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Opportunity IdentificationView Template for: Opportunity Identification This section provides the business manager and others an opportunity to openly discuss possible actions that could improve the business. This section is very different from the section on product plans and major programs. Theoretically, each product plan and major program has been approved and someone has been assigned to complete the task by a given date. Opportunity identification, on the other hand, attempts to free the mind to formulate creative ideas without having to understand, explain or defend every project detail on day one. To generate ideas, some business managers systematically review the 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?" The most rewarding use of limited time is to analyze the largest potential revenue opportunities and the biggest potential expense reductions. From a very different perspective, it is advantageous to systematically review every activity the firm performs for possible cost savings and/or improvements in how the activity is performed. A third source frequently used to explore potential opportunities is the industry segmentation matrix. It can easily be analyzed for ideas about which new segments to serve, and which segments to stop serving. Using these systematic approaches as well as specifically requesting creative ideas will generate a lot of discussion about potential opportunities. In practice, this section is the one most updated during a business strategy review session with a multi-functional team that represents the different functional areas of the firm. To facilitate the listing of opportunities, the template on the template web page includes the beginning of common opportunities facing most businesses. They should be completed or deleted based on the real opportunities facing your business. If your business is part of a company with two or more businesses, opportunities should also include interrelationships with other corporate businesses. The goal of these opportunities may be to lower costs or to jointly increase differentiation. 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. If someone had a business idea in 1990 that was predicated on the end of the cold war, it would likely have been dismissed as an unrealistic idea. |
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