It is essential for every organization to recognize growth opportunities to ensure long term success. An opportunity is any project or investment that will create growth. Opportunities, however, can be overlooked when we do not pay attention to the big picture. Individuals with business acumen are constantly recognizing opportunities for growth. If recognizing opportunities does not come easily for you, there are steps to take that will ensure that you do not overlook growth opportunities.
· Identify market trends: Monitor changes in the market such as technological advancements.
· Actively research customer needs: Conduct market research and anticipate customer needs, which you will fulfill.
· Pay attention to competitors: Take advantage of a competitor’s weakness and learn from their strengths.
· Monitor demographic changes: Changes in demographics indicate potential shift in customer base or needs.
· Consult employees: Do not overlook employee ideas; encourage brainstorming.
· Monitor abilities of the workforce: Pay attention to employee skills. Offer training or hire new employees in response to growth opportunities.
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Tina Oliver, M.Ed.