Expanding a business can be exciting, but doing so successfully requires careful planning and execution. Without the right strategy, the results of expansion efforts can be disappointing at best and detrimental to your business at worst.
As a business leader, it’s important to develop a solid product expansion strategy to ensure there is a solid foundation for growth, minimize risks and maximize the chances of success in a competitive business landscape. Below, 19 Forbes Business Council members share specific actions that can be taken to create or enhance such a business’s product expansion strategy and why these steps are so effective.