Opportunities are outside the control of the business. They may be generated as a result of new legislation, political, environmental, social, technological, economic or demographics changes. As our lifestyles change, more opportunities arise. Fifty years ago, people would not have paid for bottled water and now we are seeing a new trend where ’tap water’ is becoming popular again. Is there an opportunity to provide branded water jugs?

To find opportunities for your business, you need to gather information inside and outside the business.

Inside the business, you can talk to staff and explore any ideas they have from speaking to clients. How often do they say to clients, ‘I’m sorry we don’t do that?’. Have a brainstorming session with staff to identify new possibilities.

Outside the business, you can contact your trade or professional association and find out what legislative changes are planned in the future. How do these changes impact on your business and could they result in new product or service ideas?

Speak to clients and identify their future needs. Clients often think of new ideas as they are the users of the product or service. But, unless asked, they may keep these ideas to themselves.

Talk to suppliers and find out what changes they have noticed in the market and in customers’ tastes. If you sell products, the suppliers often get previews of new products before they are widely promoted. Whilst services are different, their suppliers may see new ways of working that provide opportunities.

See also:

Q82        How do we survey existing clients?
Q83        How do we survey lapsed clients?
Q84        How do we survey potential clients?
Q85        How do we survey our staff?