We’ve all been here, haven’t we? We’ve got a great idea to expand our business, we dive in head first so certain that it will work … only to find that we’ve squandered valuable resources that we wish we had to apply to an even better idea we didn’t think of the first time.
This happens to virtually every growing business because there are always more opportunities available than resources to support them.
That’s why even a little planning can go a long way … why we need to kill all the strategy myths … and simply focus on prioritizing the opportunities that make the most sense to build our business.
How do we do this? By applying consistent criteria to each of the opportunities before us.
What about external factors … industry trends, markets, technological change …?
The 3rd factor needs to be the broader external forces that affect our businesses … industry trends, markets, demographics, technology changes and other external factors.
What do those cards look like?
How do we select the right opportunities and build our strategy to deploy our limited resources in the best possible way?
Are you spending quality time to understand industry trends? Do you know what’s happening in your markets?
If not, why not?