Must-have advice to help you take your business to the next level
As a business owner, you have many priorities. One of your top priorities, however, should be to identify and act on new opportunities for growth and expansion.
These business opportunities may include:
- Launching a new product or service
- Opening a new business location
- Connecting with a new supplier
- Building a new partnership
- Acquiring or merging with another company
There are many reasons why you might miss a good opportunity. And as with many aspects of business, preparation is key.
To help you get your business ready for what’s next, here are our 6 top ways to avoid missed business opportunities.
Live and breathe your business goals
First, let’s get back to basics. Review the short-term and long-term goals in your business plan, and always keep them in mind when you’re assessing new business opportunities.
Track all your marketing initiatives
When you’re looking for the next business opportunity, it’s crucial that you know how your current efforts to attract and retain customers are working.
The best way is to use a CRM (Customer Relationship Management) system to keep track of all your interactions with current and potential customers. This will show you how they first found you, how often they return, and if they’ve had any problems along the way.
Other simple ways to track your marketing initiatives include:
- Creating a log of phone calls where you note what people are calling about, how they heard about you, and whether they’re a first-time or a returning customer
- Setting up Google Analytics for your website so you can see exactly how people find you online, and how often they return to your website
- Using distinct promo codes for every promotion you run, so you know which offers turned prospects into customers, and which promos made them into repeat customers.
When you analyze your current marketing initiatives, you’ll know which well-performing channels you should nurture—as well as where you need to improve. Armed with this information, you’ll be in a much better position to identify the business opportunities that fit.
Use the right tools
Having the right technology in your pocket can open up a new world of possibilities. By keeping your processes up to date and your workforce agile, your business will be ready to jump on board when the next great opportunity presents itself.
But remember, the latest doesn’t always equal the greatest. Technology should be used as a tool to help you do what you do better, faster, or more efficiently. Before deciding to implement a new business technology, always ask yourself:
- Does this tool make things easier for our customers?
- Does this tool make things easier for our team?
- Does this tool integrate with our other systems and processes?
- Can this tool scale with us as we grow?
Take time to focus
Many business opportunities are missed simply because you didn’t have the time to spot them. When you’re overwhelmed by the day to day responsibilities of running a business, it can be hard to take time out and think about what’s next.
Identify non-critical tasks you can delegate to your team and block out time each week for you to work on your growth strategy.
It is also worth considering hiring outside partners to free up your time, so you can focus on what you do best—growing your business. Instead of trying to do too many things on your own, you could consider hiring an accounting firm or bookkeeper, business consultant, or an advertising agency.
Connect with your network
How many of your previous successful opportunities have come about from a personal recommendation or a business connection? By making the most of your professional network, you’ll keep your business top of mind—and you never know when a new opportunity will arise!
As part of your growth strategy, take the time to reach out to past and present clients, partners and business associates. How you connect is up to you: via email, a phone call, a chat over coffee, or even simply with a comment on their latest LinkedIn post.
Keep your marketing up to date
Unfortunately, there are many business opportunities that may pass you by without you even realizing it! Before deciding to approach you with an opportunity, people are highly likely to take a look at your promotional materials or research you online.
Don’t close off any doors before they’ve fully opened! You’re doing your business a terrible disservice if you allow your website or marketing materials to become outdated. It’s important that you ask yourself, “Does my marketing represent my business as it stands today?” — and if the answer is no, it’s time to consider a refresh.
What’s your top way to avoid missed business opportunities?
At Different Perspective, we have over 15 years of experience helping businesses like yours unlock new opportunities to grow and succeed.
Our comprehensive marketing strategy includes branding, website development, multi-channel lead generation, social media management, and more.
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