Have you ever been at a loss for finding opportunities? In today’s episode of Business Success with Doug Barra, I’m going to cover just that. Today what we’re going to talk about are those places to find opportunities and there’s a couple of things that I want to cover. So, there’s first off, there’s the kinds of opportunities. Then I want to talk about like the places to look and finally, how would you actually evaluate those different opportunities. So let’s start with kinds of opportunities. There are basically the way I see it. Three kinds of opportunities. The first kind of opportunity are those opportunities for expansion, for growing, for taking your business to the next level, and for taking your team to the next level.
It’s all about expanding what’s possible for you or your business. Now the next kind is savings. So savings is looking more at how do I save something? So, it’s an opportunity to either save money, to save time, to save space and that’s, I don’t want you to think about it as contraction, but it’s a little bit more like contraction as opposed to expansion and then the final way is efficiency. So opportunities for increasing efficiency because we can, we can grow our business profits by increasing our efficiency without having to grow our revenues. So there’s a lot of places that we can look for each one of these and when we’re looking at where can we look, where can we find these different opportunities?
The first place I always recommend looking is to your team. These are the people who are there, they’re on the front lines with you, helping you to grow your business, to make your business work. So these are the people that you want to talk to. You want to have brainstorming sessions with, you really want to bring them together so that you can find out more about what they see is possible.
All right, and then as I go into these next ones you can also approach those with your team. So like the next one are mentors. So anyone that, you know, that’s a mentor. If you have a coach, if you have people that, you know, that have already been where you want to be or the same is true for your team, if they go and speak with the people that they know, that people that have helped them in the past or people that are helping them. They may have ideas for how to find new opportunities and looking at your own experiences. So what’s going on for you or what has gone on for you? What have you seen work? What have you seen doesn’t work?
Where have you had issues? Where have you had things that bug you? These are all opportunities for places to look for how could we either expand, grow, create savings or increase efficiency and then the final one is really looking at the environment, and when I say environment, I’m talking everything around you, right? Because when we’re really present to the environment, we’re present to all the things that are going on around us. Then we start to see those opportunities that are out there that are there for us to use, to then either as I said, either for the expansion, for the savings, for the efficiency and looking at the environment and what’s going on around you.
Okay, and, and don’t limit that environment to what’s directly in your space, but around you, what’s going on outside? what’s going on with your friends? what’s going on in the community? what’s going on in the world? All of these can be opportunities, that you could take part in, and then when it comes time, once we’ve come up with opportunities and hopefully you’ve done a lot of this you’ve come up with a lot of opportunities. Because quite frankly, don’t stop at the first one, make sure that you have a lot of opportunities. So then you can then evaluate the opportunities to figure out what ones are the best for you, or what one is the best for you, and there’s three ways that I’ve seen that work really well for evaluating opportunities.
So, the first one is really looking at a difficulty versus benefits scale. So if you’re looking at how difficult is it? is it easy to implement? Is it hard to implement? and how much benefit. Is it going to be a very small benefit? or is it gonna be a very large benefit? So when you’ve done that, that gives you an opportunity to see what are those opportunities that would be easy to implement and are going to give you a great benefit, or they might be harder to implement, but they’re still going to give you great benefits, right? If the benefit is very small, they’re probably not worth doing anything with just set those aside right away.
You can also use, which is a very popular way. Pros and cons. Looking at what are all the pros of this opportunity and what are all the cons of this opportunity and then weighing them to see which one really is the stronger, right? Are there more cons to it or are there more pros to it? and then the final one, which I think you should always do, even in conjunction with the others is a return on investment. What is going to be your return on investment? and a lot of times you might not know that up front, but you can estimate it and you want to be looking for what’s the best return that you can get on your investment for any opportunity that you want.
You don’t want to jump in and have to invest gobs and gobs of money. Then only get a very little bit of money back out or effort, and return isn’t always in monetary. Sometimes return is in the effort that it took. So there you go. Those are the main things for me around finding opportunity, especially in challenging times.
So thanks for joining me for this week’s episode. Next week, we’re going to dive deeper into what some of our clients have actually done to create opportunities or to expand on opportunities and remember to visit secretstosuccessinbusiness.com. That’s secretstosuccessinbusiness.com to download our new value packed eBook, and if you got value from today’s session please like, subscribe or follow me.