Diversifying in Today’s World
By Caleb McCartney
The one thing we can count on in any industry is change, this is especially true in our industry. As the moving and storage industry continues to consolidate and the external pressures of the world change the environment we work in we must adapt to stay alive. Part of that adaptation is to expand our markets or diversify into other streams of revenue. We all know that diversification is key to survive but how do you determine the correct time to diversify, the metrics to look at before jumping in to a new line of business, and the inherent risk that lies in growing into a different market. The two articles below will discuss different diversification strategies, walk through the metrics to look at when wanting to diversify, and walk through the risk versus reward when it comes to changing the outlook of your business strategy.