It’s quicker and easier to make use of those opportunities for growth you’ve been thinking about, but haven’t yet tapped into.
Maybe you’ve got a spark of an idea already.
Something you think might work, but you’re not 100% sure.
You know you could increase revenue by doing more with digital?
Or you’ve got a new product or offering in mind, but you’re not sure how to bring it to life.
Everyone is talking about pivoting but I prefer to talk about finding new opportunities for growth because I believe that in every business there are untapped opportunities.
Now is the perfect time to focus on reviewing what those opportunities might be.
SWOT is my favourite thing to do. It’s a great tool that is used in pretty much every business plan.
And O is for opportunities – looking at what opportunities are out there in the market place to help you grow your business even in difficult times like this.
And there are opportunities for growth within your own business too that can lead to an increase in sales and profit.
Some ideas that you might like to explore
- Untapped databases
- Lapsed Customers that you haven’t spoken to/ sold to
- Strategic partnerships with other brands that have a similar audience
- Selling your product in a different way
- Packaging your product in a different way
- Selling to a different audience
I’ve been asked to host a webinar later this week on this exact topic.
A topic I am very passionate about. And do you know why?
I know that identifying opportunities and then taking action on them is how we ended up having 3 successful businesses.
We found what was needed in the market and then took action.
I’d love to know, have you done a SWOT?
I’ve created a free resource where I share 6 tips from my own business journey over the last 17 years – have a read and let me know your thoughts >> The Ultimate Guide to Scaling your Business – From start-up to scale-up and beyond