Identify opportunities arising from your current business
You can uncover business opportunities by analyzing your current business operations.
Taking stock of your strengths and weaknesses can help you discover areas where you could be more efficient and identify redundancies. Following through on these results can go a long way in contributing to your bottom line.
- Identify any human, physical or other operating assets that you currently underuse. These could be:
- Land, space, equipment or facilities
- Cash or credit
- Licences, trademarks, patents and other intellectual property
- Skills, knowledge and experience
- Market position
- Methods of distribution
- Analyze the strengths and weaknesses of your business, and try to determine the cause of certain outcomes. Consider:
- Where your operation excels/falls short
- Where your operation is innovative/non-productive
- Product lines or service offerings that are under-performing
- Compliments/criticisms made by customers or others
- Weaknesses in your business where competing firms are stronger
- If you find it difficult to remain objective, consider calling on external consultants to help you review your strengths and weaknesses.
- Design strategies to improve your strengths, reduce weaknesses or turn weaknesses into strengths.
A thorough examination can help you answer some key questions:
- What strengths can you use as a basis for expansion?
- Can weaknesses be corrected or turned into strengths?
- What new opportunities can be identified after considering current strengths and weaknesses?
Take advantage of services or tools that can help you evaluate your business performance.
- Review your business performance
Identify the steps in assessing your business' performance and learn how to highlight areas that could be improved.
- Assess your options for growth
Learn how to choose the appropriate strategy for your business, when to implement it and which financial choices are suitable.
- Operations planning
Take steps to increase productivity, improve quality, and effectively manage the day-to-day operations of your business.
How does your business measure up to others in your industry? Benchmarking allows you to evaluate your performance and ensure that your business is operating at an optimum level.
- Assessing the health of your business
A periodic business health assessment should be a staple of your ongoing business planning cycle.
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