Diversification

Diversification as a growth strategy involves a company expanding its range of products, services, or markets to reduce risks and explore new opportunities. By entering different markets or developing new offerings, a company can balance its revenue streams—if one area faces challenges, others may perform better. This approach helps businesses become more resilient, fosters innovation, and can lead to increased market share. Essentially, diversification allows companies to spread out their investments and not rely solely on one source of income, improving their long-term stability and growth potential.