After scaling, your business enters a maturity stage where it maintains a strong market position and consistently generates revenue. While the initial growth may slow, this is a time to explore diversification to stay competitive and stimulate growth.
You may consider entering a new industry or developing related services that complement your main offerings for example. Diversification allows you to tap into new markets and adapt to changing customer preferences, keeping the business innovative and relevant.
A failure to diversify can lead to stagnation and lost market relevance. Recognising this stage as a time to evolve ensures that your business remains resilient and adaptable, capable of adjusting to shifts in the market.
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