How to Take Smarter Risks

Growing your business in 2026 will mean making the right bets.

Is this your year to grow? Or would it be smarter to play it safe and strengthen your foundation first?

A volatile economy isn’t necessarily time to tighten your belt. In fact, if you search for businesses started during a recession, you’ll find some of today’s biggest. Half of all Fortune 500 companies were created in a period of downturn, including Microsoft, Airbnb, Uber, Slack, and many others.

A slower economy doesn’t mean YOU need to slow down; for many agile small and medium businesses, there are plenty of opportunities that larger companies with more overhead are simply unable to take advantage of.

If you’re planning for growth in 2026, taking smart bets on new ways of doing business can pay off quickly, despite what the headlines say.

The Four Paths to Growth (Ranked by Risk)

The Ansoff matrix is a framework to quickly identify and plan your growth strategy based on two factors: new vs existing products or services, and new vs existing target customers (markets).

Here’s a real-world example: Imagine you run a dog grooming business and you’re ready to scale. You have four paths to growth:

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1. Go Deep (Lowest Risk)

Instead of pursuing new services or a new target audience, you niche down and become known for something specific. Instead of being “another neighbourhood dog groomer,” you become the groomer for anxious dogs. Now you can charge a premium because when pet owners need someone who can handle their nervous pup, you’re the obvious choice.

Why it works: You’re offering something valuable to customers who already know and trust you, using marketing channels and operational systems that already work.

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2. Build Your Product Ladder (Low-Medium Risk)

You decide to expand be selling new a product or service to your existing customers. If you’re serving local pet owners, adding a cat grooming service could increase your wallet share. Your same marketing messages reach the same audience, but your new offerings drive increased spending.

Why it works: You know these customers, they know you, and you’re using infrastructure you’ve already built.

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3. Expand Your Territory (Medium-High Risk)

You take your current offering and seek out a new audience for it. For example, you could launch a mobile dog grooming service. Now you can reach new neighborhoods while delivering the same service you’ve perfected. Same skills, same service, different location.

Why it works: Your service is proven, but you’re testing new markets with customers who don’t know you yet.

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4. New Product + New Market (Highest Risk)

This is a leap into the unknown: you offer a new service to a new audience. You keep the dog grooming business humming while launching mobile cat grooming for customers in new territories. You’re basically starting a second business with new service delivery, customer acquisition, and operational challenges.

Why it’s risky: Everything is untested. You’re learning two things at once, and that’s where businesses often stumble.

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Three Questions Before You Expand

Before saying yes to a new opportunity or challenge, think through your options and pick a path to growth. Here are three more questions to help you define your strategy:

Question 1: Does this move align with your vision and values?

Growth for growth’s sake is exhausting. Make sure this expansion pulls you closer to the business you actually want to own.

Question 2: Can you handle it?

Be brutally honest:

• Do you have the cash reserves?

• Are your margins healthy and delivery consistent?

• Do you have the time and energy available?

• Do you deeply understand this target market and their problems?

• What are the hidden costs? (Your energy and opportunity cost count too)

Question 3: How can you test it first?

Before going all-in, run a small, reversible pilot. Set a decision date, and aim to quickly learn what you need to know without betting the farm.

This Week’s Takeaway

Expanding your business should be exciting… but only if it pulls you closer to the business you want to own, not further from it.

Next year, don’t be afraid to take calculated risks, no matter the doom and gloom in the headlines.

And don’t forget to grab your ticket for our group planning workshop before they’re gone! Details here…

Ready For Your Most Successful Quarter Ever?

Next Up: GrowthCLUB!

At GrowthCLUB, I’ll help you build a plan you can actually follow. You’ll leave with more energy, more clarity, and a newfound sense of confidence in your ability to take on the next quarter, and year.

• Venue: In-person at The Living Arts Center in Mississauga

• Time: 9:30am – 4:00pm, December 12th

• Registration: $345 per person

• Featuring: Networking, education, 2026 business planning resources, and a buffet lunch

If you’re tired of running in circles, if you’re overwhelmed by all the things you “should” be doing, or if you’re just ready to bring more focus and purpose into your business in 2026 – GrowthCLUB is the place for you!

Follow the link to register: caitlinblundell.actioncoach.com/growthclub

Uncommon Service: By Frances Frei, Anne Morriss

This book will challenge what “excellence” really means for your customers. See how customer service can be a strategic advantage when it’s intentionally built into every part of your business model. It’s a refreshingly practical framework for anyone who wants to compete not by doing more, but by serving smarter.

Check it out!

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