News & Press
Key Factors to Consider before Expanding Your Product or Service Line
Excerpted from the article published by South Florida Business Journal
As your business grows, expanding your product or service line can seem like the next logical step to keep momentum going. However, diving into a new market or developing a fresh offering without a clear plan can lead to significant challenges for everyone involved, including spreading your team too thin or even damaging your brand.
Below, Business Journals Leadership Trust members share the key priorities to focus on to ensure your expansion efforts are strategic, sustainable and successful. From evaluating market demand to securing the right resources, they provide practical advice to help guide your growth while staying true to your company’s vision.
Your existing customer base
Businesses that excel in expanding their product or service lines typically possess a robust, loyal customer base. Although market pressures drive companies to grow, premature expansion can overextend resources and stretch a company thin. We recommend clients prioritize building a loyal customer base prior to diversifying their offerings, as this provides a crucial safety net during expansion. – Kathleen Braica