For a company that is the leader in personal navigation devices, you would think that they would be able to find their own way. However, it is looking more and more like Garmin (Nasdaq: GRMN) has lost the ability to navigate its own business. Garmin gets a bad rap from investors and those on the street who believe that the days of personal navigation devices (PNDs) are coming to an end. I don't necessarily disagree with this point. What with Apple's (Nasdaq: AAPL) iPhone and Google's (Nasdaq: GOOG) Android-based smartphones giving consumers the navigation option for free, who needs to by a Garmin PND for their car or hiking trip? Garmin has stepped into the smartphone market itself, but sales of their products have been paltry at best.

I used to own shares in Garmin and have always defended the company, mainly because of their extremely strong balance sheet. In fact, the balance sheet is still in pristine shape, with $1 billion in cash and no debt to speak of.

Many investors are not familiar with Garmin's other businesses, which should be an area of growth for the company as consumers transition away from PNDs. Garmin's innovative technology has created successful business growth in the aviation, marine, and outdoor segments.

However, Garmin's search for additional streams of revenue has taken them into some obscure businesses, such as the pet market. The company has released the all-new Astro GPS Dog Tracking Collar! Now, if this doesn't get you all excited, you may not own a dog, or a sporty dog for that matter.

It doesn't really get me excited to own Garmin either. Perhaps the company should focus on growing its strong businesses that the company will depend on for future success, instead of dabbling in very small niche ideas. Garmin might be lost, but at least your dog won't be.

Andrew Bond owns shares of Apple. Apple is also a Motley Fool Stock Advisor Pick. Google is a Motley Fool Rule Breakers recommendation. The Fool also owns shares of Google. Try any of our Foolish newsletters today, free for 30 days. The Fool has a disclosure policy.