After identifying the type of opportunity your business may have, the next step is the preparation required to be able to fulfill against that.

Each circumstance will require have its own particular nuances and specific issues. But there are a few universals that can help to guide you.
For example, you have identified that the opportunity you have is a new opportunity in a new market. Is that geographic or demographic? Be sure it is not simply another channel to that market – which is NOT the same thing! What method should you employ?

First: find some success measures.
What do you need to achieve? Does that require an investment? How much and over what time frame? Will you require the ability to track new metrics? Can you/your team agree on the primary goal/objective and time frame for achieving that?

Secondly: the harsh conversation.
The hard part is the harsh conversation required to understand if you have the abilities in house to make that objective a reality. Questions need to be asked around resources and the skills therein. Where are the gaps? How can they be filled? What will it cost to fill them? What is the opportunity cost of NOT filling them?

In the next blog In will use some examples to illustrate this line of thinking.