SME City

View Sachin  Ojha 's Profile
Option to move into product area
I have been running a small manufacturing company for some time. It has been quite successful, but our niche is quite small and I am keep to expand the company. We have an opportunity to move into a new product area. Should we take it?
Asked by Sachin Ojha | Aug 11 2018 | Report this Report abuse
Replies (1)
View Sapna  khosla 's Profile
Any manufacturing business that is successful in the current climate must be doing something right. As a result, you and your team probably have some expertise that can be transferred into another market. Usually, such diversifications work best when the new business is not too dissimilar to your current business. The important thing is to weigh up the options. This is best done by carrying out a SWOT analysis. This looks at Strengths, Weaknesses, Opportunities and Threats. It is relatively simple, but really focuses the mind.
Aug 17 2018 | Report this Report abuse