Business growth: How diversifying can reap rewards

But where do you start when thinking about diversification?

James Nash and co-founder Josh Coleman launched Bike Dock Solutions on the back of a university assignment in 2008. Bike Dock Solutions supplies and installs cycling parking products for a range of clients and the business has boomed, partly due to the ongoing popularity of cycling, and due to James and Josh’s attention to detail and really getting to know their customers.

“Our first big break came with local authorities such as various London Boroughs. These included London Boroughs of Havering, Newham, Hackney, Islington and Waltham Forrest. From 2009-2012 they were all looking to make significant improvements to cycle parking infrastructure. These clients were extremely important in building credibility in the early years of the business.”

Relationships are important in business, and it is through building strong relationships with customers and wider stakeholders that James and Josh have gone on to launch a new venture. “Our end customers for Bike Dock Solutions are building owners and construction companies, but we found ourselves advising architects on best practice when it came to incorporating cycling parking in residential and commercial developments,” explains James.

Expand through diversity

“Around five years ago, we were working with a client, a large commercial landlord, and discussed the idea of a certification in the property market that rates the cycling/active travel facilities of a development. This is comparable to what an office block would do for their broadband capabilities to make their property more attractive to potential tenants.” It was this, and similar conversations that led to the launch of ActiveScore.

ActiveScore provides an accreditation rating to buildings for their micro-mobility friendliness but will also work with architects and building owners to support initial design or redesign. This is a natural extension of their original business which meets more customer needs and supports customers throughout the whole process, rather than just one element.

“Many of our Bike Dock Solutions clients are architects who often want advice on designing active travel facilities. These same clients are very interested in getting their projects ActiveScore certified. It is only through really knowing our customers, understanding their needs and designing solutions which fit these needs that we’ve been able to build a complementary business.”

It’s a natural fit with Bike Dock Solutions and aligns with the company’s ethos and values while offering organic diversification from physical solutions.