As business owners we are presented with various opportunities on almost a daily basis. Some of these will be unsuitable to our business model and some will be worth investigating and may ultimately turn into profitable ventures.
The important issue when looking at any such opportunity is that we recognise that there is a real opportunity and how quickly we exploit it.
We often refer to “Lost Opportunity Costs” which in simple terms refers to the loss of revenue that may occur from the time we are presented with an opportunity to the time it is implemented. For example, we may have a new client referred to us that has the potential to produce $10k per week in revenue and it takes us two months, for varying reasons, to finalise. We have therefore lost $20k in potential revenue for not grasping the opportunity on day one end exploiting it immediately.
You will all have experienced similar occurrences in your business which have proved costly, so it is incumbent on all business owners to ensure that they have excellent “On Boarding” systems to deal with any new opportunity that may arise so as to ensure continued growth and profitability.