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4 Easy Tips to Avoid Missed Business Opportunities

Many business owners can attest to overlooking opportunities that could’ve taken their profitability, revenue, innovation and teams to the next level. As a result, their operations are stagnant, moving them closer to shutting their doors for good. That’s why it’s important to ensure you avoid missed business opportunities.

Whether creating a new product, opening a new location, connecting with a new partner or tapping into a new market, you never want to miss an opportunity that moves your business forward. Here’s how to ensure this doesn’t happen. 

READ: Maximize Your Impact: The Power of Intentional Network Building

Establish Clear Business Goals 

Goals are influential in your plan to avoid missed business opportunities. When you know where you want your business to go, you can pinpoint opportunities to get you there better.

Plus, goals make you take your business seriously. When you’re serious about your business, you’re always on the hunt for opportunities to improve it. You’re more willing to take them too. 

However, it’s important to go about this process methodically. For one, outline clear business goals before you launch your business. As your business grows, come back to these goals and expand as needed. Your goals should also be specific and detailed, with clear actionable steps for you to succeed. Each time you take another step, be sure to celebrate but keep a level mind to any future actions that need to be taken.

READ: What Are the Safest Industries to Start Your First Business in 2023?

Take Care of Your Team 

To avoid missed business opportunities, you have to understand that such opportunities can come in seemingly small packages, and whether or not you can take full advantage of them have a lot to do with your team. 

Colorado tech companies including Conga, Fluent Stream, Adcellarant and Maxwell, attribute much of their growth to the people they have on their teams.

By offering continuous professional development, giving employees more meaningful responsibilities and supporting a healthy work-life balance, these companies get the most out of their employees because they genuinely care about them. 

Opportunities will be missed if your employees don’t know your business vision or what to look for to ensure you’re on track to achieve it. Also, if you don’t have a happy and fulfilled team, they won’t be as productive and impactful as they can be, which alters your ability to take on opportunities when they’re presented. 

In other words, take good care of them and build the ideal employee experience. 

READ: How to Craft an Ideal Employee Experience Strategy — 6 Easy Steps

Start with their mental health and well-being. When employers don’t provide mental health support, employees are much more likely to experience burnout and worsened mental health conditions. Both can impact their productivity and cognitive performance. 

On the contrary, employee productivity, morale and cognitive ability improve when employers provide mental health resources in the workplace. They can work at their full potential, identifying and capitalizing on business opportunities more readily. 

Take your employees’ needs into account as well as your budget, when providing them with mental health resources. 

READ: The Top 5 Ways You Can Support Mental Health in the Workplace

Automate and Optimize Your Business Processes 

Business opportunities often have a sense of urgency attached to them. Most are gone in the blink of an eye. Even if you have some time to decide if you’ll take advantage of an opportunity, it won’t be long. 

Automating and optimizing your business processes can help. You’ll save a lot of time automating appropriate tasks in your business and can use that newfound time to pursue pressing opportunities. In addition, optimizing specific processes allows you to jump on opportunities with delicate time constraints faster. 

For example, content creation can be incredibly time-consuming. However, much of it revolves around trends that come and go quickly. So, time-consuming content creation isn’t an option. 

Templates, a brand asset library, and creating all your content for a trend in one sitting will optimize your content creation strategy, helping you to avoid missing an opportunity in content marketing. 

See where you can use automation tools in your business. Look at various processes and identify how to make them more streamlined. Once you do, you’ll have the time and team capacity to take more chances and avoid missed business opportunities. 

Create and Engage With Your Professional Network

You’ll come across some opportunities yourself. Your team will identify some. Then, there will be those opportunities that come to your business by way of someone in your professional circle.

If you have yet to create a professional network around you, today’s the day to start being intentional about building one. Other business owners and professionals in your industry are sitting on opportunities they’re hoping to pass off to people they have genuine relationships with. So, be one of those people.

Go to their events and invite them to yours. Use social media to build a community. Visit businesses in your area and start relationships with the owners. Actively engage with the professional world around you. Your network can be one of the best opportunity sources you have. The people in it can play a significant role in your growth. 

Missed business opportunities are a sore spot for many business owners. Don’t let that happen to you. Establish clear business goals, take care of your team, Leverage automation and optimization, and engage with your network to avoid missing business opportunities. 

 

Indiana Lee Bio PictureIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

6 Ways to Find New Employees During the “Great Resignation”

One of the lingering outcomes of the pandemic is a dwindling workforce, where it has become increasingly difficult for companies to find, attract and retain employees.  This trend is being referred to by some as the “Great Resignation” and the numbers support the term. For example:

  • On average, 4 million Americans are quitting their jobs each month in 2022 (4.2 million+ left in August 2022).
  • Throughout 2021, an average of 3.98 million workers left their jobs every single month, with 4.5 million in November.
  • Over 47 million Americans left their jobs by the end of 2021.
  • 40% of employees have thought about leaving their jobs in 2022.

There are a number of new and creative things that small and medium-sized companies can and should do to find employees for even the hardest-to-fill roles (especially considering that the cost to replace an employee is 2x their salary).

As a small or medium-sized business, here are some approaches you might find to be effective.

READ — The Great Resignation’s Untapped Talent: The Autism Community

Remote & Hybrid Roles

As a result of the pandemic and technology, remote work has become more of the norm in the modern world and an increasing number of employees want to work remotely.  It’s up to employers to determine how they can best accommodate this desire (demand) and identify jobs that can be done remotely without affecting overall production and morale.  It’s a tricky balance, but if done correctly it will help your business to succeed, both in attracting and retaining quality employees from across the world and generating profits.

Leveraging the Gig Economy

Not all of the roles within a company need to be full-time positions, yet many small and medium-sized businesses continue to maintain a full-time staff, regardless of productivity.  Not only is this difficult to do, but it’s costly.  There are millions of consultants who are populating the gig economy (independent contractors who are experts in their field) and can provide companies with the service they need, on a part-time basis, at a fraction of the cost of a full-time employee.  They are also easier to find and hire for a specific amount of time.

Employee Referral Programs

Some of your company’s best resources for engaging and hiring outstanding new employees are probably employed by you right now.  There’s a reason you hired your current team and they undoubtedly have a network of friends, family members and colleagues who could be outstanding candidates to fill positions with your company.  Some of the ways to leverage this network is with incentives and bonuses for your current team to make introductions to your company via social media or personal introductions.

Networking Strategy

It’s important to maintain a networking strategy to engage and attract new employees.  The employee referral program is one component of this strategy (see above).  Additional forms of networking include:

  • Sharing exciting news about your company with others via social media with rhetoric that encourages people to find out more.
  • Hosting coffees, luncheons or other social events to familiarize others with your business.
  • Attending community events and business functions.
  • Visiting local non-profits and offering to host a “career day” at a local high school or community college.

READ — Five Common Networking Mistakes Made by Executives

Partnerships with Diverse Chambers of Commerce

Local chambers continue to be a great resource for finding quality employees, as they actively host events to bring people together.  Don’t overlook this tried-and-true network.  Pay for a company membership and stay active by hosting your own events, offering to be a mentor to members of the chamber and getting to know other members.

Hire Workers Over 50 

There is a vast pool of outstanding employees who are plus-50 years old.  In a world seemingly dominated by tech-savvy youth, older workers have more real world and professional experience, are quick learners and bring the maturity and professionalism required to help a company succeed.  Don’t fall victim to “ageism”, just because a young candidate knows all about the latest fads.

A tight labor market is here to stay, which means leaders can’t rely on the old playbook for finding and hiring new employees.  It’s more important than ever that small and medium-sized companies utilize innovative methods to find new employees.

 

Griffen O'Shaughnessy
Griffen O’Shaughnessy
Chelle Johnson
Chelle Johnson

Griffen O’Shaughnessy is the Founder & CEO of Canopy Advisory Group and Chelle Johnson is the Talent & Professional Development Expert at Canopy Advisory Group.