Starting and running a business requires three things: hard work, the ability to execute, and, of course, good timing. A so-called “window of opportunity” can be a real make-or-break moment in your business. The secret is knowing how to make the most of it.
Here at Romain Berg, we are dedicated to helping business owners maximize their businesses and make the most of every opportunity. Read on for our top tips, and learn everything you need to know about that critical window of opportunity. And check out the rest of our site for even more great information to elevate your business leadership skills.
What Is The Window of Opportunity?
A window of opportunity is a relatively short period of time during which a particular desired action can be taken. This is a crucial period of opportunity: once the window has closed, the opportunity may never arise again, leaving you missing out or fighting an uphill battle.
Business is competitive, and you may be up against several other competitors, all looking to achieve the same goal. The saturation of a particular market can cause the window of opportunity to be brief. It is common sense that an unmissable deal will be quickly picked up and taken full advantage of.
Spotting a window of opportunity is only half the battle — albeit an important one. The real trick is knowing how to execute in a timely manner — this is where the real changes are made.
What Are Some Examples?
A window of opportunity will look different for everyone, but there are a few situational outlines that may present themselves. These include:
Purchasing a Building or Land
Sometimes being in the right place at the right time is all you need to get your hands on a prime piece of real estate. Used correctly, this could be the boost your business needs.
Choosing the Right Industry
An acquisition in the right industry has the potential to transform your business. A key example is the biotechnology industry. This is a buzzing, vibrant sector, full of innovation, startups, and potential.
Coming up with the right idea in the right industry can be the secret to success. That is, as long as you keep your eyes open for the window of opportunity.
How Do I Spot The Window of Opportunity?
How do you know whether something is a window of opportunity? There are a few key clues that can help you decide whether to make a move or stay and wait.
Check the Market
Knowing your market is perhaps the most important thing you can do. It is always tricky to launch a new product or service, but a few techniques help maximize your chances of success.
Trial or test customers will become your new best friends in no time. These are the perfect guys to give you relevant, truthful feedback that can inform the development of your business. Testing your business also gives you an indication of the scope. No man exists in a vacuum, and if one is interested, others will follow.
Holding back slightly may not hurt. If you see a competitor go first, you can use this as an example of do’s and don’ts — perfect for saving valuable resources. Consider what is working and what isn’t, and, most importantly, what do you offer that is better?
Keeping your ear to the ground allows you to spot the window of opportunity the second it arises. If you stay alert, you will be in prime position to act.
Know Your Product
Customers have short attention spans; you have a very limited period to capture their attention. Consider how you would present your business or idea in five words or fewer: can you do it?
Once you have ascertained your “magic phrase,” it is time to try it out: do customers immediately understand your offer? If so, and there is interest, you may have discovered a window of opportunity. If, however, they seem disinterested or as though they have heard it all before, you may need to take a step back and rethink.
Know Your Competition
Understanding your competition will also help you to spot a window of opportunity. Who do they target, and where? What are they lacking or missing that you can offer? Is there a clear gap that they have left wide open?
Where possible, avoid charging headfirst into an overly saturated market; this will just prove a waste of resources. Instead, hang back, watch and wait, and take a chance to strike when you see the gap. This way, you offer something which is already missing.
Having one eye firmly on your competition also alters you to their next move. When a window of opportunity presents itself, make no mistake that your competition will notice — it is just a question of when.
A large element of this involves a balancing act of informing your target market of your product or service while staying under the radar of the competition; stealth can be your secret weapon here. If you can move before your competitors work out what you are up to, you can gain a significant advantage.
Additionally, moving quickly in a small market can effectively cut off the competition. If the market and target audience are small, there may be no incentive for enemies to join the fray.
Sometimes, an idea that seems perfect may not be the best option — purely because it remains unfulfilled. Make sure the reason that your apparent gap on the market hasn’t been filled is not because others have tried — and failed.
Sometimes, what can seem a great idea has actually been tried and tested before, and you are simply retreading old ground. Do your research: is there a reason why this window has never opened before?
How Can We Help?
No man is an island, and we all need a little help and advice now and again. Running a successful business is no different. It can never hurt to have a friendly voice in your air, showing you the ropes and offering insider tips.
Here at Romain Berg, we aim to assist business owners in any way we can. Part of this involves ensuring you have access to the latest offers. Opt to stay in touch, and see how our regular updates can take your business from start-up to success in no time.