How can I explore and deliver a new opportunity?

Running a successful business brings many different challenges. How often do you set out to achieve one objective and find yourself dealing with something completely different?

Being able to adapt and respond to different situations is a critical success factor in any business environment.

This is also the case when a new opportunity arises – so how can you make the most of it?

We have put together a 4-step plan to help you in these situations.

1. Give yourself the time to assess and maximise the new opportunity

You need to assess the opportunity. This means creating some quality time for you to work. Look at your priorities and see what you can pass on to someone else or even delay, if you have invested in your team and their development, this is the opportunity to let them step up, explain what you want them to do and see how they get on.

By doing this you are creating the time for you to validate and deliver the new opportunity, while at the same time giving your team the opportunity to develop.

2. Develop a plan

Don’t rush into immediate activity.

Start by identifying the desired outcome you want. This means identifying:

– Why you are doing this?

– What are the benefits to the business and how will you measure them?

Taking time to identify these at the outset will provide you with focus during the rest of the planning phase.

Think about the resources you will require to deliver your objectives – these may be people or financial. You may have them internally, but how can you free up their time to help you achieve the desired outcome?

Finally, develop a timeline plan – what will be done by when and by whom. This will ensure you stay on track or enable you to quickly identify where the issues are.

3. Implementation

If you have created an effective plan, the implementation phase should be all about executing what you have previously planned.

However, there will be issues and challenges. Effective communication during this period is vital; it is crucial that you hold regular progress reviews with your team. Use these to remind them of the plan and of the overall opportunity.

Be realistic in this phase, unless you are able to create a dedicated resource, the “day job” will have to be managed by everyone and your role in creating the right balance between the two is essential.

 

4. Post Activity Reviews – Lessons learnt 

Having worked with numerous SME’s over the last few years, I am always surprised that the majority do not have “lessons learnt” after a major activity or project.

The purpose of these sessions is to consciously understand what went well and why and equally what could have gone better and why. These can then be used to improve the overall business in the future and are an excellent way of engaging employees in business improvement activities.

This is not meant to be an exhaustive template; but does provide you with a plan for you to follow.

All of our consultants have successfully run businesses and our practical approach to supporting our clients enables us to share our real-world experience to positively impact on the performance of your business

We are offering a free one-hour virtual coffee and the chance to discuss any area of your business where you feel our help and support would be beneficial with a member of our team. Please click here to book to your coffee.