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Opportunity IdentificationView Template for: Opportunity Identification This section highlights potential opportunities which the company should consider. This section is very different from the section on major programs and action plans. Theoretically, each major program has already been approved and someone has been assigned to complete the task by a given date. Opportunity identification, on the other hand, looks to the future and attempts to free the mind to formulate creative ideas without having to specify the project details on day one. To generate ideas, some corporate executives systematically review the corporate profit and loss statement. The goal of this method is to increase every revenue item and to decrease every expense item. The question associated with each line item is simply, "How?" Analyzing the largest potential revenue opportunities and the biggest potential expense reductions is usually the most rewarding use of limited time. From a very different perspective, it is also advantageous to systematically review every business unit in the company for possible divestiture. More pleasant to most is the concept of starting new businesses or acquiring existing businesses. Opportunities for mergers, joint ventures, and outsourcing should also be considered. Improving the capital structure of the company represents a potential opportunity that should be continually examined. Relocating offices, concentrating on different geographical areas of the world, switching suppliers are also potential opportunities which should be discussed. In practice, this section is often updated the most during a corporate strategy review session with a multi-functional team representing different corporate businesses and functional areas of the firm. To facilitate the listing of opportunities, the format on the template web page includes the beginning of common opportunities facing most companies. They should be completed or deleted based on the actual opportunities present. A final suggestion regarding opportunity identification is that almost all
ideas given in earnest should be written down and not immediately discarded.
Great ideas are not always obvious to the majority. |
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