Crafting Your Own Luck: The Intersection of Preparation and Opportunity
In the business world, success often seems like a lot of luck was involved. One day, a business is flying under the radar and suddenly, they have grown exponentially and are a popular brand. While some may attribute their achievements to being in the right place at the right time, others emphasize the importance of meticulous planning and hard work. The truth lies somewhere in between. Let's explore how opportunities and preparation intersect to create remarkable business success or "luck".
The Role of Preparation
Preparation is the foundation upon which successful businesses are built. Companies that invest time and resources into preparing for various scenarios are better equipped to handle challenges and seize opportunities. For some, it seems overwhelming. How I am supposed to prepare for the unknown? I have enough things on my plate that are currently happening!
We hear you, and do not expect any business to invest time into preparing for every doomsday scenario or every possible future scenario your industry could run into. There are, however, specific things that you can prepare and have in place for future needs. These would include:
Strategic Plan: A well-thought-out strategic plan is the blending of your company’s mission and vision into logical steps to move your business forward. Preparing a strategic plan will allow your business to recognize opportunities for growth that align with your mission and values.
Future State Projections: Your future state is the tactical companion to your strategic plan. As your business grows, you will need to expand on aspects of your business such as headcount, technology, tools and other value-generating assets. Being able to articulate your ideal future state will help make educated decisions when opportunities to invest back into your business arise.
Retained Earnings: A.K.A. savings. Yes, your business should have a healthy savings balance for a few different reasons. This allows you to take action quickly when an opportunity that has a sizeable financial obligation arises. This does not mean deplete your entire savings account, be sure to keep a retained earnings amount that would cover payroll and expenses for a short time (three months is recommended) if there were unforeseen complications within the business.
Having at minimum these three things in place will have you prepared enough to identify opportunities as they arise and have the confidence to act upon them.
Identifying Opportunities
Opportunities, on the other hand, often come in the form of unexpected circumstances or fortunate timing. While they cannot always be controlled, businesses can position themselves to take advantage of opportunities when they occur. Whether it is meeting a new strategic partner, implementing a new business tool, or hiring a new employee with a skill set that increases your capabilities you want to follow a simple approach to seize the opportunity:
Identify: Be aware or knowledgeable enough to identify an opportunity when it arises. A lot of business owners miss out on opportunities due to the lack of awareness. The types of opportunities that are valuable for your business can be outlined in your strategic plan or future state plan.
Act: The time for planning and deliberations will be decreased due to the actions taking during your preparation phase. Now is the time to take advantage of the opportunity presented and apply it into your business.
Stabilize: A new opportunity is exciting and can be game-changing for your business, but only if it turns into the standard. Ensure you are building processes around the newly seized opportunity so that it can continue to thrive and provide the value that was originally anticipated.
The timing in which opportunities arise is also uncontrollable. It may be years before you get your “big break”, or you can identify multiple exciting opportunities within just a few months. Don’t be discouraged if it is taking longer than you’d like, ensure you stick to your preparation so you can act accordingly once it does arise.
The “Luck”
The intersection of opportunities and preparation is where true business success happens (the “luck”). A business doubles revenue year after year, lands that next big project or their employee headcount seems to explode overnight. To anyone outside of the organization, it appears that they just got lucky. “They just know the right people” or “If they were in a different place, this wouldn’t have happened” are all things that can be said about success. The reality is, that thriving organization has created their own “luck”, and their achievements should be celebrated. It was not a blind bingo drawing that allowed them to thrive, but a huge investment of time, money and energy to set them up for success.
So, if you have ever been considered “lucky” in business, change the narrative! You have intentionally positioned yourself and your business to seize these opportunities to expand!
Lessons Learned
While “luck” plays a role in business success, it is the preparation that allows companies to make the most of fortunate opportunities. By being prepared, adaptable, and ready to seize the moment, businesses can create their own luck and achieve remarkable success. Remember the key points of creating your own luck:
- Be Ready to Pivot: Flexibility and willingness to change direction can turn a failing idea into a successful venture.
- Seize Unexpected Opportunities: Sometimes, opportunities arise unexpectedly, and being prepared to act on them can lead to significant success.
- Timing is Crucial: Launching a product or service at the right time can make a huge difference.
- Leverage Small Wins: Small, initial successes can provide the momentum needed to achieve larger goals.
- Embrace Side Projects: Sometimes, side projects can become the main focus and lead to unexpected success.
- Adaptability is Key: Being adaptable and open to new ideas can help businesses navigate challenges and find new paths to success.
In your preparation phase and need assistance? Contact us to find out how we can help!
