Thursday, December 13th, 2018

Opportunity Knocks – Are You Ready?

By Catherine Rocheleau on Jul 31 2012 • Filed under Business,Uncategorized

Are you ready for when Opportunity Knocks? (Photo: Kashfia Rahman)Do you recognize good business opportunities when they are presented to you? Do you capitalize on them or let them pass you by? As a business owner, when opportunity knocks your ability to take advantage of the information or event is dependent on three key factors.

Recently I was working with a client on a new program that would expand his ability to service customers across the country. This expansion was his number one priority for the year and together we had implemented an aggressive plan to achieve his goals. Part way through our project I learned of some new information which ultimately sent our plans into hyper-drive. We were able to launch his new program and secure sales almost immediately. There is still a long way to go to fully achieve our desired outcomes but we were able to capitalize on a unique opportunity.
 
This situation was particularly exciting and rewarding. If this situation were to happen to you, would be able to enjoy the success my client has?
 
Be Prepared
 
You don’t want to leave your business to chance or lost opportunities.The motto “Be Prepared” is just as applicable to your business as it is to Guiding. The best way to prepare yourself so you can leap when opportunities come along is to know your own strengths and your competitive advantage. 
 
Knowing your weaknesses and implementing systems to minimize their impact, or partnering with another business in a joint venture are two options available to you to be better prepared.
 
A SWOT analysis is a business tool that allows you identify your strengths, weaknesses, as well as external opportunities and threats so you will be prepared. 
 
Be Empowering Opportunity Cost
 
One part of being prepared is to have an empowered team. Your team, whether internal or external, have the ability to see new perspectives and opportunities for your business, to be innovative on how to get work done efficiently and so on. Encourage your team to up-grade their skills and integrate them into the workplace. Empower your team to share their insights. You must to be open to explore and “run” with new ideas that will move you forward – even when you don’t feel totally prepared. What is the cost of letting an opportunity pass you by?
 
If you are a solo-preneur, you may be limiting your ability to grow and capitalize on opportunities if you haven’t assembled a team who can step forward when you need their help.
 
Your team are an extension of you. They can network, market, and explore opportunities with you for mutual benefit. Think outside the box.
 
Take Off the Blinders
 
Opportunities frequently come along when we least expect them, and often at inopportune times. If you are spending your time focusing on the day-to-day operations, troubleshooting or managing tight cash flow rather than looking for new opportunities, you are probably missing ways to grow and improve. Every obstacle offers an opportunity. Can you see it? 
 
Not every prospect or business lead is worthy of your time. These three steps will help you:
 
1. Evaluate the risk by looking at the pros and cons of each decision.
 
2. Listen to your gut. I am a strong believer that your intuition will guide you well. Sometimes your head says ‘no’ while your gut says ‘yes’ ; listen and consider the internal conflict when making your final decision.
 
3. Learn from every decision. Missed opportunities offer us great insights which we can learn from and be ready the next time around. 

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  1. Opportunity Knocks… » Ignite Leadership International

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