Folks are always impressed by top executives who constantly expand their business. Fine, if the execs are aware and experienced in the field they’re in.
Unfortunately, many vaunted CEOs are constantly entering new industries, egged on by the so-called financial community gurus. Expansion for expansion’s sake is the motto. It makes headlines, along with the promises of future massive earnings.
But be careful of ever-diversifying, expanding business plans. I have found from my own experience, it often pays to stick to what you do best.
Like race horses, top executives and management often need blinkers on, with which to concentrate efforts for success. Furthermore, some plans do not accommodate other aspects of business. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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