Dec 202011
 

Use the Ansoff Matrix to help grow your business

Very often when thinking about how to grow and improve a business our minds get confused by the options available to us and, as a result, we either don’t do anything or we end up making a mess of it.  But in very fundamental terms there are only really 4 things we can do and they are:

  • Develop a new product or service;
  • Expand our market area;
  • Diversify our offering, and
  • Increasing penetration into our existing market.

These basic ideas were developed by Igor Ansoff and are a really good guide to helping to  sort out all our ideas.  Ansoff explained them by use of a matrix as shown below. Continue reading »