Every business has "hidden" opportunities which can be mined, usually by either developing new markets for your products, creating new products, leveraging the relationships you've built, and joint venturing with colleagues, suppliers, customers and, yes, even competitors.
Ask yourself what new opportunities you could tap into if you expanded your e-commerce offerings and maximized the technology that's available today. Does your Web site give visitors a compelling reason to subscribe to your mailing list? Are you utilizing email marketing and auto responders to their fullest? What about social media, social bookmarking, video, podcasting, blogging, and other "Web 2.0" tools?
Your greatest opportunity for business growth, regardless of the economy, are the assets you already have in your business. From personnel, customers - past and present - relationships with colleagues and suppliers, and other "people" assets, to your investment in equipment and technology, the assets you've already built represent your greatest opportunity.
And the really good news is they will require the least in either time or money.
Of these "hidden" assets, your customers are the easiest and most obvious place to begin. Do you know who they are and why they do business with you? This may seem like an obvious question, however, many businesses do not know who is buying from them or why. Once you've ascertained this, you're in a position to explore how else you might serve them.
One of my favorite questions has always been, "is there anything else I can help you with?" This simple question can increase your business tenfold.
A friend of mine is a graphic designer and print broker. One day she asked her client this question to which the client replied, "Yes there is. Can you help us get some of those imprinted jackets with our logo on them?" She happily replied that she could and took the order. (hint: if you own a small business, the answer, within reason, is always, "Yes." You can figure out later how to deliver.)
Don't fall into the trap if thinking just because you've been around a while that people know everything you do. Often we "ass-u-me" that our customers know what we do.
Back when I had a marketing and advertising business, I did a lot of business with a local printer. They had been printing a newsletter for one of the high schools for 25 years. One month, they asked the school to pick up their order since the delivery person was out sick.
I happened to be standing there, watching the woman from the school reading the sign behind the counter as she waited for her order. The one listing all the various items the printer had available.
"Oh," she exclaimed, "I didn't know you printed letterhead and envelopes too. We've been going somewhere else for them but if you can do that it would be easier for us!"
For more than 25 years the printer did business with the school and never bothered to make sure the customer knew everything they could do for them. This can be a very costly mistake.
Leveraging
You can grown your business by leverage your relationships with colleagues, suppliers, distributors and yes, even your competitors.
Several years ago I attended a demonstration at a local copier supplier. It was a huge success as a herd of people roamed throughout the building seeing live demos of the latest in office copiers.
While the local business hosted the event, their supplier provided the factory trained experts on hand to answer people's questions.
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