Finding Opportunities For Business Growth
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.
Stocking the business growth opportunity register
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:
- Fulfil unmet needs and desires or,
- Take advantage of changing business and market conditions
Stocking this register is made easier if you know where to look for opportunity.
Sources of 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:
- Trends associated with the broader business environment that change the basis of competition, or alter needs and desires, including changes in:
- Social and cultural trends (e.g. the focus on health and fitness, shifting patterns in behaviour due to increasingly busy lifestyles)
- Technological trends (e.g. drones, 3D printing)
- Economic trends (e.g. rising disposable incomes, business confidence)
- Political and legal trends (e.g. free trade agreements, increasing regulation)
- Environmental conditions (e.g. global warming, declining natural resources)
- Industry and market conditions that alter the basis of competition or customer needs and desires (e.g. changes in industry structure, shifts in consumer preferences)
- Knowledge – where new knowledge is created and gives rise to an entirely new range of opportunity to fulfil existing needs or desires, or by creating new needs or desires to fulfil
- Unexpected occurrences – where unexpected success or failure ignites the development of new knowledge and alters the way needs and desires are fulfilled, or by creating new needs or desires to fulfil
- Incongruities – where difference exists between, customer’s expectations and the reality they experience, that leaves their needs or desires only partially fulfilled
- Process needs – where existing processes, or the lack of processes, results in unmet needs and desires
- Perception – where people’s views regarding facts and concepts change and this new way of thinking results in new or different needs and desires
- Demographics – where changes in population, education, geographic location and so forth, result in changing needs and desires
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:
- Products or services
- Process that results in efficiency gains
- Markets that create new needs, desires and consumption
- Ways of doing business that changes the basis of competition
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.
Are you ready to spot the opportunity for business growth?
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!