Doing well in business hinges on many different factors that set apart a good business from a terrible one. Failing in business is often a marginal thing, the difference between a few twenty dollar bills a month that tip the scales between costs and profit in a business. That is why business owners are constantly scrambling in order to find better and more effective ways to increase their profits and cut their costs. One of the most effective ways for a business owner to do just that, is to examine their business and to imagine where they can expand. A static business is not a good business, you want it to grow and change like a living organism with the society that it is a part of. This growth comes from broadening your horizons and your reach by diversifying your products and services that you offer. You have seen this many times before, Mcdonalds once only sold hamburgers, and now has a diverse menu that has everything from iced coffee to pastries and ice cream. This is an example of maximizing profits by diversifying their services and reaching out to a broader demographic and a wider audience in general.
By following the example set by more successful businesses, you can help make your business the profit-generating behemoth it deserves to be. This is all about seeing what is reasonable and practical for your business to expand into. For instance, an oil company probably should reach out into sustainable energy projects, while not into the food industry.
Joby Schraier says that the key to good business is diversifying your services and products.