Nothing’s ever certain in business; even the most robust and profitable business today could find themselves being forgotten tomorrow. One way to protect your business is to be strategic about how you diversify your business. Spread your risk by not focusing on only one product, industry or service. Researching opportunities for new locations and complementary offerings, communicating your plan and executing the right implementation to preserve culture will all help you succeed. Always pushing and trying new things will help you stay ahead of fierce competition.

“Never underestimate the power of a good reputation. From your shareholders to your employees, it will be easier to get people on board and support the next steps.”

Read more: https://business.financialpost.com/entrepreneur/is-it-time-to-diversify-three-tips-to-future-proof-your-business