What strategies can you use to identify new business opportunities and partnerships?

If you don't know where you're at, you can't possibly know where you're going. Getting a good assessment of current status, needs, goals, and gaps is essential to working toward a better business. Applaud what you are doing well, but put even more emphasis on what you're doing poorly. Make a game plan for how you're going to address these setbacks or gaps. Lists are helpful. Highlight 5 areas where you're succeeding, and 5 areas where you could do better. What strategies can you pull from your successes to help you in trouble areas?

The SWOT analysis is a very under estimated tool, but just so powerful for making most decisions in your business especially your future directions and actions. Remember that strengths and weaknesses are internal to the business and not only include the business ones but also the personal ones and you have control over them by taking advantage of strengths and minimising weaknesses. Opportunities and threats are external to the business such as government actions, economy, technology, competition and weather you have no control but knowledge of them means that you can react and take advantage of opportunities. Also, when you look at strengths and weaknesses you should make note of the ones that you like and the ones that you hate.

To identify new business opportunities and partnerships, focus on: - Market research. - Networking and relationship-building. - Customer feedback. - Technology and innovation. - Strategic planning. - Online presence and thought leadership. - Industry reports and news. - Monitoring the external environment. - Creativity and brainstorming. - Mentorship and advisory boards.

Once there is a vision for the business solution, you can break down the process by applying competitive intelligence to start laying the foundation for the Go To Market(GTM) strategy. We live in the information age so there is plenty of data points and research to help us formulate a successfull strategy. Some examples will be to utilize YouTube, LinkedIn, Internet search engines, and AI publicly available tools like ChatGPT. Once you compile the data it's always good practice to create a visual like a PPT slide.

Research, research, research! Get out there and talk to people in all areas of your industry. You may uncover gaps you didn't even know where there. By doing good research work upfront, you'll make your life easier down the road when acting on new business plans.

Once there is a vision for the business solution, you can break down the process by applying competitive intelligence to start laying the foundation for the Go To Market(GTM) strategy. We live in the information age so there is plenty of data points and research to help us formulate a successfull strategy. Some examples will be to utilize YouTube, LinkedIn, Internet search engines, and AI publicly available tools like ChatGPT. Once you compile the data it's always good practice to create a visual like a PPT slide.

Networking offers immense benefits when driven by the intention to give and help others rather than focusing solely on personal gain. When we approach networking with a genuine desire to assist and support those we connect with, a ripple effect of positive outcomes is set in motion.

I wouldn't be anywhere without my network. Forging relationships is a key part of building a better business. There are many areas of my life where my networks overlap. You never know when someone may be able to help you on a new project, or connect you to a new lead. Maintaining these relationships throughout the years is incredibly helpful - for both you and the people you know.

Being a good networker, relationship creator and builder is all about adding value for the people we meet and network with. Think about cultivation vs harvesting right out of the gate. If we don't cultivate, and grow these relationships then there is no fruit.

A simple yet powerful way to evaluate partnership opportunities is to check for CASO: Culture: A cultural fit is necessary to build trust and ensure collaborative behavior. You can evaluate this by checking for behaviors and skills. Additional Value: 1+1=3+. If partnerships do not generate additional value (compared to the sum of each partner’s values) there is no justification for a partnership. Sponsorship: Partnerships require executive sponsorship to thrive. It facilitates to make resources available and give direction. Objectives: (Aligned) Objectives are vital to ensure you walk in the same direction. You do not need to have exactly the same objectives (destination), but they must be aligned to walk in the same "direction".

Evaluate the right partnerships by analyzing how they align with the GTM strategy and the support that they will require for the next 36 months.

Creativity when negotiating and formalizing agreements is an essential component to move the niddle and the deal forward. Having a defined knowledge of the approval process and parties involved will help to guide the client during this stage.