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

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.

Business Opportunity – The Power of Self Discipline For Abundance

A sense of self discipline is an elemental truth with the successful entrepreneur of a business opportunity. Entrepreneurial ventures constantly strive to work against false growth assumptions and presumed marketing difficulties.

Creative Solutions for Operational Difficulties:

Innovative business strategies can be employed to overcome limitations with product development and expansion. There should be renewed effort to look at participant markets with a new vision and positive prospects. Strong business applications can be developed by employing right and left brain skills like creativity with logic.

Products believed to have poor potential for growth in certain regions must be reexamined for better demand at other geographical pockets. Myopic observation of a market situation should be replaced with constructive measures guided by foresight and balance.

Potent Commercial Strategies:

Marketing efforts should aim to go beyond conventional boundaries and norms for product launch. Advance ideas that target customer group with multiple purchasing points can push up net sales numbers. Regular examination of functional model can help identify loopholes of failure with a business opportunity.

Advertisements need not necessarily focus on a weak primary selling point of a product over strong desired secondary values rendered. A business method that does accommodates focus and works for recurrent efforts at success must be employed.

Strong Business Development:

Possible solutions should be explored in the presence of overwhelming negative factors. Real business development is often seen to occur in the midst of severe competitiveness and difficult market conditions.

Non favorable economic situations have led to the initiation of high efficiency and strong schemes with business opportunity. Distribution and retail outlets of a product must be adequate in high demand regions.

A new product must be placed in appropriate sections and categories of retail outlets to grab essential customer attention. Marketing efforts can be initiated months ahead of actual product launch to achieve accelerated favoritism.

Advanced Entrepreneur Applications:

Business opportunity proprietors must have a personal self examination method that tracks learning curve and professional growth. Entrepreneurs often act upon to reduce friction with primary resources and functional activities that work for deliverables.

Business ventures that open up new avenues for growth with innovative products garner profits before competitors imitate the above business idea in the market.

There are different measures to evaluate the success of a business. A good business plan must be developed to monitor progress, success and development.

It is essential to consider goals, objectives and targets with a suitable business plan. Failure to achieve targets must be followed up with corrective measures to rectify negative factors at work.

Business Growth is in turn related to strategies and functional models practiced. Certain forms of business relationships can enhance potential for product expansion. Joint venture agreements can be high beneficial for certain configurations of business opportunity.

Develop Your Personality, Grow Your Business, Achieve Your Goals, and Lead An Inspired Life!

Personal development is something that most people work on throughout their entire life span to enhance their success in their lives and chosen career. It is commonly known to be a foundational element required for most seasoned marketers as well as new entrepreneurs to boost their business. Many people need to build their confidence, develop a more positive attitude as well as make significant strides n in building a good solid business. Hence, with the help of advanced technology, personal development training is now brought to the doorstep of everyone via the use of mobile and desktop apps. To state a fact, the increasing growth in the mobile application industry is becoming huge nowadays. Therefore, it creates an opportunity for a lucrative income for many people who wish to make money from home with this trending business.

Many people may wonder why they are not successful in their personal, career or business lives. There might be numerous reasons for it but at times, the answer to their question is just right under their noses. Personal development is something that they neglect to address when they are having a hard time dealing with problems in their lives. Hence, having a successful personal life, business and career is often the result of personality development. This is most often linked with other forms of one’s development, such as business development and social development. Personal development usually pertains to the methods one uses to handle their life, feelings, emotions, thoughts and reactions to the various situations that present themselves. It is a technique that includes changing one’s mind to a positive mindset, goal-setting and learning how to deal with all the circumstances in the task environment in a more positive manner. Personal development is a skill, and it’s a must implement strategy, that is beneficial in self-, workplace- and business-development. To be sure, without time-management, goal-setting for clear direction, and positive thinking, achieving a successful career or business is not possible.

A mobile or desktop app that brings personality development to every user can be a valuable tool. As there are lots of people using advanced technologies and incorporate in their lives the use of mobile devices, the mobile application industry is enhanced by virtue of what’s being offered via the mobile and desktop application industry.

A variety of new apps are entering the marketplace that address the multi-billion personality development niche. These products aim to provide a platform for all users to enhance their lives. Remember, these apps will be available for mobile and desktop users. Thus, even when you are at home and have no any other source of income, you could possibly benefit from this product in so many ways. These type of application is a revolutionary form of mobile app that could pay money to its associate members. A really rounded application would combine the central industry of personal development, network marketing, and mobile apps into a quality product that aims to enrich many people’s lives.

An app in this category would be touted as an exemplary mobile application that make it possible for any average person to gain profit from the booming mobile application industry. It would deliver professionally produced, high quality personal development video to your mobile device on a weekly basis. The personal development video ought to include an end-user product to every mobile user that would include practical information from numerous top professionals. Hence, the topics should range from time- management, goal-setting, and personal development to leadership development, business development, personal motivation, financial management and more!

You should be able to start conducting business with an application rather easily. You would be able to get a URL would direct your prospects to your personal page for them to sign-up. You could conceivably earn income from this product by inviting more people to join your team, while learning from the application’s provided video. One could also introduce this into social commerce sites such as Twitter and Facebook where they could link it to their profile. This is a sure way to invite many people to review your page and, perhaps, re-Tweet or Like it. Hence, making blogs for inviting people to join you would typically help you get more leads for your business.

Imagine a mobile application which includes the concept of network marketing which allows users to share this mobile application to many people and get paid for doing it. Get more income and enjoy the benefits of the application’s compensation plan by enrolling many people directly in your business.

It’s no wonder why this type of application is gaining popularity in the market as it seeks to invite more people to join, learn and earn from its use. Hence, it would be good to always stay inspired and motivated to be successful in this and any other endeavor, both personal and business.

The mobile app industry is relatively simple, so don’t complicate it. It is a fact that a low-cost entry product combined with the personal development industry fits well with any network marketing affiliate opportunity, as well as multiple income stream opportunities.

Hence, a mobile app opportunity that provides users with access to a product that is for self- and other- improvement is incredibly attractive as it provides a great starting point for anyone seeking to learn the mindset principles that could help them develop income specifically, and improve their lives, generally. Moreover, it is great for those people who lack funds and are new to the home-based business industry.