The first step of the OpenMind Process of Opportunity Consultancy is the Opportunity Audit, a comprehensive diagnostic discovery process that exposes your key internal drivers of opportunity.
An audit is a picture of reality. Every year companies are required conduct a financial audit, which tells them where all their money is deployed.
Imagine how difficult it would be for any business to run without a crystal clear view of its financial situation. Yet companies routinely (and blindly) select business opportunities without first conducting a thorough Opportunity Audit.
Why conduct an Opportunity Audit? Let’s start with a simple case study. My son Nicholas has just completed his Masters Degree in Business from an Ivy League University, and he needs to decide which career opportunities he should pursue. What process should Nicholas use to choose the best career opportunities?
One approach for Nicholas could use to choose a career would be to check on Google for the ‘ten best paying careers of the next decade.’ He could find the top paying career and simply decide to pursue it. Do you think that would be the best way for Nicholas to choose his ideal career opportunity?
If your answer is “no,” you’ve got plenty of company. 100% of people I’ve surveyed voted no. Why? Because Nicholas might not like the option, might not have the talent or interests or training to pursue it. In other words, it might not be right for him.
What would be the ideal first step Nicholas should take before choosing a career? Most people advise that he should first look within himself, to understand his own skills, strengths, interests, and aspirations, before looking outside for a suitable career.
In the same way, the Opportunity Audit examines the company’s key internal opportunity drivers as a necessary and sensible first step. Every company’s internal opportunity drivers could include:
· Beliefs (True & False)
· Goals & Aspirations
· Management & Team
· Products & Services
· Systems & Processes
· Sales & Marketing
· Purchasing & Suppliers
· Financial Situation
· Costs & Accounting Methods
· Internal Reporting
· Family Situation
OpenMind conducts a thorough audit of these internal factors as an uninvolved third party, providing a realistic picture of the company’s situation.
Only after a company comprehensively audits its internal situation can it realistically understand and prioritize its opportunities correctly.