When the economy turns around, you want to make sure that your business is in a position to take avantage of it. In this second post in a 10 part series, we show you the tools you need and the question to ask to move your business forward. If you’ve missed any of the previous posts you can catch up with the other parts here.
In times of uncertainty you can’t afford to sit back and not take advantage of opportunities which present themselves to you.
When an opportunity presents there are 3 steps (3 E’s) to take:
First of all what is the opportunity that has presented itself?
How does this differ from what you have done before?
What will be the impact this will have on your business?
What will be the impact on your other products or services?
What is the Market for this product/service or enhancement?
How will your customers react?
Once you have evaluated the opportunity you must act decisively. As Henry Ford once said:
“it doesn’t matter whether you are wrong or right, you are”
Doing nothing is not an option. You need to be actively looking for opportuities.
Opportunities present themselves in many different ways. Your job as a leader or business owner is knowing where to look here’s some suggestions:
Other industries (eg Southwest Airlines took inspiration from Indie Car racing to reduce gate turnaround times)
Ask you customers: what do they think? What do they want?
What do you think? Do you have any examples of acting decisively?