“Investing in your Success”

4 Questions to Ask Before Diversifying a Business

Diversification is a strong business strategy, but it is also a big business decision. Having the right approach and willingness to learn is a great first step.

Investing in a business requires thorough evaluation and contemplation. Your careful research will guide you toward the right decision. As you narrow down a shortlist of contenders, you get into the deep research phase known as “discovery”.

During the discovery phase, you need to dive below the surface to truly ascertain if there is a good fit between you and the business you are considering. You will need to understand more than just the numbers. This is also the time to look at things that are less tangible – like how you fit in with the vision, the culture and the leadership. 

The following questions can help in your discovery phase and as you get closer to deciding which business opportunity would be right for you:

  1. Am I comfortable with the existing culture and value systems? This is a deal-breaker. It’s often overlooked as investors focus on numbers, market share and revenue potential. The importance of being aligned in areas like leadership styles, communication optimization and culture cannot be downplayed. So, it’s imperative that you ask lots of questions and get a handle on culture and values before you make your final decision.
  2. Am I ready and willing to share in the collective success of a network of business owners, sharing financial and operational best practices? There must be a level of buy-in to make the arrangement work. You, as the prospective business owner, must have that ready and willing mindset to go all in with the program. Be sure that the business you choose is the one you are willing to make that commitment to.
  3. Do the current resources give me a distinct benefit, am I receptive to change in marketing and technology, and am I prepared to commit to continuous learning? Marketing and technology are the driving forces of any successful business. Every business has a different model for its use of tech and marketing. As part of your discovery phase, it is important to make sure that you will be able to get up to speed and embrace the marketing and technology tools that your business utilizes. You will want to choose wisely. Many opportunities include initial training for business owners who are then left to manage it on their own.
  4. Do the current business owners’ stories align (professionally and personally) with what I am seeking? Get to know the other business owners. These will be your colleagues, mentors and peers. Forging strong relationships with them will create a pathway for success in your business endeavor and allow you to leverage the collective knowledge of the network and get the most out of the business system.

 Spring-Green is an attractive opportunity for Green Industry business owners who want to diversify their business and increase the long-term value, while aligning themselves to a model with healthy profit margins, industry-leading business and marketing intelligence, recurring revenue, and the ongoing support of a dedicated business consultant.  To start a conversation, contact Mark Potocki at mpotocki@spring-green.com or 800-777-8608