Any sage international business expert will tell you; the success of your company can come down to one single decision. When opportunity is staring you in the face, you can take the plunge – or perhaps step aside from a complete death sentence. How will you be utterly and completely prepared for every business decision you’ll have to make that will lead your company up, or down? The answer? You can’t… While it’s impossible to actually prepare for each and every business decision you need to make; it’s not really about that. The key to preparing for the hundreds, if not thousands of unique choices you’ll need to make to get your company to the top, is all about mindset – and here’ the guide on how to get there.
Seeing Opportunity: What does a good decision look like?
While it may seem like every “great idea” is an opportunity to build your business, this isn’t usually the case. Yes, great investments like getting on the ground floor of facebook happen fast, and don’t last long – but this doesn’t mean you need to jump at all of them. Even if time is of the essence, don’t sign any paperwork the same day – take a night. Shoot, take a week; research the individual you’re dealing with: who knows them? Who’ll vouch for them? Who can corroborate the claims they’re making? If that kind of information checks out, make the deal. In the rare case that you’ve passed on something, and someone else got it while you were checking things out – that’s an insurance cost at work. Think of the downfall you might have avoided.
On the other hand, when you start hearing these kinds of investment opportunities arising from people you already know and trust; this is what real opportunity looks like. Don’t be afraid to act fast when something looks good. If you can tie yourself to a contracted percentage of profits, or exclusive fulfillment partnerships for years or more; even better. It’s important to see when someone who has the chance to grow their own business wants to grow your too. Think about partnerships like Disney and McDonald’s – Doritos and Taco Bell; these are the types of opportunities that rose without question, and so can yours!
Preparing for Business Opportunity: Be ready to act!
A ripe business opportunity can come at any moment, and whether you’re on the offering or receiving end of a partnership/investment; you need to be prepared. You can’t afford to be scattered in your claims, model, goals or messaging. In presenting business ventures to select individuals, the right person is the opportunity – and you need to be able to show them you’re the same thing for them. Have an “elevate pitch” prepared and ready to roll. This is every claim, plan, benefit and time-frame succinctly compiled into a short sales pitch; one that could be given in the time it takes to ride an elevator. In the event that you find yourself at a table, or on a train/plain – it doesn’t hurt to have some printed marketing materials prepared either. These would be things like custom presentation folders, informative printed brochures, and of course – plenty of well-designed business cards.
If you find yourself on the receiving end of a business proposal; while it’s important to be weary of con artists and phonies – you don’t want to be too pushy in the wrong direction. You can always say no later; but if you insult someone right off the bat by rudely dismissing their vision; you’ll never salvage that relationship. As with any job interview, act enthusiastic until the moment you turn down the offer – there’s nothing to lose. This gives you the chance to listen well, and soak up the most information. Then, you’re in the position to take the offer, or turn it down – but at least you’ve been there for the best pitch you can receive.