How to Identify New Business Potential Using Data

With the recent economic downturn, a growing number of organizations are looking for new business potential and solutions. One of the first tasks that any new organization needs to undertake is the development of a comprehensive sales strategy that coordinates all the elements of its business future. In order to achieve this, a team of executives must sit down and identify all the goals and objectives of the company. This requires a comprehensive analysis of the organization’s current situation, which also includes an assessment of the company’s future expectations.

Another area that must be addressed when seeking new business opportunities is the matter of entrepreneurship development. Many organizations struggle with the concept of entrepreneurship because of the often-distant nature of its concept and the rather narrow definition it tends to accept. Entrepreneurship basically involves establishing a new business or exploring new business opportunities in a fast-paced environment. In addition to these two aspects, it should be evident that there are many forms and types of entrepreneurship, which range from small family businesses to large corporations, and that each of these has a unique set of entrepreneurial opportunities. Furthermore, it is worth noting that innovation is one of the key enablers of entrepreneurial growth.

Innovation is defined by Wikipedia as “an ingenious solution or invention for solving a problem or enhancing a product or service”. For the sake of simplicity, innovation can be considered as any activity that attempts to resolve a problem in a new way. In terms of new business potential, the concepts of innovation and entrepreneurship have to be clearly distinguished. Innovation can take many forms, ranging from product innovations such as the revolutionary cotton washing machine we know today to innovative processes and structures. A classic example of an innovation is the Ari-Jussi Knaapila machine, which is currently transforming the way that garment shops in Finland do business.

The very fact that problems have to be addressed in new business potential projects can pose another set of questions, namely how to identify an area of problem, solve it and then sell the solution to your target group. The first step of identifying a problem therefore involves defining your target group. The second step on the list is to create a comprehensive presentation on the problem. You will have to determine what kind of solutions are appropriate for this problem. Finally, you will have to define your production capacity in terms of both volume and capacity.

In a situation where your target market is made up of small businesses, you will have to focus on small business potential energy in order to make sales. Again, there are three steps to identifying a small business potential energy issue. First, research the topic thoroughly. Second, identify the possible solutions to the problem. Thirdly, decide what you are going to do about it.

You can also use integrated data analysis and map analyses to identify the issues, service challenges and opportunities that can help you grow your business. You need to get help from service providers and suppliers who have the expertise and the time to conduct the needed integrated data analysis. Service providers can include your vendors, suppliers, equipment manufacturers and service partners. Map analyses can be conducted using data provided by your suppliers, your vendors and your service network. Analysis results can include demand, supply chain, environmental impact, efficiency and operational performance among others.

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