4. Create a Diversification Plan
No matter the industry, there are only two paths to continuous growth. The first is market dominance. In that scenario, the growth opportunity comes from out-competing every other business in the market and swallowing up its market share. But the truth is, there are natural limits to the growth that market dominance can generate.
For proof, look no further than the story of eCommerce giant Amazon. Back in 1994, it set out to corner the market for online book sales. And it eventually did that and then some, driving physical bookstores to near-extinction.
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Famed American writer, William S. Burroughs, once observed that “When you stop growing, you start dying.” And for businesses, it’s hard to think of a more apt description of their lifecycle. After all, in industries that have any competition whatsoever, businesses must be constantly growing to avoid being overtaken by others.
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