Make the most of business opportunities
Your business is presented with countless opportunities every day, but chances are you miss most of them. Make a few changes, and you can make the most of business opportunities as they arise – while creating new ones along the way!
In order to thrive, every business needs to capitalise on every possibility for making sales, reducing costs, and reaching customers. (Of course, it never seems that simple, but the principle is a sound one.) Part of running your own business, though, comes in seeing those possibilities in the first place, and in learning to make the most of business opportunities, wherever they might be.
Looking at the competition is a great technique. If one of your competitors is doing well, and you can see that there’s a buzz around products that are similar to yours, market yourself aggressively and you could see sales skyrocket. Taking a real-world example, a certain fruit-branded tablet computer has opened many consumers’ eyes to the other brands and products on the market, so rivals have increased sales by riding in the slipstream of the bigger name. To make the most of business opportunities, you should be shameless in promoting your products – don’t be afraid of the competition!
However, this doesn’t mean you have to copy your rivals. Another way to make the most of business opportunities is to play to your strengths, and to do things differently. If you can identify what makes you different in the marketplace, and meet a specific need in your potential customer base, you can find a rich stream of untapped revenue that isn’t as competitive as the mass-market scramble. Business owners who want to make the most of business opportunities only swim with the tide when that tide is in line with their own mission statements.
An important point to note is that you have to evaluate the potential costs and risks in each apparent avenue for growth – just because an opportunity is there, doesn’t mean it’s the right one for you. Breaking into a new market sounds great, but how quickly will you recoup the required investment, and will it jeopardise your existing operations in the meantime? In order to make the most of business opportunities, you have to learn to see which ones aren’t really opportunities at all, but merely drains on your resources.
Learning to make the most of business opportunities is a process that combines instinct with experience. Talk to Agenda today and start training yourself to see all the possibilities!