One of Britain’s leading business support organisations is urging agriculture business owners to follow in the footsteps of Richard Branson and diversify in order to grow and flourish through the recession and into the upturn.
Branson started his career aged 16, when he published a magazine called ’Student’. From there, he went on to set up a record mail-order business in 1970 and a chain of record stores in 1972. His Virgin brand is now thought to be worth around £5,010,000,000 and comprises over 360 companies – from Virgin Atlantic Airways to Virgin Vodka.
The business experts at the GO Group believe that diversification is one of the most effective ways of safeguarding, and even growing, a business in the current climate. Successful agriculture businesses will continue to innovate, seize opportunities and develop their businesses despite economic conditions. Lesley Meechan, director of Learning and Development at the GO Group, explains:
"Agriculture businesses typically specialise in one area of business, meaning that they are unlikely to have another product, service or customer base to offset the damage if demand falls in their core sector. This can be risky. We would advise that business owners respond to the changing economy by considering branching out into different areas of business. There are plenty of opportunities out there for those who aren’t available to seize them, and now is the time to think about developing your business."
As part of its commitment to helping businesses grow out of the recession, The GO Group is helping business owners to explore their options for growth - including their potential to diversify their services or products. Meechan continues:
"In order to counteract the potential risks associated with diversification, it is important that agriculture businesses conduct thorough market research into any potential new area of business; prepare a clear and structured development strategy before diversifying; and ensure that their sales, marketing and supply operations are able to cope with increased demands."
