In business, there are often no shortage of opportunities for a leadership team to consider. With so many options, it can be difficult to determine which are worth pursuing. When considering a business opportunity, it is important to take a step back and ask yourself if this opportunity makes sense for your company. But how do you decide? Here are three key questions that CEOs, presidents, senior executives, and chairmen can use to filter through business opportunities and make sure they’re making the right decision for their company.
Does This Opportunity Align with Our Mission? The foundation of any successful business opportunity is its ability to align with the company’s mission. If the opportunity does not support your mission or values, then it should probably be discarded. Taking on a new business opportunity requires resources—time, money, manpower—and these resources could be used elsewhere if they were not spent on something that doesn’t line up with the mission of your organization. Be sure that any business opportunities you consider are in keeping with what your company stands for and seeks to achieve.
What Are the Potential Benefits? It’s easy to get caught up in what something could be without considering whether or not it should be pursued in the first place. Before investing time and energy into a new venture, take some time to evaluate what potential benefits might arise from taking on this particular business opportunity. What would come from investing in this project? Would there be cost savings or increased revenue? Is there potential for growth or collaboration? Will it help build our brand awareness or reputation? These are all important questions that need to be asked when filtering through potential options.
Who Would We Need on Our Team? No man (or woman) is an island; every successful venture requires a team of passionate people who have different strengths and weaknesses working together towards a common goal. Take a moment before committing to any new endeavor and think about who you would need on board in order for it to succeed—do you have enough resources within your existing team or do you need to hire outside help? Who will handle marketing efforts and customer service inquiries? What about IT support or legal advice down the road? Answering these questions beforehand can save time (and money) in the long run by helping ensure that everyone involved has what they need from day one.
As tempting as it may be to jump into every promising venture that comes along, being discerning about which business opportunities to pursue is essential if you want them all ultimately bring success rather than failure. Taking these three questions into consideration before taking on any new venture will help ensure that you’re making informed decisions based on fact rather than hype – giving you greater assurance of success! By asking yourself these three questions when evaluating potential business opportunities, CEOs, presidents, senior executives, and chairmen can make sure they’re pursuing only those ventures that make sense for their company’s mission and goals.