Three Ways to Identify Growth Opportunities for Small Business

As the marketplace changes, gaps emerge which can create opportunities for those ready to take advantage.

Entrepreneurs see opportunities where others see obstacles!

Three ways to identify growth opportunities in your small business –

1. LISTEN. When we have our heads down in the day-to-day of our business, we tend to stop listening. By using intentional listening strategies you can better understand your target customer’s needs, wants and pain points. Especially pain points. Remember that problems mean there is an opportunity by solving them.
   
   
2. LOOK. Do a competitive analysis to see what others are doing, or not doing. Where they are failing or succeeding? Why do customers choose them over you? This will help you identify areas where you can expand your market or develop new products/services.
   
   Also look at industry trends. It’s important to stay aware of changings and trends in your industry. Subscribe to industry publications, participate in forums and set Google Alerts for key terms.
   
   Finally, look for disruptions as they also create opportunity. The COVID-19 pandemic was a disruption, and many companies adapted with virtual business elements almost overnight.
   
   
3. FEEL. Some of the best business ideas come from our own personal experiences or challenges. What problems are you dealing with in your business, or home and personal life? Chances are, you’re not alone. Is there a way you can use your resources to fill that gap and solve that problem?

If you want to ready to take advantage of growth opportunities, you must be prepared. That means you must have margin in your bandwidth, otherwise you will be too busy to notice an opportunity when it comes your way. Build time into your schedule for seeking and acting on growth opportunities.