Golden OPPORTUNITIES

Opportunities are funny things. They are not visible: they are kind of vaporous and fleeting, and tricky to pin down real-time.

However, we miss great opportunities at our peril! I try to be careful and aware about the opportunities around me at any given time. That is easier said than done, certainly.

Opportunity is defined as (1 of 3 definitions):

An appropriate or favorable time or occasion, etc.

The next question inevitably becomes “A favorable time for what?” Let’s think about that question from the Process Perspective.

Great process projects tend to fall into one of two buckets:

Bucket #1: Creation of bold and useful new processes [to garner the upside of the innovation risk].

Bucket #2: Perfection of current production [to reduce risk and increase profits].

Let’s look for projects around us that fall into one of these two buckets.

There are 3 elements I consider when I am trying to estimate the POTENTIAL OPPORTUNITY, or the strength of an opportunity...

Element 1

Recognize (or Generate) Opportunities

• Generating opportunities can be thought of as proposing new projects.

• It’s IMPOSSIBLE to act on an unrecognized opportunity.

• The opportunities need to be made visible or explicit.

• This sounds obvious but it is far from it, it requires discernment and focus.

Element 2

Estimate the Opportunity Payoff

• The financial size of the payoff can almost always be calculated; sometimes it is useful to provide a range estimate (when uncertainty is high).

• The probability of success must also be included here. Projects that build on previous experiences and successes are more predictable in this regard.

Element 3

Possible Actions

• How can you enlist the help of others to create some durable support for future progress?

• What possible actions can be taken and what is the cost (both financially and emotionally)?

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My main learning is that many times we have to recognize the opportunities that exist with some serious work, and bring these possibilities to the attention of relevant decision makers. Taking this initiative can be very rewarding for all of the stakeholders. I have always considered taking this initiative to be part of my job, and I still do.

Interestingly, most of these kinds of opportunities tend to be “long” type (possibility for compounded growth) opportunities, which can be useful and very rewarding financially, if not easy.

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YOUR CHALLENGE THIS WEEK

Consider the process projects on your/your organization’s radar screen right now, both Bucket #1 and Bucket #2 types…

• Have you been proactively identifying the best opportunities to act on? Who in the organization are best at identifying opportunities? Is someone formally responsible for identifying these opportunities?

• What Best Practices could be generated from your internal work on this? Do other groups or teams have learnings that could be usefully employed to help this “virtuous cycle” progress?

How does your organization identify the best opportunities and decide which to act on?

MPES Consulting can help you to creatively (and systematically) generate and brainstorm the best opportunities for Great Process Work. Please give us a call to see how we can help.

If you email me I’ll get back to you promptly, thanks.

All the Best,

Marty

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