Looking to pivot and diversify your product suite? Tune in for a walkthrough!
Episode Introduction:
In today's episode, I'll be talking about pivoting in 2021 and diversifying your product suite so you can be more efficient in generating revenue from multiple streams while being strategic about your business.
Episode Summary:
Whether you're looking to extend your product suite, adapt to little changes, or make a major pivot, in today's episode I'll be walking you through the process and a step-by-step breakdown for preparing to make a business shift.
Main Takeaways:
- In 2020, 33.7 million small businesses were recorded in the United States alone.
- When you start a new business, it's important to be strategic about it.
- When starting a business, making a pivot, or diversifying it -- think about what your goals are.
- Whenever you have a new idea, whether or not you plan to implement it, note it down for future reference.
- Vision Casting is an important part of the process where you visualize where you see yourself.
- Once you've noted down your goals, you want to start categorizing them.
- Then you want to go ahead and assess the current status of your business and evaluate it.
- Listen to find out what your current clients need.
- Focus on cultivating your strengths.
- Use your evaluation to understand how you can serve your clients better right now.
- Start on a small scale to figure out what impact your idea would have on your business.
- Understand whether or not your idea is feasible in the long run or if it's something that will work out only in the near future.
- Think about a growth and maintenance plan for your business.
- Determine how you'll market your business as the seasons change.
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Watch the videocast here: https://youtu.be/BamCGnwcI-o
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