Whether you’re just getting started with running a business or you’ve been at it for a while, identifying business opportunities is one thing you should always be doing. The need to identify opportunity must be done throughout the company’s entire lifecycle; so that you continue to be a success as time passes, your business grows, and the competition becomes greater.
In this blog, we will examine some of the different phases of a company’s lifecycle and how you can go about identifying business opportunities to increase your chances at keeping your business thriving.
Every business, big or small, started with an idea. It doesn’t matter if the idea is humble or ambitious. When you want to run your own company, the first thing you should consider is that you do so with clear goal related to where you want to be at future points in time.
First, you will require a sound business plan to serve as the foundation of your business. Not only will this business plan clearly state your ultimate goals, it will also help to draw the roadmap for you to get there. Through your business plan, you can ask several opportunity-identifying questions like:
- Who are my customers?
- In what areas will my services be available?
- How will I deal with existing companies who may offer something similar to mine? Can I be competitive?
- Is there a strong enough need for my offerings?
- How will I secure financing to get started?
These questions are a small sample that you can ask yourself when identifying business opportunities that will help you make a name for your business that customers will instantly recognize.
The Early Days
Once your doors are open, your primary focus should be on attracting and keeping customers so that you can be profitable. During this phase, opportunities can often take the form of establishing and maintaining strong relationships with customers and turning them into fans.
It is no coincidence that this time is when you need to create a powerful reputation for you and your business. Therefore, you want to make sure that you also establish internal processes that keep your business efficient and provide maximum value to your customers.
Not only will efficiency make it easier to deliver quality service on a consistent basis, but you can exercise a higher degree of flexibility when deciding “what works versus what doesn’t” since your company is still new.
When your company has a name and reputation associated with it, then you have seeded the opportunity to grow. With growth comes a whole new host of ways that you can go about identifying business opportunities.
During your company’s growth phase, you can explore opportunities such as:
- Establishing partnerships with other companies for expanded awareness and increased efficiency.
- Reorganizing the structure of the business in order to bring in more talent.
- Researching the viability of new product offerings.
- Researching new ways to advertise and reach out to a larger base of customers.
- Ceding control of portions of the business to other management so that you can focus on “big picture” developments.
Exploration of each of these areas of business operation is critical to a growing business.
Moving Forward from There
Whether you’re in retail, the service industry, or any other sector of entrepreneurship, growth and expansion are synonymous with a successful business venture. As the leader of the company, your ability to lead your company to success rests in your planning and willingness to adapt. If you can do that, then there’s no limit to how far you can take your business.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more ways to grow your small business profitably, please check out our website www.portalcfo.com.
Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at email@example.com.