Find ways to diversify.
You grow
a company by trying to diversify your market, so when
one market is not performing
as you hope, other markets
might be. That helps you
maintain and grow your market share.
One way we’ve found is
through underserved niche
markets. We try to look for
areas that other people aren’t
doing or they’re not doing it
well. That may be emerging
trends, things that haven’t
been done before or things
as they start to come up.
If you look at what the
world is doing, it helps you
to identify business opportunities that are going to grow
and are going to continue to
be there for a period of time
that may not even exist at a
great rate right now, but you
know they’re going to happen. We look at technology
trends; we look at economic
trends and what’s going on in
our region.
We don’t always know if it’s
right for our company. There
is risk involved.
Once we can see what an
opportunity is going to be, we
try to analyze that opportunity.
We have to ask ourselves, is
this an area that we have the
expertise for, we can hire the
expertise for or we can develop the expertise for?
By going through an analysis of those items and try to
decide whether it’s an area
we should pursue or shouldn’t pursue.
HOW TO REACH: Pacific Building Group, (858) 552-0600 or www.pacificbuildinggroup.com
