The world of business is constantly changing and evolving, creating new challenges and opportunities for entrepreneurs and established businesses alike. To succeed in this dynamic environment, one needs to have a keen eye for spotting and capitalizing on new openings for growth and innovation. However, this is not a skill that comes naturally to everyone. It requires a strategic approach and a deep understanding of the factors that influence the emergence of new business opportunities.
In this article, we will share some best practices that can help you master the art of finding and seizing new business opportunities, based on the insights of 20 Forbes Business Development Council members. These are experts who have successfully navigated the uncharted waters of new markets, consumer behavior and technological advancements, and have achieved remarkable results in their fields.
Understand Your Strengths and Value Proposition
The first step to finding and seizing new business opportunities is to understand your strengths and value proposition. What are you really good at? What problems can you solve for your customers? What makes you different from your competitors? These are the questions that you need to answer clearly and confidently, as they will guide you to identify the areas where you can provide a unique solution.
As Rich Steffy, the president of The Roof Depot, Inc., advises, “Finding clients who have needs your company is really good at providing allows you to create a target market that fits your strengths. Make sure to stay up-to-date on market trends and customer needs so you can identify areas where your business will provide a unique solution. Develop a plan to execute on your opportunity and be prepared to adapt and pivot as needed.”
Leverage Your Existing Connections and Networks
Another way to find and seize new business opportunities is to leverage your existing connections and networks. These include your current customers, prospects, partners, suppliers, industry associations, media outlets, etc. They can provide you with valuable insights, feedback, referrals, leads, introductions, endorsements, etc., that can help you discover and pursue new avenues of opportunity.
As Wes Schmidt, the founder and CEO of Alviere, suggests, “New business opportunities often flow from conversations with existing customers or prospects. If you ask questions and listen throughout the sales process, you’ll find additional avenues of opportunity that weren’t originally in scope. These can be tangential to your proposed sale or made possible through a partner, but will certainly cement your position as a trusted partner, not just another vendor.”
Embrace Change and Uncertainty
One of the biggest challenges that entrepreneurs and businesses face when looking for new business opportunities is dealing with change and uncertainty. The market conditions, customer preferences, competitive landscape, regulatory environment, etc., can change rapidly and unpredictably, creating both risks and opportunities. To overcome this challenge, one needs to embrace change and uncertainty as inevitable and positive forces that can drive innovation and growth.
As Rhonda Gibler, the chief revenue officer of Carenet Health, explains, “Often new business opportunities arise when companies are in periods of change, growth or transformation. Every change is an opportunity to lend support and help the process or journey, whether short-term or long-term. For example, as we recover from the global pandemic, it’s important to meet face-to-face to establish trust and commitment, ultimately leading to a long-term commitment.”
Keep Learning and Experimenting
Finally, one of the best practices that can help you master the art of finding and seizing new business opportunities is to keep learning and experimenting. You need to constantly update your knowledge and skills, as well as test your assumptions and hypotheses in the real world. This will help you identify new trends, gaps, needs, challenges, solutions, etc., that can open up new possibilities for your business.
As John Ruhlin Jr., the founder of Giftology Group LLC., advises, “The best way to find new business opportunities is to always be learning. Read books, listen to podcasts, attend webinars, join masterminds, etc. You never know when an idea or a connection will spark a new opportunity for you. Also, don’t be afraid to experiment with different strategies and tactics. Sometimes you have to try something new or different to see what works best for you.”
Finding and seizing new business opportunities is an art that can be mastered with practice and persistence. By following these best practices from Forbes Business Development Council members, you can improve your chances of spotting and capitalizing on new openings for growth and innovation in your field.
