Term Business Diversification Assistance
Code TP-6600.0900
Definition Programs that help nonprofit organizations, small businesses and other groups diversify their sources of income and reduce dependency on funding sources that may cease to provide annual support by pursuing income-generating ventures that provide unrestricted funds that can be channeled into fulfilling the organization's core mission. Diversification strategies include improving existing products and services to improve penetration of current markets, packaging and marketing the organization's existing products and services to new markets, adding new, related or unrelated products and services for current or new markets, eliminating or reducing investments in unsuccessful products and services and entering into joint ventures or other types of partnerships to build capacity and help assure sustainability of fund development efforts.
Created 9/17/03
Changed 7/18/07
Use References Business Income Development
Social Enterprise Development
Social Entrepreneurship Development
See Also References Marketing Support (TP-5000)
Strategic Restructuring Services (TP-4000.8000)
External Classification Terms Nonprofit Management (NTE S50)
Organizational Development & Training (NPC S04)
Other Government/Economic Services (AIRS OT-600)
Other Government/Economic Services (CAN OT-600)
Program Development (UW
Related Concepts
Facet Service
Bibliographic References “Entrepreneurship/Business Diversification”, Social Entrepreneurs Inc., http://www.socialent.com/services/strategic/diversification/

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