Product Diversification – The Lifeblood of a Business
It is a commonly accepted best business practice that in order to be a long-term, vibrant business, 25% or more of revenue each fiscal year needs to be derived from new products or services
It is a commonly accepted best business practice that in order to be a long-term, vibrant business, 25% or more of revenue each fiscal year needs to be derived from new products or services. New revenue streams derived from an expanded product suite are paramount to achieving this desirable position. Many companies fall short of the desired 25% because it’s hard; yet, it’s vitally important to a company’s ecosystem. Product and service diversification continues to be an important element in Victory Energy’s success; however, it hasn’t always been easy. The hard work has paid off in the form of new revenue streams that are serving to accelerate the future of the company. It starts with a commitment to being totally customer-centric. The majority of the ideas for new products come directly out of meeting customers’ needs with unique solutions that aren’t “standard” product offerings.
Engineered to Order Business Unit — a True Game Changer