Growing your business can often be a question of grasping the right opportunity when it comes along. So this week, we’ve decided to take a closer look at some useful ways to spot opportunities for your business, and at how being opportunistic can help you achieve the growth you want.
Successful entrepreneurs often say they grow their businesses by finding and filling a niche in their chosen market, but what they’re actually doing is spotting new opportunities by thinking creatively about how to solve a specific problem. Could you take a fresh look at your industry or the needs of your customers to find new opportunities? Just be sure not to just take an “outside the box” view - this Forbes article explains why “outside of the building” thinking is better.
Success doesn’t necessarily come from growing in your chosen market. Sometimes it’s more prudent to find new business opportunities in untapped markets. This video about US firm NetSpend offers some interesting insights for tapping into a new market, while Entrepreneur.com’s “exploring new markets” section is also a good place to find useful tips and info. And remember not to be seduced by options that appear too glamorous - sometimes the unglamourous, “ugly” opportunities can be far more rewarding.
Opportunism is often viewed as a negative character trait, but according to US entrepreneur and author Dr Jeff Cornwall “creative opportunism” in business can actually be hugely beneficial. Spotting opportunities and acting upon them quickly (and responsibly) is an important way to achieve growth, so one method you may want to consider in the digital age is culture-jacking - where real-time events can be adapted to promote your business. Check out Oreo’s opportunistic 2013 Superbowl blackout tweet for a great example of how to do this effectively.
Got a hot tip for identifying and following up opportunities to help your business grow? Leave us a comment or drop us a line on twitter to let us know. And have a great weekend!