Identifying whether a New Business Opportunity will Suit Your Brand

Sometimes, new business opportunities advanced to your company will appear lucrative, and may pay off well in the long run. However, how can you tell whether this is that kind of venture or just another flop idea? When considering ideas and concepts advanced by unknown clients for your business, you must proceed with caution; it is your brand name that is at stake in the end. If you take up any random offer that comes your way, it’s a major risk, and if you reject every new opportunity, you stand the risk of stagnation. So here are a few tips to identify whether a new business opportunity will be a good fit for your brand-

Do your homework

Basically, conduct a proper amount of research into the client’s background and work. Find out what kind of work they have been doing, the kind of response it has gathered, and the way they interact on social media forums and professional networks. Also compile a list of questions enquiring about the client’s requirements, expectations, ideas for execution, and so on. This will help you understand whether their brand values resonate with yours; something that is very important for you to work together.

Have face to face interactions

Initially, emails and telephonic conversations are good enough to gather preliminary info on the prospective client and the opportunity presented. However, before committing anything, you must ensure that you meet the client personally, face to face, and interact with them. This will also strengthen your partnership if you end up working together finally, and if not, it’ll help you identify what exactly you don’t like about the other party.

Conversations around pricing

While money is an important factor in any business negotiation, be wary of those clients who begin talking about budgetary restrictions and enquiring about prices too early in the discussion. This attitude shows that the client is preoccupied with money and is not actually focused on quality content. That is not the kind of partner you want to be working with.

Be honest and succinct

Whatever may be the final decision may be, always be honest and completely open with the prospective client about your brand and its intentions, expectations, and so on. Request the same from their side. Your honest, to the point behavior will almost always inspire the same in return, and if it does not seem to, they are not right for you.

Retain authenticity

When considering a business opportunity, you have to think holistically. If your venture is particularly customer-oriented, you must ensure that the new partnership works in such a way that your customers are pleased and satisfied too. Don’t forget what your brand stands for, and only take offers that seem like they can add to your brand value, not change it.

It can get very difficult sorting out the promising business opportunities from the complete duds, but have patience and a good measure of faith in your brand. Consult with your professionally trusted folks and trust your gut instinct. Additionally, these tips are always there to guide you in your decision!

Summary

Every new opportunity may not be great for your brand, but the other way round, it is also not wise to skip every opportunity for the fear of failure. In order to filter opportunities coming your way, you must be honest with yourself, do adequate homework, ensure transparent conversations and be customer-centric.

Reshali Balasubramaniam

Head of HR, HR Counselor and adviser at https://work.lk/. Do you offer a Service? Signup for an account at work.lk