Before you make major changes to grow your business, what do you need to consider to maximise new opportunities?

When considering your future business, those who do not seek to push into new areas or explore current potential; are in danger of not fulfilling opportunities that could become a very valuable business addition or future best seller.

We have put together a few key considerations to help you to identify first and next steps towards your future potential. We work with businesses to help identify and prioritise essential steps and help avoid unnecessary ‘spend’ in a realistic and deliverable structure.

How to recognise and action future opportunities

Look at what you currently do and pick out the key points such as specialisms, process, people or other businesses you know and work with Utilise this knowledge to:

• Research - what your customers also buy, who your suppliers also supply.
  • Seek partnerships and collaborations as a result
• Review trends, both positive and negative. These can include knowledge shares from trade bodies, professional bodies such as the CBI alongside your own business data
  • Use the information to qualify potential
• Network - Get out and meet other businesses and engage constructively. Be commercially sensitive to a point but also be open to a frank discussion.
  • Tapping into others experience and knowledge and obtaining valuable feedback
• Engage your team. They should be your ambassadors as well as a great sounding board. Be open and create a culture of openness and shared experience. Reward ‘taking part’ in creative and interesting ways, not about money!
  • Strengthens the team and aids collective understanding for future growth
• Assess profitability per activity. This will determine where your offer is in terms of its lifecycle and plan.
  • You will then be able to review relevant strategies to follow for the required outcome; including when to invest, recoup or even sell.

Once we have defined the areas and outcomes specifically relevant to your business, we can set a new plan to achieve the key deliverables.

The main thing is to know your current position, have a plan to manage your transition and a realistic and deliverable future position for your business

See our blogs for outline insights on our approaches such as Diversification, Value Add, Effectivity, Suppliers, Business Planning

Overall drive this strategy across the whole of your organisation to flush out future potential via continuous improvement. Change can evolve but the most effective change is when it is considered and its needs ‘Managed’ and developed.

Contact Paul for an initial conversation, we’re here to support you on this journey as after all “Change is the only constant”