Forgive me if this sounds a bit “old school” but I think the Ansoff Matrix (see www.ansoffmatrix.com) can be used much more practically by firms than it often is.
To apply it in real life, its worth thinking about the following:
If you are to going to rely on market penetration and gaining more business from your clients in what you already do, what will be relevant to them in practice?
If you are to extend the range of specialisms you provide, where are you credible as far as clients are concerned, and could you actually succeed in winning work?
We have some excerpts with real life examples if helpful – just contact me.