Question

You have diversified your business, you have a new product line. Which is the best way to allocate additional budget for this?

Answer 1

Finding financers....If your product is good then you are definitely going to get financers.

Answer 2

The best way to allocate additional budget:

• When we want to diversify our business and have a new product line, we have to determine the costs to allocate additional budget.
• First, we have to estimate the cost to develop our new product line.
• We have to prepare budget which will include marketing costs like an advertisement so that it will reach potential customers and thus will increase the demand for the new product.
• Our budget should tell us the estimated expenses and profits.