If you rely on more than 20% of your revenue from the automotive industry you would well know the need to diversify and make serious change immediately.
Time has come to change direction, being proactive by taking control of your own future is the only way forward. The wind in the sails of the automotive supply sector is now virtually exhausted, diversification is now critical and not an option, but how?
One of the most proven ways to diversify is via strategic acquisitions; taking your existing core strengths and leveraging off them by buying the right company or companies to move into a new industry / market sector. Trying to diversify organically by developing new products and markets just takes too long and often fails; so it is time to have a strategic review of your business and diversify via acquisition quickly. There are numerous good quality businesses out there owned by Baby boomers who are keen to sell and move into retirement, many of these companies have good products, good markets, and generally good staff to assist.
Every situation has two sides to the coin, so ensure you are looking at the opportunities to grow your business as they are out there. Crank it up.
To read more have a look at my new book “CRANK IT UP”
Warren Otter, is the author of “Crank It UP; the proven way to grow your business to greater wealth”; and is a Specialist Acquisitions advisor, who assists businesses take control of declining growth and leverage their core strengths into stronger and more profitable outcomes.