Business Opportunities - A How To Guide

Author: Youth 2 Youth.

There are many reasons why businesses require ongoing opportunities to come their way. Perhaps the business is ready to expand; maybe the business requires expertise or additional services they are not trained or equipped to provide; or it could be that the business is looking for long-term relationships with potential clients and is happy to spend time with these prospects to develop good relationships.

Sourcing New Opportunities

1. Networking
   
   Networking is a great way to create opportunities for your business. Networking allows you to meet new people, and through them, new organisations. It keeps you up to date with industry trends and in the loop about opportunities your competitors have seized. This is an easy and fun way of keeping your finger on the pulse of opportunity. It is also a great way to encourage the next source of business opportunities, referrals.
   
   
2. Referrals
   
   Referrals can bring in new business for your organisation (and even better - big business and ongoing, repeat business!). Business relationships where trust and loyalty exist are more likely to refer on other people to you, who are in turn more likely to want to establish an ongoing relationship. The easiest way to get referrals is to keep your existing customers happy. This means great service, good prices and going the extra mile on occasion to make sure they get what they want, on time. But all this is expected from a business relationship, so encourage them to talk about you by offering a reward or loyalty scheme; creating awards and competitions; or by simply treating them so well they just have to talk about you (send Christmas cards, ask how they are, send regular evaluations for them to complete about your service, hold social functions or 'open days').
   
   
3. Publicity
   
   New business is easily attracted by good publicity, which definitely does not mean any publicity. Get some good quality, accurate media coverage (not advertorial) in a print or broadcast medium that potential clients use. Send regular, newsworthy media releases to your local media and also to your local Chamber of Commerce.
   
   
4. Professional Development Businesses
   
   often like to know the 'face' of the organisation they are dealing with, so make an impression for your business by getting out to professional functions. Get on the speaking circuit and become an expert in your field and industry; then speak at conferences, workshops and business functions. If people respect your advice and see you 'giving it freely' to your peers at an event (even if you are getting paid), you stand in good stead for picking up some business from your new admirers.

The best piece of advice about business opportunities is to be actively looking for them. Opportunities very rarely fall in your lap, and being proactive allows you to be strategic and choosy about who you do business with, as well as when and how often.

'Copyright 2003 Youth 2 Youth'

Disclaimer: This article is for your information, but it may not apply to or be suitable for your situation, so seek professional advice. Youth 2 Youth cannot be held liable for anything resulting from how you use the information provided in this article.