When Opportunity Knocks, How Do You Answer?Posted: June 2, 2015 | |
Recognizing and assessing business opportunities is an integral part of being a business owner. Although opportunities can help grow and develop a business, taking advantage of the wrong opportunities can be detrimental. Many of the discussions I frequently have with my members revolve around assessing opportunities and determining if they should be acted upon.
The Importance of Qualifying an Opportunity
Considering all angles of a situation will allow you to see the full picture. Business owners can find themselves focusing only on the potential success of a venture and they often don’t take the time to qualify the opportunity. Use caution as there is a tendency to “jump” at an opportunity. Be sure to assess the details carefully in order to confidently weigh the possible benefits against the risks and costs that could arise later. You might want to consider having a trusted advisor or mentor review the opportunity to help you weigh pros and cons or shed light on aspects that you may have missed.
How do you define an opportunity within your business?
Outline expectations that define what an opportunity means for you. This may differ for every industry but it will help to recognize an opportunity when the time comes. Is an opportunity a sale, a discussion, an invitation to an event? What defines an opportunity for you?
How do you assess if you should take advantage of an opportunity?
Opportunities can open new doors and help create new connections. When considering opportunities, ask yourself if taking this opportunity will distract you from the main direction of your business. Evaluate the advantages and disadvantages against your expectations and objectives for your business.
Conduct research about your market and your competitors, and where possible, engage current and potential clients who may be able to provide insight on a venture’s viability. Being informed can prepare you for making a decision on whether or not you should seize the opportunity.
How can you generate new opportunities for your business?
One of the many things I always remind my members is to keep your eyes on the horizon, what trends are taking shape, and where your industry is headed. Being a forward thinker will allow you to look for and seize opportunities even before they present themselves!
Identifying and taking advantage of opportunities is not an easy task. As opportunities may mean something different for every business owner, defining what an opportunity means to you and staying focused on your goals can make a world of a difference when opportunity knocks.
Do you feel every opportunity is a good opportunity? How do you assess the opportunity? I look forward to hearing your responses!