How Do You Measure Business Opportunities?

This image from Gaping Art inspired this week's topic.

Sometimes we get caught up in the metrics.   We track stuff and make reports and not sure why.  

Stop and ask yourself:

What are we measuring?   What do the results mean?  You may find some of these metrics no longer apply and have no relevance to what your goals are.

How Do You Measure Business Opportunities?   

Well the first step is define what an opportunity looks like.  The qualification stage can be challenging and yet it can be fun.   This is where you get to ask all the questions - something I truly enjoy.  Questions are asked to determine the decision-making process, the timeline, the budget, what is required, why is it required and what is the goal? 

You ask yourself these questions:  Does this opportunity fit with your core values and your core competencies?  If you proceeded, what could be the risk and what does success look like?

Once you move on to the presenting your recommendation stage, there should be good interaction with the other person.   Here you can dive deeper into the opportunity together, build the relationship, establish your expertise and gain their trust.

When the other party understands that you understand what they require and trusts you can deliver, you have a very good opportunity.   This opportunity should be measured and noted what made it a good opportunity.

The stage of winning, not winning or the classic "TIO = Think It Over" phase comes next.   Keep track of these, note what triggered each of the decisions made.  Adjust your game plan and keep tweaking your winning strategy.

When you win an opportunity, remember the implementation, post-opportunity and ongoing communications are key in maintaining the relationship.   It is a circle where you should be starting over again and again in the qualification stage of a new opportunity and moving through your process.  

Don't forget to measure all your business opportunities!