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Capitalizing on business opportunities

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Learning to recognize and capitalize on business opportunities is one of the greatest strengths you can develop as a company. Here are some tips:

Evaluate your environment- What opportunities are available to you? It is interesting to note that you can find opportunity in any environment as long as you are open to change and are flexible. For example, look at the current trends, and determine if you can make any adjustments to better fit them. What news or events are taking place? Can you tweak your products or services to better address these things?

Evaluate self- The best way to capitalize on opportunities with your business is to know what your strengths are. These are going to be your competitive advantages, or what sets you apart in the market. These are especially important during times of recession or down markets, as people are more careful with their money, and thus want to know why they should spend money on your products or services rather than your competitions.

Align strengths with opportunities- You want to try and align your strengths with your market opportunities. For example, if you own a bakery, and you see that more and more people are losing jobs, but you offer special custom cakes, the best around, you could promote making your loved one feel special when they get a job in the tough economy. You have to find an angle that is going to work for your business, and one that highlights what you do best, and shades the things you may not be best at.

Shore up weaknesses- When you evaluate yourself, you should look at what it is you do not do well. Do you have a history of late delivery? Poor customer service? Cheap materials? If you aren't sure what your weaknesses are, ask your consumers, they are likely to be more than willing to tell you. Don't take affront, use it as an opportunity to make changes and improve yourself so that the weaknesses you have do not mean lost business.

Be entrepreneurial minded- Most importantly, you have to have an outlook that encourage entrepreneurial ideas. If people are talking about an apocalypse, you can capitalize on this opportunity by pre-selling post apocalypse services. Or sell preparation products. If an app for a smart phone is all the rage, find a way to develop one for your product or service. The point is, if you think outside the box, and take advantage of what is going on around you, you will find that capitalizing on business opportunities is far easier because you will recognize them far easier.

You have to know your strengths and weaknesses, pay attention to those of your competitors, and find ways to get to your customers and meet their needs, even if they are not traditional methods. Traditional methods are quickly becoming outdated methods, so be open to something new, and your business could profit as a result.

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