interest but don’t give up! Persistence pays off so keep trying until someone says yes!

ON ANOTHER NOTE:

If you are finding it difficult to get the attention of new customers, it may be time to look into expanding your business. Maybe there is a potential market that you haven’t thought about before? Think of it as customer diversification.

A diversified customer base is a diversified portfolio, and at the end of it all these investments pay off.

THE FIRST THING ANY BUSINESS SHOULD DO IS LOOK AT THEIR CURRENT CUSTOMER BASE AND SEE WHAT THEY LIKE AND DISLIKE ABOUT THE COMPANY’S PRODUCTS OR SERVICES.

This can give insights on what other demographics might enjoy them as well (i.e., people who like certain things but don’t care for others). 

Secondly, research similar industries in order to identify how they are doing financially and where the opportunities lie within these companies. This can help you identify and prioritize business opportunities that would be profitable for your business as well.

2. FIND A WAY TO DIVERSIFY THE PRODUCTS YOU OFFER

Do you know what your customer wants? It’s hard to be a successful business owner and not have an idea of the desires and needs that drive your customers along the way.

That’s why it’s important to take into account other aspects that may affect their decision, such as demographics, lifestyle, and interests. These elements can help you better understand who they are and what they’re looking for in a product or service.

THIS KNOWLEDGE WILL ALLOW YOU TO PROVIDE MORE RELEVANT SOLUTIONS FOR THEM WHICH WILL INCREASE SALES AND HELP GET YOU TO A MORE DIVERSIFIED PORTFOLIO.

At first, you might think that your product is the only one worth investing in. But if you want to make a profit and be competitive, it’s important to diversify what you offer.

There are many different types of products out there worth considering adding to your line-up. For example, if you’re running an online store for pet supplies, consider expanding into jewelry or clothing for pets as well. You never know when someone will come along looking for something specific like this!

3. CONSIDER ADDING SERVICES THAT AREN’T DIRECTLY RELATED TO YOUR PRODUCT OR INDUSTRY

When you’re looking to expand your business, it’s important to consider adding services that aren’t related to your product or industry. This will help diversify the revenue streams and provide more opportunities for growth. One way of doing this is by partnering with other businesses in a complementary area.

FOR EXAMPLE, IF YOU OFFER LANDSCAPING SERVICES, PARTNERING WITH SOMEONE WHO OFFERS LAWN CARE WOULD BE A GREAT OPTION.

Another idea is offering consulting services for other companies on how they could improve their marketing efforts and increase sales through social media and digital advertising channels like Facebook Ads and Google AdWords. 

In order to find potential partners outside of your field, look online at sites such as LinkedIn where people from many different industries are connected through professional relationships or shared interests.

4. LOOK FOR WAYS TO LEVERAGE CURRENT RESOURCES AND ASSETS IN ORDER TO GENERATE REVENUE STREAMS

an animated image of a man folding a serving tray with a pig bank, a suitcase and a pile of gold coins

Many entrepreneurs and small business owners struggle with generating revenue streams. The truth is, many current resources and assets can be leveraged in order to generate additional income for the company.

Here are a few examples: accepting credit card payments through PayPal, adding Amazon Affiliate links on your website or blog posts, using Google Adsense ads or Amazon Associates ads on your site, selling products wholesale to retail stores. These are just a few of the ways you can increase revenue without hiring more staff members.

THERE ARE MANY WAYS TO GENERATE REVENUE STREAMS AS A SMALL BUSINESS OWNER.

The most important thing is to take the time to evaluate your current resources and assets in order to determine which one would be best for you. Sometimes it may make sense for you to sell something, other times you might consider renting out space.

PERSONAL FINANCE AND ASSET CLASSES ARE ALSO A MAJOR CONSIDERATION FOR BUSINESS PORTFOLIO DIVERSIFICATION.

a piggie bank in front of the a jar of pennies at the side of a white board with the words written personal finance

Asset classes are groups of similar investments that are generally expected to behave similarly in a variety of economic conditions.

For example, cash and investment-grade bonds tend to react the same way during periods of recession or deflation as they do during inflationary times.

Taking time to evaluate your current resources means looking into these financial holdings, mutual funds stock bonds, and so on, all to alleviate risk when chasing a well-diversified strategy.

Regardless of what direction you choose, there is no doubt that leveraging your current resources will help grow your business exponentially!

5. EXPAND INTO OTHER GEOGRAPHICAL AREAS WHERE THERE IS OPPORTUNITY, SUCH AS INTERNATIONALLY (ESPECIALLY INCREASE YOUR ONLINE PRESENCE)

an animated image of the world globe

The Internet is a very popular and growing market. People tend to do most of their shopping online, and this trend doesn’t seem to be going away anytime soon.

AS SUCH, MANY BUSINESS OWNERS ARE LOOKING FOR WAYS TO EXPAND INTO OTHER GEOGRAPHICAL AREAS WHERE THERE IS OPPORTUNITY: THIS CAN ALSO BE DONE ONLINE.

You may also think about expanding from your current location to opening up an office or warehouse in another city, state, or country. This gives you access to new customers who live near this new location while still servicing all of our old customers with ease. 

6. INCREASE MARKETING EFFORTS WITH CONTENT MARKETING, SOCIAL MEDIA, AND SEO CAMPAIGNS

Do you want to increase your marketing efforts? Content Marketing, Social Media, and SEO are all key components of a successful marketing campaign.

Blogging can be an effective way to connect with customers on a more personal level. With the help of quality content written for your audience by you, you will create trust and authority in your industry or niche. You will also generate leads that convert into sales at the end of the day!

Content marketing is a great way for businesses to engage in conversations with their current and potential customers.

THE MORE CONTENT THAT YOU CREATE, THE BETTER CHANCE YOU HAVE OF RANKING ON GOOGLE.

Social media can be used to promote your business or blog posts and can also be used as a customer service platform.

SEO is the backbone of any successful online campaign. SEO helps make sure that your website ranks high in search engine results pages (SERPS).

One major common thread in all of these diversification options is the presence of data. You will need to follow and leverage the data at your disposal every step of the way. For this, Incus Services can help.

a coloured verison of the Incus Services logo

IF YOU’RE A DATA NOVICE, OR JUST LOOKING TO GET THE MOST OUT OF YOUR EXISTING DATA MANAGEMENT, GET INTO CONTACT WITH THEM ABOUT THEIR WORKSHOP OR SPECIFIC SERVICES THAT ARE TAILOR-MADE FOR YOUR ORGANIZATION.

But the workshop is just the beginning. Consulting with Incus Services as part of your data improvement drive can make the difference between being a leading organization or falling behind the competition.

Incus Services can work closely with your organization to help your data talk to you and offer key insights. It is our objective to provide businesses with the machine learning and artificial intelligence strategies that they need to succeed.

Aren’t you ready to take your business to the next level? Why wait another moment to lead the finance sector through technology and digital transformation?

YOU’VE GOT THE DATA AND INCUS SERVICES HAS THE EXPERTISE TO HELP YOU REMAIN LONG-TERM LEADERS IN YOUR FIELD.



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Marsha Rudon
Marsha Rudon
2021.11.19.
I thoroughly enjoyed this course. The material presented is invaluable. I can see how Tableau can help our organization to ask and answer, the really difficult questions and help us inevitably to increase our profitability. Thank you to all the presenters who have helped peak my interest in BI.
Samantha Singh
Samantha Singh
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Very interactive workshop, awesome coaches and definitely value for your money, I highly recommend this workshop and Incus Services !!! You will not regret it
Nicole Orosco
Nicole Orosco
2021.11.18.
The workshop was very hands on, this team was very knowledgeable about the process. I fully endorse 100%. They left me wanting to know more about data Analytics and to develop this skill. Time is life, Team Incus it is!!!
I Beneebee
I Beneebee
2021.11.18.
Wasn't expecting so much for the first day of a workshop. But by the end of the session I was able to create my 1st Tableau Dashboard. Learned tips for better visual presentations, Learned how to incorporate color, publish and present the dashboard. The onus is on me to recreate this now in my own environment. Pressure TALL! Great Job Incus Services!!
Mark Eting
Mark Eting
2021.11.18.
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Edward Alexander
2021.11.18.
Day 1 of the workshop was excellent. The basics of Tableau and data analytics were covered in a very pragmatic way that provided a solid foundation to start working with real data.
James Padji
James Padji
2021.10.08.
I was not sure what to expect because the class was taught remotely, but I was quite impressed with the entire process. The facility was very professional and there were no problems with connectivity. The instructor's were experts and very clear in there method of teaching. The things I learned I can and will surely use in my daily work.
Frans Amatali
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2021.10.07.
Thank you for the opportunity. It was an amazing journey in Data Analytics using Tableau. From the coaches I have learned how to Aggregate, Sort and Filter data putting it into a dashboard on how to solve problems using this software. As a group (2) we had to do it by ourselfs and present the data by telling our story about the data and give our findings and recommendation. It was fantastic. Thanks to everyone and especially the Coaches.
AKASH KING
AKASH KING
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We are B2B consultants focusing on business intelligence and cyber security serving both large and medium sized organizations by helping them solve their data challenges. With the current advancements in technology, it is imperative that all organizations have a data strategy. It is no longer business as usual and for many organizations. The need for data-driven decision making isn’t a question of strategic advantage but of survival.
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