How to Identify the Top Opportunities In Your Business
When it comes to business growth, there are a multitude of leverage points one can locate to grow their business and achieve their goals — but for many business owners, the struggle lies in which leverage points to focus on and which ones to let go of and the timing of everything. So today I wanted to discuss one of the most important leverage points to focus on in your business and why it is important to focus on this leverage point in conjunction with another in order to achieve the greatest possible growth in the shortest amount of time.
Your Top Opportunity vs. Main Limiting Factor
In the past, you may have heard others talk about something called a key limiting factor. This is the single biggest constraint currently limiting your growth. It’s the one ingredient that would allow your business to grow instantly if you only had more of it. For example, this could be a lack of an effective lead generation system for your business. Your lack of marketing systems is holding your business back from growth, and once that’s fixed you should expect more revenue. That one problem could be your number one limiting factor and your biggest opportunity for growth, all in one leverage point. But that assumes the demand for your product or service is already there and your limiting factor is holding you back. But there could be a much larger leverage point that we should focus on first, before the crucial limiting factor where our top chance comes into play.
Top Opportunities
Your top opportunity is your single biggest opportunity worth focusing on in your business. Perhaps you are a manufacturer and want to develop a line of products that are easier to manufacture and sell. Or maybe you provide a commercial service and realize that there is an untapped market for condominiums in your area. Or maybe you could expand into another geographic area to reach consumers who want or need your product. Or maybe you have a business relationship with another company or vendor that could help bring your product to more consumers. All of these examples are opportunities that could make a huge difference to your business if you act on them.
Put together
The best way to grow your business would be to consider your main limiting factor as well as your top opportunity and focus on both together. In most companies, they are often linked. You can expand into the new market, but if your lead generation efforts require work, you could fall short. Perhaps you have a new, easier-to-manufacture product, but you haven’t solved your staffing issues yet, so you may face delays and problems getting that product to market. By paying attention to both areas, you will be much more successful in your efforts to grow and expand your business.