The greatest enemy of growth is not decline: it’s stagnation. A business that does not find new ways to earn revenue opens itself to increased competition in its primary niche with no opportunities to make up the difference. Extending business services allows companies to diversify their income while increasing their flexibility.
As 2020 showed, inflexible businesses struggle when the unexpected happens. No one could have predicted the specifics of the disasters from last year, but the principle of disruption is not unique to the pandemic. New competitors, political unrest, industry changes, and evolving consumer expectations can all force businesses to reimagine how they deliver their services.
With more uncertainty on the horizon, businesses should not seek a return to pre-COVID norms. Some industries may resemble their past selves, but in most cases, the pace of change will continue, not slow down. New technologies and new demands will force