To grow outside your core business, identify your strengths and what strengths you want to add

A decade ago, Chris Zook says the best way for a business to grow beyond its core was to introduce new products to its core group of customers. But Zook says now savvy businesses are able to grow through moves that weren’t as successful 10 years ago, such as building a new business based on your capabilities or entering a new distribution channel. To figure out the best way for your company to grow, Zook says business should identify what its “crown jewels” are, how those compare to its competition, what strengths it wants to add and the growth potential those strengths will enable.

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