Though you may not see them right off the bat, there are areas in your business that you can tap into for growth. You probably haven’t had much time to look for them whilst you’ve been building and running your business thus far. But once identified, they can provide you with valuable sources of opportunity.
In this module, you’ll mine for the hidden diamonds which lie not too far beneath the surface and bring them to light to help grow your business.
Embrace The Opportunities
“Opportunities” in the S.W.O.T. matrix are the untapped potentials in your business.
- They may be external, like changes in the market place that will stimulate your business.
- They may be internal, like the things you don’t have time to pay attention to on a day-to-day basis.
These are exciting hidden assets which could have the potential to increase your revenue and grow your business.
- Products or services related to what you already have that could be quickly developed
- Related audiences to your usual customer group that could be tapped into
- Repeat business to be generated within your existing customer base
- Expanding your reach through marketing opportunities with joint venture partners or affiliate marketing
- Introducing efficiencies in working practices to save time or money
Questions to Ask Yourself
These questions will help you identify the untapped areas that could help you achieve your objectives:
- How can you do more with your existing customers or clients?
- What new target audiences do you have the potential to reach?
- Do you have projects on the side-burner that you’ve been putting off which could add revenue?
- Do you or your team have talents, skills, or experience that you aren’t using?
- How can you use new technology to enhance your business?
- What partnerships in related areas of products and services could provide an opportunity for your business?
- Are there any external forces that could help your business?
Once again you’re taking a snapshot here, not finding ways to explore these untapped opportunities. You’ll do that in a later module.
For now, it’s enough to flag up the evidence by, for example:
- Identifying the projects that require focus but little time to develop
- Homing in on what available technology would improve your business
- Spotting untapped talent amongst your team.
- Many businesses have hidden areas of potential waiting to be unearthed.
- It may not take much investment, either in time or money, to develop these opportunities for the advantage of your business.
- Quick Win: What one thing have you always wanted to develop in your business but have never had the time?
- Ask yourself the questions listed in your Action Guide to uncover hidden opportunities.
List the external and internal factors that could be favorable to your business growth.
Download your Action Guide for this unit below and fill in the areas to begin creating your Business Growth Plan. Module 6 - AG (16 KiB)
Module 6 - AG (16 KiB)