When it comes to business growth, there are a multitude of leverage points that one can pinpoint in order to grow their business and reach their goals- but for many business owners the struggle lies in which leverage points to focus on and which ones to let go of and the timing of it all. So today, I wanted to discuss one of the most important leverage points to focus on in your business and why it’s important to focus on that leverage point in conjunction with another to get the most growth in the shortest amount of time.
Your Top Opportunity Vs Key Limiting Factor
In the past you may have heard others talk about something called a key limiting factor. This is the single biggest constraint currently limiting your growth. It’s the one ingredient that, if only you had more of, would allow your business to grow instantly. This could be for example a lack of an effective lead generation system for your business. Your lack of marketing systems is holding your business back from growth, and so once that is addressed you should expect to see more revenue coming in. That one problem could be your key limiting factor and your top opportunity for growth, all in one leverage point. But that is making the assumption that the demand for your product or service is already there, and your limiting factor is holding you back. But there could be a much bigger leverage point in which to focus on first before the key limiting factor, which is where our top opportunity comes in.
Your top opportunity is your single biggest opportunity that is worth focusing on within your business. Perhaps you are a manufacturer and you would like to develop an easier, simpler product line to manufacture and sell. Or perhaps you do a commercial service and find that there is an untapped market for apartment complexes in your area. Or maybe you could expand to a different geographical area to reach consumers who want or need your product. Or maybe you have a business relationship with another company or vendor that could help get your product in front of more consumers. All of these examples are opportunities that if acted upon could make a huge difference for your business.
Putting Them Together
The best way to grow your business would be to take into account your key limiting factor as well as your top opportunity and focus on the two together. For the majority of businesses, they are often linked. You may expand into the new market but if your lead generation efforts need work you might fall short. Perhaps you come up with a new simpler product to manufacture, but you don’t have your staffing issues figured out so you may have delays and problems bringing that item to market. By paying attention to both areas, you will be much more successful in your efforts to grow and expand your business.
The post How to Identify the Top Opportunities In Your Business appeared first on Inc..