Business Diversification

Business diversification is a strategy where a company expands its activities into new markets or product areas, different from its current core business. This approach helps reduce reliance on a single source of revenue, spreading risk across multiple products or industries. By diversifying, a company can capitalize on new opportunities, adapt to market changes, and improve overall stability and growth prospects. Essentially, it’s like not putting all your eggs in one basket—working in various areas to ensure if one sector struggles, others can support the company.