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Turning a Business Opportunity into Gold

Wednesday, November 06, 2013   By Mike Reddy



The saying “timing is everything” could not be more apt than when it comes to small business management.

Timing and opportunity are often what segregate successful businesses from those that flounder. A true entrepreneurial spirit is rooted in this belief.

Opportunity does not come dressed in a pretty package with a ribbon on top. It is often disguised as a challenge or even a plain ordinary instance.

As a business coach I suggest you start by becoming a true opportunistic enterpriser:

  • Always be on the look out for demand. What do the people want and how can you give it to them in the quickest way possible?

  • Tell the market what it needs and make sure the message is as widespread as possible.

  • Listen up and keep your eyes open- you never know when these sneakily disguised opportunities will present themselves.

  • Stay innovative, be creative and remain flexible.

  • Take risks and trust your abilities.

  • Value persistence, quitters never prosper!

Remaining active in the industry is also a great way to hone the skill for recognition. Surrounding yourself with other innovative and opportunistic minds fuels the fire and provides a sounding board.

Attend conferences, webinars, workshops and training sessions whenever possible. Continuing to learn and grow is part of the process and it is why our business coaching resources put so many resources into our business learning centre.

Stay current with developments so you are never blind-sided by the industry’s growth.

View challenges and problems through a new lens. As a coach I have noticed that the likelihood that others are struggling with similar problems means that there may be an opportunity on the horizon!

Diversify your experiences in both professional and personal realms. This will provide you with the tools to recognise patterns and parallels between seemingly unrelated industries.

Beware of the classic bad opportunity apples:

  • Opportunities that seem too good to be true.
  • Opportunities that others have routinely struggled with.
  • Opportunities that disregard the basics.

Always consider the four qualities when assessing opportunities: attractiveness, timeliness, durability and value.

Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.