For faster growth, take what you do best to a whole new level.
Opinions expressed by Entrepreneur contributors are their own.
In his last book, Profit from the core: growth Strategy in an Eraof Turbulence (HBS Press), management consultant Chris Zookadvised entrepreneurs to squeeze every atom of growth from theircore businesses before diversifying into new markets. Now, inBeyond the Core: Expand Your Market WithoutAbandoning Your Roots (HBS Press, $29.95), Zook shows whatto do when your core simply isn't growing fast enough to keepyou afloat.
The basic play here is the "adjacency move"-going intoareas away from but still related to your core business, such asnew product lines or distribution channels. As described by Zook,adjacency moves are less risky than outright diversification. Andbecause they leverage your existing competitive strengths, profitsare likely to be higher as well.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve