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Do Niches Bring Riches? Strategic Insights for Contractors
Manage episode 483816783 series 3314227
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ℹ ABOUT THIS EPISODE
Join Wade and Stephen as they delve into whether it's better to expand your reach or narrow your focus to boost profits. They discuss the pros and cons of both strategies, using compelling analogies and real-world examples.
Learn how to assess your own business, understand market shifts, and decide whether to specialize or diversify. This episode is perfect for contractors looking to enhance their business strategy and find sustainable success.
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⌚️ In this episode:
- 00:39 Initial Reactions: Narrowing Down vs. Branching Out
- 01:53 The Power of Specialization: Pros and Cons
- 02:34 Strategic Paths: Niche Down or Branch Out?
- 02:47 Real-World Examples and Analogies
- 04:42 Balancing Risks and Rewards
- 06:52 Economic Shifts and Market Adaptation
- 18:08 Hybrid Models and Smart Growth
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
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