Diversification: Diversification is a key strategy for mitigating risk and growing a small manufacturing firm. By expanding into new markets, product lines and customer segments, a small manufacturing firm can reduce dependence on a single source of revenue and provide a hedge against economic fluctuations. A well-executed diversification strategy should be grounded in thorough market research and a clear understanding of the competitive landscape.
Overview of the 10 areas of focus for small manufacturing firms in 2023: Part 4