How do you evaluate business opportunities?
Specialists around the world often use SWOT mechanisms to evaluate new offers, as well as special templates for analyzing the prospects of projects relative to common business objectives, customer influence, strategic potential, and competitiveness.
These instruments play a crucial role in making decisions about acquisitions, new products, functions, and directions.
But how to assess the lesser scale opportunities that you face every day?
Should I speak at this event? To write a book? Visit the summit?
It is very important for leaders and organizations to be able to correctly allocate their time and give preference only to significant opportunities.
Therefore, a unique strategy was developed for them, which helps to effectively prioritize.
Each time you find a new opportunity, evaluate it on the five most important indicators from -1 to +5 and then calculate the total score.
A negative evaluation is necessary for those aspects of the project that are in fact negative, for example, addressing a non-actual audience or in an irrelevant industry.
Does this opportunity involve your unique talents? Will it emphasize your uniqueness, your best features?
If you can show yourself with the best hand and show the best sides, then evaluate this aspect on 4 or 5 points.
Sometimes an intangible reward may prove more valuable than a monetary reward. When evaluating small opportunities, always consider the scale of their impact on the business.
For example, speaking to ten authorities who buy your product may have more influence than speaking to thousands of listeners, even if they pay for participation.
Of course, if there is such an opportunity, it is better to try to find time to implement and those opportunities that will bring long-term benefits, and those that promise instant profit. In any case, decide for yourself what is more important for you, and evaluate the outlook on this criterion in an appropriate way.
It is impossible to develop without leaving the comfort zone. If you have the opportunity to speak to 100 experts on a complex or highly detailed topic, will you take this risk? Or would you prefer not to leave the comfort zone?
If the opportunity allows you to develop, discover something new and grow, then according to this criterion it should be assessed rather highly.
In the field of real estate valuation increases the value of the object. With business opportunities, a similar principle works. Their evaluation increases the value in the eyes of the audience and customers.
Assessing the potential increase in involvement, strengthening loyalty and willingness to buy, select a suitable score for this factor.
For example, an introductory lecture for a wide audience can get a score of 3, and a presentation to the target audience for which your proposal is most relevant deserves the highest score.
If the opportunity does not promise any continuation, it is difficult to call it attractive. It is much better if it helps attract new customers or opens up new opportunities.
In this case, one should pay attention not to the number of contacts, to their quality. For example, if you are speaking to an interested audience, then this opportunity should be rated 4 or 5 points.
It’s better not to make opportunities that are 15 points or less in your schedule, only if you do not have enough time for them. The same proposals that received 20 points or more deserve special attention.
Start using this convenient strategy today. Thanks to it, you can quickly and accurately assess every opportunity and choose only the most promising proposals. And this will increase your personal productivity and the effectiveness of the whole team.