In his second article in our #BoostYourRecovery series, lifelong salesman, Stephen Leishman, outlines the importance of business diversity to ensure sustainability and guard against future crises.
In the last global recession, many companies failed by not spreading their risk, or just relying on selling one product line or offering one service. Multiple streams of income are more important than ever, so designing new product ranges and creating new services and finding new markets is important to sustain future growth and to help spread your risk.
Having the right conversations and understanding your customers’ needs and challenges can open many opportunities during and after the coronavirus pandemic.
Diversifying your business, especially where there is shift in demand is paramount. Spreading your business risk by opening new markets will help minimise future risk if further lockdowns are threatened.
The adage ‘don’t put all your eggs in one basket’ springs to mind.
A changing global landscape
Due to the pandemic and lockdown, many decision-making processes are happening more quickly. You don’t always need to fly to the other side of the world to sell, you just need a laptop, mobile and an internet connection to reach potential customers anywhere in the world.
The coronavirus pandemic has definitely made the business world seem smaller, so my advice to all of you is to open your markets. There’s a lot of opportunity out there, people are wanting to see what you have to offer. If you’re solving problems and helping customers, why wouldn’t they buy your product or service?
Use LinkedIn to find connections with companies, post blogs, write articles and use free marketing tools to your advantage. There has never been a more critical time to promote your service or product than now, so get yourself known!
The business world hasn’t stopped, it just became faster and smarter and is taking a different course into the future. So get yourself some more baskets to fill with eggs!
Stephen Leishman is owner and founder of several businesses including Selling Sells, a sales training, customer service training company and Creotempus Engineering, a business that sells and markets products for manufacturing companies wishing to grow their business into international markets.
Stephen is a Boost ‘sales specialist’ mentor and also presents a range of online Boost workshops.
His next Boost webinar: Pitch & Sell – Entrepreneur friendly sales tips and techniques on Thursday 24, September.
Read Stephen’s article: The world of selling after coronavirus