One of the most important aspects in any industry is taking advantage of opportunities. While ups and downs are expected in markets and consumer behavior, companies that are ready to capitalize on those fluctuations can quickly rise to the top of an industry. In article about Warren Stephens on Barron’s, the CEO detailed how quick thinking and preparation were key elements in growing a financial company in tough economic times. As a result, companies that focus on staying flexible, developing contingency plans, maintain an experienced workforce, analyze trends, and stay prepared represent the most likely selections to make an impact when opportunity arises.


Flexibility

A flexible company is a prepared company. While taking a business in a different direction largely relies on the specific industry of operation, every company can present some element of flexibility in operations to be ready to adapt to market changes. Horizontal development is often a key factor for any company looking to make an impact when the face of opportunity rises. In short, being in a position to make changes when the time comes is necessary in order to operate efficiently when favorable conditions arise.

Contingency Planning

Not everything is going to go exactly according to plan. Taking advantage of opportunities regularly means being prepared for a variety of events. Having a contingency plan in place that accounts for subtle or major fluctuations can be a difference maker when the time to make a move arrives. A company that is ready to pounce on opportunity can make great strides in several areas while accounting for likely scenarios the entire time. After all, having an effective plan is often the key to making a tremendous impact.

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Experience

An experienced workforce and leaders allow any business a certain amount of latitude when conditions in a market change. While challenges can be dealt with accordingly, the same principle holds true for opportunities. Experience grants a company the ability to make adjustments on the fly with little disruption to typical daily activities. In short, people power change, and experienced people handle change better than others.

Trend Analysis

Many opportunities can be predicted. Analyzing trends and growth patterns of other industries grants a certain amount of insight. Since opportunities can be hidden inside tiny spikes that transform into major gains, companies that divert resources to analyzing trends in the market are generally ready to make an impact on the world. Trends are often indications that a specific market or industry is ready to shift in a sudden direction or adopt a new technology. Having an idea of where that shift is going to take place is vital for a company to be in position to take advantage of opportunity.

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Preparation

All of the steps required to capitalize on opportunity involve preparation and development. Markets tend to change quickly, and competitors have a tendency to grow. Companies that spend time preparing for the future are generally ready to tackle any opportunities. Getting to the heart of the matter quickly depends on a company being prepared to commit to new ideals. Opportunity can be the result of any number of external or internal factors, and being prepared when those factors come into play is a sign of a strong company led by capable individuals.

In the end, being prepared for opportunities requires as much planning as being ready for potential challenges. Positives and negatives are inevitable in any industry, but a flexible company is in a position to mitigate the negative and capitalize on the positive. A quality contingency plan keeps a company heading in the right direction no matter what the market throws at it. Building a strong and experienced workforce allows a company to shift gears quickly and efficiently. Staying on top of trends helps a business see what is developing among competitors and suppliers. A prepared company is one that is ready to capitalize on sudden changes to grow quickly and maximize profits.

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