How to Unearth the Hidden Potential in Your Business

“In the middle of difficulty lies opportunity”. Albert Einstein’s statement is an exceptionally noble approach, and exemplifies that business potential may indeed lie in its threats and weaknesses. For the business to prosper and grow entrepreneurs must realize that regardless of how successful they become they will still be far below their optimum potential, and must therefore meticulously find and exploit their enterprise’s true potential. This requires a shift in paradigm thinking and a congruent change in the entrepreneur’ attitude towards the dangers and weaknesses of their business.

Converting limitations and disadvantages into opportunities results in amazing outcomes at every step in the operation of a business and of its performance outlook. Decisions are made and actions are taken based on the hard reality of the business not obscured by tomorrow’s challenges or the lure of the urgencies of the present.

While not every business has a hidden potential and can develop limitations and restraints into opportunities, businesses that have no potential or fail to search for their potential cannot grow or survive. So, how can you unearth the hidden potential in your business and develop its opportunities?

You start by asking yourself questions like:

What you are fearful of, what do you see as a danger to your business, and how can you use it as an opportunity?
What are the restraints and weakness that contribute to the vulnerability of your business, hinder its full effectiveness, and hold down its propensity for profitable results?
What are the inconsistencies in your business?

Most entrepreneurs are fully aware of the restraints, vulnerabilities, and limitations of their businesses but seldom ask questions. They are likely to believe that nothing can be done to change their circumstances. They fail to realize that to convert restraint into opportunity requires innovation with flexibility and diversity to exploit the new possibility by investing in its development.

While inconsistencies are a way of life for growing businesses, chronic imbalances can drain the business of its productive resources way beyond any results they can produce. If the imbalance in resource allocations is in support activities or control measures, the remedy is to cut out whatever causes the imbalance. Concurrently, identifying the area with excessively large productive effort often indicates a major unused potential and requires major changes in the nature and structure of that area of the business.

We traditionally identify areas of inconsistencies and imbalance with excessively large productive resources incapable of producing sufficient outcomes, within the business in the marketing and research & development areas. The cure in these areas is determined by careful analysis followed by radical redefinition of the business in its entirety or integration into new products or services with adequate utilization of the resources and efforts needed.

More serious cases of imbalance we encounter are companies that are the wrong size- typically too small- for the market they are serving or for the management they need. For these cases a unified business review and performance program that converts the disparity between the business size and the management it requires by scaling the management down to the size appropriate to the needs of the business.
Needless to say, that unearthing and attaining the potential of a business is psychologically taxing on all concerned and requires great effort from the various aspects of the business and its management.

Therefore the role of an external coach or consultant is of paramount importance in the soul searching process of the organization and in the unearthing of its hidden treasures that are disguised as imbalances in the form of a weaknesses or a threats.

Entrepreneurs need to work systematically on maximizing opportunities by looking within not without! And by asking questions like; Where are the imbalances in our business, and what are the opportunities for the greatest economic outcomes? They can start to maximize opportunities by focusing the available resources on the most attractive possibilities and devoting them to obtaining the greatest possible results. This followed by successful business planning based on exploiting imbalances and maximizing its prospects by uncovering its potential and developing real opportunities that can increase the propensity of the business for survival and growth.

How to Maximize Growth and Monetary Profits For a Home Based Business

Proactive measures and concentrated efforts are necessary to achieve business growth. Efficient marketing campaigns can help profitability of a home based business. Management of available resources and regular customer studies can boost viability of a business model.

Constant Evaluation and Accountability

Analysis and review of sales figures must be undertaken to gauge the health of the business model. Expense details have to be tabulated and aligned with set cost limits.

Four areas of a business model can be worked upon to push up growth. Expenses must be limited so that they do not eat up into the anticipated profits.

The value of a product and service must be accurately determined to work on marketing plans and price issues. Resources that can be utilized at lower prices without compromise on quality can be employed to cut costs. Futile expenses must be avoided to push up profit margins.

Sales review can determine customer base and mode of expansion plans. Factors like product demand, target customer group and brand management have to be thoroughly considered.

Creative Solutions for Sustained Growth

Innovative marketing strategies can be initiated online and at local spots in order to reach a wider audience. Community events and festivities have high advertising potential for home based business ideas. This can increase profit margins from greater sales through word of mouth promotions.

Regular advertisement and marketing campaigns are necessary to reach out to the customers. Customer surveys and sale studies can help modulation of advertising methods to achieve personal connection with users of the product.

Creative product solutions can enable business ideas to thrive even in the difficult conditions. Discount packages and free service periods are some of them. Constant personal review of quality can work towards the long term growth. Free sample of products and service experience offers can bring in slow and constant revenues.

Personality Traits and Leadership Qualities

Failure and learning experiences help develop business strategies that maximize growth. Constructive criticism and customer feedback go a long way to propel business opportunities.

Business development occurs even in the uncomfortable situations and difficult market conditions. Areas of trouble must be seen as the windows of opportunity. Leadership qualities like willingness to take responsibility and a never say die spirit can help to tide over poor economic scenarios.

Hard work coupled with ability to finish the projects on time enriches client and customer relationships. Smart decisions must be made with price quotes for business viability.

The bond of trust which is created through the product or service with clients and dealers must be upheld. The ability to foresee and plan for the future with sustained efforts improves the business model practiced.

Organizational skills like making plans, committing resources to a project and supervisory actions are necessary for the development of a home based business.

Darrell Lischka

Small Business Marketing – Opportunities

In the third of this four-part series, we will consider another of the most important considerations for analysis of the marketing efforts of a small business. A small business’ opportunities are the third part of a SWOT (strengths, weaknesses, opportunities, and threats) analysis, and reveal where the business has future growth and development chances. Opportunities can take many different forms, and should be examined and periodically reviewed to notice any changes, as they may happen suddenly, then disappear again just as quickly. Business opportunities can include some or all of the following:

  • Emerging trends which require your products and services
  • New technologies which increase demand for your product or service
  • Favorable changes to customer characteristics (demographics, psychographics, etc.)
  • Changes in customer tastes, preferences, or values
  • Poor competitor performance leading to dissatisfied customers ready for a change
  • Newly unsatisfied customer needs
  • Problems or gaps in existing offerings (creating opportunities for follow-up sales, cross sales, and up sales)
  • Completely new desires on the part of customers
  • Discovering new uses for old products and services which satisfy other market segments
  • New or expanded product and service offerings for your firm
  • New or expanded product and service offerings for other firms which complement your offerings
  • Changes which make substitute goods or services less desirable
  • Additional applications of recent research and development activities
  • Changes to current laws, regulations, or rules which allow opportunities which had been restricted
  • Beneficial changes to a supplier’s terms and conditions, or new suppliers becoming available
  • Beneficial tax changes or incentives for business development
  • Favorable side effects which are realized from using your product or service
  • Access to a greater supply of human capital with industry experience, fresh perspectives, or both
  • Less competition, as some competitors leave the market or go out of business
  • Decreased cost of raw materials used in making your product or providing your service

Put simply, the more of the above patterns that are present, the greater the amount of opportunity that exists in the market which can be utilized to start a new venture, or continue an existing operation. Even when there are fewer opportunities to make use of, highly successful businesses can still be established, but the amount of skill required to do so is significantly greater. Generally, the businesses which make the best use of their opportunities in a rapid, efficient, and effective manner are best positioned for success in the future.

Copyright 2010, by Marc Mays

Home Business Development – Having Your Own Website

In my first article, where I talked about having a auto responder system, I stated that building a business online is like a Jet climbing to it ideal cruising altitude. In a jet you plan the route, in business you develop a plan, a jet takes off, a business launches or opens, a jet climbs, and a business is developed.

I also stated the companies you can join as a home business should be tools within your business. They are the product tool. Then I talked about the importance of communicating effectively with your customers, and discussed auto responders as another needed tool.

In this article I am discussing the importance of having your own online business presence. The way this is done is by having your own website. This is not the free website you may get when joining a business opportunity program, but your own website with its own hosting service and domain name.

Your own site allows you the control to adjust your marketing pitch, develop contact lists, and market more than one item if you want.

Having your own site also makes your product or service more visible or unique to a customer. Let’s say you are working with a MLM or Network marketing business and they provide you a website to get others to sign up on. Everyone in the program has the same site, this is not unique, and you cannot customize it. But if you had your own site you can create a new way to tie the product or service to a customer’s needs. Another way you can work the site is to list benefit of the product or service without actually mentioning it, then ask them to provide contact information if they want more details. When they provide the information send them to the programs website to finish the sell. If they do not purchase the item you have the contact information so you can remarket the product or another product to them. Many times it will take several exposures to a product before the customer will act on the offer.

It is not recommended that you use a free service when hosting a business website. These services are good for personal websites but should be avoided for a business. The number one reason I have for not using these types of services is they usually require or place their own ads on your sites. You do not want to promote some one else’s products on your site unless you are getting some type of payment in return.

When choosing a hosting site look at the following :

Reliability
Customer support
Hosting space allowed
Bandwidth limits,
Options Available
Payment methods.

There are a number of good services out there. The service I have had the best performance with is from Godaddy. It has many options and plans you can work with and you can start out with the minimum and upgrade later as your needs change.

Choosing the correct hosting service for your website is probably just as important as your product or service. If your site hosting is not reliable your site will not been seen, and therefore you will not get the sales conversions.