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Exploiting business opportunities

No matter what industry you are in, if you want to be able to take advantage of an opportunity when it presents itself, you need to have or be able to do three main things. The following is a look at the three aspects you have to cover if you want to exploit business opportunities, grow your business, and increase your market share:

Use your knowledge to create an advantage- A thorough working knowledge of your industry is going to be key to being prepared and able to exploit opportunities that come your way. You have know your subject matter and know your market. This means that you can't get a degree and then turn off your mind. You have to constantly stay up to date on your industry, constantly evaluate the market, and get to know your customers and their needs. The more you know, the easier it is to create an advantage. When you know the industry you are part of and the customers you serve really well, you can then use that to see where other companies may have weaknesses or what is lacking in your industry.

Create a sound business plan- This is incredibly important and something too few companies really spend the time and effort to do right. Making a plan that approaches your market the right way, knowing the right people, and taking advantage of your advantages is key. A sound business plan identifies your strengths and weaknesses, evaluates the industry conditions, and has goals as well as steps and metrics for working toward those goals, and measuring the success of your plans. Sometimes it is not what you know, but who you know, thus, be sure that networking is a big part of your marketing plan, and that you develop relationships with key players in your industry. Your business plan needs to be created, but it is important to keep it flexible, so that you can change it or adjust it as needed. Markets change, and your plan has to change accordingly.

Execute well- Once you have created an advantage, and established a well thought out business plan, it is time to execute. This can't be done haphazardly, it has to be precise, and it should follow the steps you laid out so that things fall into place as they should. Make sure you have stepping stones of execution, and that you manage it well so that it comes out flawlessly. This will garner the best results.

Your marketing should have a focus, and that focus should take into account your strengths. You want to really highlight the things you have an advantage in, and minimize the things you don't. The better you know your industry, the better prepared you will be to jump into action when an opportunity presents itself. You never know when timing and outside forces can culminate to create the perfect opportunity for growth for you!

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