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Why Businesses Need to Diversify Everything Right NowDiversification, when done correctly, can grant a business a certain relief when it comes to withstanding crises and global financial and professional turmoil. As tough as diversifying may be, every leader who is averting their eyes off it is exposing their team and business to risks, especially with the global market changing rapidly.
Opinions expressed by Entrepreneur contributors are their own.
I have been praisingdiversificationfor years. It has proven to be one of the most effective approaches to managing a business that I have come across through my tenure as a CEO and Managing Partner.
There are three things a business owner can diversify: the team, the client base and the revenue streams. So let's look at each of these closer.
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