Diversification is one of those words almost everyone supports until the bill arrives.
When an export market becomes more difficult, the recommendation comes quickly: enter new markets. Correct, but those markets do not appear for free.
The current environment for Swiss exporters is demanding. In the first quarter of 2026, Swiss exports fell by 4.2 per cent after seasonal adjustment to CHF 66.9 billion. Exports to North America dropped sharply. Exports to the United States were 15.6 per cent below the previous quarter. Swiss SME Portal
Since 24 July, new US tariffs have applied to numerous Swiss goods. SECO
Diversification is therefore sensible. It also needs capital.
A new market may require different certifications, products, packaging, logistics, inventory, sales and service capacity. It may even require additional machinery.
Market diversification is therefore a balance sheet issue. A company that has committed all available liquidity to long lived assets has less strategic room to manoeuvre.
That does not mean ownership is wrong. It means capital commitment has a price that may become visible only when a new opportunity or a new constraint appears.
Diversification costs money. Concentration does too, only at a time no one can predict.