- A fact-based assessment, with appropriate information and skillful analysis incorporated into the process, can be vital to the credibility of your opportunity development process. You can accomplish this in several ways. Draw on a global network of experts to identify best practices and analogous situations. Conduct a global market scan, looking at best practices used by companies that are in the same industry and facing similar growth challenges. Or involve industry- and sector-specific experts who can provide the facts needed to evaluate an opportunity that lies outside your current businesses.
Experts may also be needed to provide information on the latest developments in new technologies, customer needs and trends, the regulatory arena, and business models. Skills are needed to rapidly and objectively build and examine business cases using unambiguous quantitative evidence. Here, capabilities and experience in corporate strategy, due diligence, business development, research, and financial modeling are required.
New Horizons for New Growth
Identifying the next billion-dollar market opportunity today to create a powerful engine of future growth may require you to tap into all your organization’s creativity. Many of your staff may agree at first with economist and Nobel Prize winner Thomas Schelling, who said, “One thing a person cannot do, no matter how rigorous his analysis or heroic his imagination, is to draw up a list of things that would never occur to him.” But as illogical as it may sound, this is exactly what companies must strive to do if they are to succeed in low- and no-growth economies. You can’t do it simply by sitting down and thinking through the problem; you’ll need a process to guide you to the kinds of ideas that are inconceivable at first, but necessary for your business’s long-term growth.
- Greg Lavery is a Booz & Company principal based in London. He is a member of the strategy practice and has helped a wide variety of companies develop and implement growth and profit improvement strategies. He is also a member of Booz & Company’s low carbon and sustainability team.
- Chris Manning is a Booz & Company partner in Sydney. He leads the firm’s strategy practice in the region and specializes in developing innovative growth strategies designed to deliver sustainable competitive advantage for clients.