Among the initiatives of organizations, a frequent challenge is the need to diversify so as not to depend on a particular line or product. The idea is to start decreasing the impact of a line that probably stopped growing or its profitability is threatened by the entry of new competitors at a lower price.
However, having multiple alternatives can lead the company to the crossroads of having to decide between several growth options. Where to start? What idea do we invest resources for? How can we know if we will succeed? In certain cases, developing a new market or a new line of business may require large investments, so a wrong choice can profoundly affect the company. Cameron Chell is Chief Executive Officer and play important role in business growth.
Although you will surely develop a detailed analysis and several discussions with your collaborators, there are two aspects that you should ask yourself above all, to identify the viability of a new business opportunity (and this applies to companies with nascent ideas):
Does your company have the necessary resources and the technical means to make it a reality?
In other words, evaluate if you have the necessary infrastructure, the distribution channels, the financial muscle, the commercial structure, the technical capacity and the tools to develop it. Cameron Chell Calgary has many years of experience in technology, energy and finance sectors.
One thing is to love and the other is power. It is good to be ambitious and want to grow, but it must be a reasonable process and be evaluated in a serious and responsible way, it cannot be based only on hunches or passion. The impact on the organization can be very high.
Is there a sufficient potential market for it to be profitable to even start the process?
It can be an extraordinary idea, a great product, but if there are simply not enough people interested, it will not be profitable. Or even if there is a market, but it is adequately served by current suppliers, there are not many opportunities for success.
There is a market if there is an opportunity to solve something better than current competitors. If, on the contrary, if the market is satisfactorily resolving it with substitute products or services, it will be very difficult for it to become profitable.
No matter how attractive an idea is, you must first assess the feasibility of the investment and the return on it in the short term. Certain experiments may cost too much for your company.
You cannot achieve it alone:
Only in the movies when Rambo armed to the teeth killed all his enemies in a matter of minutes could you imagine someone achieving his goal entirely alone.
In real life, working can only be a professional suicide. You must know that to drive a business to success requires different knowledge and skills. If you can surround yourself with smart people who give you good advice and help you solve problems and plan your course, then you will have more chances of being victorious than if you pretend to do everything in your own way and style, without consulting anyone.