How do you know when opportunity is knocking?
How do you know when it is the right opportunity?
How do you know when it is the right opportunity for you?
As a business leader, you are probably aware of the old adage that says, “It takes money to make money.” Practically, this means that typically, in order to grow your business, or take your business to the next level, there is going to be some cost involved.
Think about it: when you advertise, while you would love it if for every post card you sent out to get a response right away, you probably realize that your response rate might be about 10% and your conversion rate, about 10% of that – typically after several mailings.
There is a real cost associated with the mailings and an unpredictable return on the investment. However, if you did not do the advertising, your return, your company would not benefit from the additional clients and resulting revenues.
The same could be said of investing in new employees, equipment, software, vehicles, etc. While there is some risk and perhaps some pain involved, evaluating any opportunity is vital to determining whether it is right for your company.
When evaluating an opportunity, you’ll want to have a process and a set of criteria set up ahead of time, so that evaluation and implementation or discard of any opportunity can be done as efficiently as possible. There are six things that need to be done:
- Determine how the opportunity would impact the company
- Decide if it fits within the company’s beliefs: its mission or purpose, its vision and its values
- Decide what resources will be required to take advantage of the opportunity.
- Learn what results or outcome of the opportunity should be. Understand both the best and worse case scenarios.
- Evaluate the risk and if you are willing to lose what you’ve invested and possibly more as a result of a worse case scenario
- Determine what the timeline will be required in order to implement the opportunity, including time to gather resources and considering what other projects your company has under way.
- Make your informed decision.
As the leader of the organization, your team is depending upon you to make good decision. There will be cases where it might be beneficial to include them in the process. In other cases, it will not be appropriate. Nonetheless, your team will need your guidance.
Be extraordinary. Pursue extraordinary opportunities. If you keep doing the same old thing the same old way, you’ll get the same results…until something changes.
Aepiphanni Business Consulting: The Business Strategy People is a Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders and executives. We specialize in helping leaders create extraordinary businesses. We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Healthcare Services. As always, we welcome your comments, thoughts, questions and suggestions. If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].