How to Assess Any Opportunity in 4 steps.
Video Transcription:
So before we jump in, I want to show you how I assess an opportunity, because let's face it, there's so much change, there's so many things going on in life right now. So you know, so much, you know, pivoting and so much things, you've got to, you know, be on top of. So how do you assess an opportunity?
So I'll use a simple four step process for when I want to look at my business and see whether I need to change it pivot it, I need to embrace something, I need to get rid of something. So basically, here's the four steps. So step one, is quite simply, I look for the trends, the big massive trends, because when you jump on the wave and ride that wave up, well, it's a lot easier than when you're on a downward trend, and trying to find your way up, it's a lot easier to be riding the wave than it is to be swimming.
So get on top of the wave, get on top of the trend and find out a way that your business, you know, or your portfolio can pivot in that direction. Okay. And we'll talk through that as we talk through the nine. The second one is, where's the money, okay, it's no use doing this is if you're gonna put a huge amount of effort in, but there's very little return.
So make sure that whatever that trend you're writing, is a path to making money. Because money is what the fluid that drives your business, it's the flow that drives your portfolio. Number three is risks. Because you can have a massive trend, that makes huge amounts of money, but it's massively risky, and you can't mitigate those risks. So then it may not be worth actually jumping on that bandwagon, make sure you take in and try and work out how you can mitigate the risks as you're riding the wave to the money. Okay. And number four is perhaps the hardest is basically taking actions when I was in the army, you know, we saw about a dog adapt, improvise, overcome, and I think business and portfolio and all, you know, with the changes with regulations, and all these sort of things are going to be thrown at you. But you need to adapt, improvise, overcome.
So bottom line is, you know, with opportunity, if you do the things you've always done, you'll get the things you've always got. So you something is going to have to change, everything around you is changing, constantly changing now, so you have to be constantly changing with that. But that comes with a warning, okay? Because it doesn't mean that everything is changing, and therefore you need to change everything, certain things don't change, even though the application or the software that you apply to them, or whatever the automation may change. So principles generally don't change or change very, very slowly.
Okay, so just be aware of that. But anyway, that's my four steps on how to assess an opportunity. And I think it's really important to get in and think about that, before you start deciding to pivot your business. You know what so many businesses, I've seen other times where they'll start here, and they'll move here, and they'll move here, and they'll move here and before you know, their customer base, and nobody knows what the hell they stand for. And before you know what they're out of business, far better to choose something. Yeah, make your decisions slowly, change and quickly, not really making decisions quickly, change them slowly, okay?
Get the information you need, make that decision, and then pivot, but then stick to it. Too many people read a new book and go, I'm going this direction, then that direction, that direction, you know, it's book by book or comment by comment or news article or news article. That is not how to run a business. So be aware, it's a tightrope, and it's, you know, it's about walking down that, but if you've got your values, you know, vision mission value statement, really better down and you know what you're about, then it's just about what, right? What trends can I ride. And basically, when you do that, your business will be able to pivot to whichever the trend is, whichever the prediction is, and take those into account.
Okay, so hopefully, that gives you a really basic understanding of how to assess an opportunity at a very high level. Okay.
Obviously, if you're doing property, then you need to look at the specifics of that. If you're doing business, then you look at the specifics of that. But I think it's important to understand, you know, just at that level, that there's opportunity everywhere, you're gonna decide which ones to take, in fact, there's more opportunity than you can possibly take advantage of. So you have to choose your opportunities. And this is a great way to start your assessment of that.
Live with passion,
Brett
