PARTNERSHIPS CREATING SUCCESS
If you are not constantly exploring opportunities for business growth by creating the new value needed to stay ahead of your competitors, your competitive advantage will quickly be eroded!
A lack of business growth destroys your business viability, putting your income and wealth at risk!
When it comes to business growth the key is knowing where to look for opportunity and the processes you use to generate the creative ideas needed to exploit them.
This is the case when seeking to both create new entrepreneurial ventures and sustain their long-term viability.
Being able to foresee the potential to create future value is both an art and science – it involves as much intuition and creativity as it does logic.
Creating and maintaining a list of potential opportunities is a simple and practical means of facilitating the process of creating new value. This is essentially a register of opportunities you see as having the potential to:
Stocking this register is made easier if you know where to look for opportunity.
Knowing where to look for business growth opportunities is the starting place for stocking the opportunity register. Some common places to search to create new value, include changes and developments in:
For entrepreneurs, the objective of business growth should be to create new value.
This is done by fulfilling previously unmet needs and desires, or altering the basis on which businesses compete in fulfilling existing needs and desires. It is a process of exploiting opportunities through the development of new:
Understanding the nature of the output to be achieved from the search for opportunity, enables entrepreneurs and business owners to set the goals and develop appropriate strategies to achieve them.
With a good understanding of the sources of business growth opportunities, a fully stocked opportunity register and an understanding of the types of output needed to capture new value – the process of creating new ventures and sustaining it in the long-run, is much enhanced.
Spotting opportunity is at the heart of the entrepreneurial process and the long-term growth and sustainability of business!
It is not just about the initial creation of the value needed to start a business, but must involve spotting and exploiting the ongoing opportunity needed to sustain long-term business growth and success.
If you are ready to grow your business, then stock and exploit your opportunity register!
If you would like to learn how your business can spot more growth – give the team at Fortitude Business Consulting a call on 1300 551 040.
Finding opportunities for business growth