Do You Recognise Opportunity When It Knocks?

Seize Growth with Strategic Opportunity Identification

"Do You Recognise Opportunity When It Knocks? Seize Growth with Strategic Opportunity Identification" underscores that recognising and acting on opportunities is crucial for business growth, rather than simply relying on luck. Many businesses miss out by failing to identify and capitalise on potential.

The post highlights two real-world examples: a supplier squandering a market opportunity by refusing a reseller's request for territory protection, and a General Manager dismissing a productivity tool due to a narrow focus on cost, which allowed competitors to gain an advantage. These cases emphasise the need to pair opportunity identification with an effective innovation and change strategy.

To avoid squandered chances, businesses should implement structured frameworks. This involves utilising ROI models for technology and innovation (considering both tangible and intangible returns), employing a Market Opportunity Navigator to assess potential growth, and drawing up clear exclusive partnership agreements. Lessons learnt indicate that minor concessions can yield significant returns, a solid ROI is vital, and the successful adoption of tools truly drives value.

Josty recommends embedding opportunity responsiveness by establishing a "scan rhythm" for external information, evaluating with discipline using ROI scores and risk parameters, testing with pilot commitments, and making swift, transparent decisions. The article concludes that in today's rapidly evolving business landscape, structured opportunity identification and disciplined follow-through are fundamental for "Empowering Growth, Securing Success."

Read the full blog post here