The OpenMind Process of Opportunity Consultancy has helped dozens of Indian companies to uncover, recover and discover opportunities for sustained, profitable growth.
The OpenMind Process provides companies with a clear, focused and economical roadmap to achieve the following benefits:
· Higher sales volume
· Improved margins & profits
· Lower operational costs
· Better return on investment (ROI)
· Better capital and asset efficiency (ROC & ROA)
· Lower costs & greater availability of funds
For a list of Indian companies that have utilized the OpenMind Process, please visit our website at: oppguru.com/work-done
Step 1: The Opportunity Audit
The first step of the OpenMind Process 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.
Step 2: The In-Depth Probe Analysis
The second step of the OpenMind Process is the In-Depth Probe Analysis, a comprehensive diagnostic discovery process that exposes your key external drivers of opportunity. These include:
· Market Beliefs (True & False)
· Competitive Environment
· Emerging Needs
· Macro Factors
· Current Opportunities
· Fading Opportunities
· Emerging Opportunities
OpenMind conducts a thorough audit of these external factors as an uninvolved third party, providing a realistic picture of the company’s external situation.
Only after a company thoroughly audits its external situation can it realistically understand and correctly prioritize its market opportunities.
Step 3: Opportunity Recommendations
In the third step of its systematic opportunity process, OpenMind presents its Opportunity Recommendations.
In order to effectively evaluate and choose opportunities, it is necessary to first gather them all together in one place for consideration. Therefore, OpenMind first prepares an Opportunity Inventory, a comprehensive list of:
· Opportunities the company is now actively pursuing
· Opportunities the company is implementing
· Opportunities the company is already considering, but not yet implementing
· Opportunities the company considered in past but didn’t do
· Opportunities the company has missed but could recover
· New opportunities the company should now consider
· Nopportunities, false opportunities the company should stop pursuing
Opportunities in this Inventory fall into two general categories:
1. Internal Opportunities, typically improvements in areas such as:
o Management and team
o Operations, suppliers, systems and processes
o Financial management, analysis & reporting
2. External Opportunities, typically improvements in areas such as:
o Customers and markets
o Competitive environment
To develop a comprehensive ranked list of recommended opportunities, OpenMind filters the Opportunity Inventory through at least 8 key evaluation criteria, including:
All the company’s opportunities – both internal and external – are filtered and ranked through the evaluation criteria and divided into three general categories:
1. Today Opportunities that can provide measurable benefits within 12 months.
2. Tomorrow Opportunities that can provide measurable benefits beyond 12 months.
3. Nopportunities, false opportunities of all types that the company should reduce or stop pursuing
Step 4: Opportunity Implementation
In the fourth step of its systematic opportunity process, OpenMind provides Opportunity Implementation.
Opportunity is always an evolutionary learning process, in which selection is at best only 20% of the journey. Implementation makes up the remaining 80%, and is therefore even more crucial to success.
Typically, company executives are too burdened with operational tasks to take on exclusive stewardship of new opportunities. Therefore, OpenMind acts as the company’s Chief Opportunity Officer, to ensure that each new opportunity has a champion.
Once new opportunities are selected for implementation, OpenMind creates comprehensive execution plans. These are customized based on opportunity’s type, scope and circumstances. For example:
· For external tomorrow opportunities, which typically require deep learning and continuous modification, OpenMind develops economical operational and market testing strategies.
· For internal today opportunities, such as creation or modification of systems and processes, OpenMind develops capacity building solutions so the company can learn how to fish itself, rather having to buy from vendors.
· For nopportunities, such as unproductive products, markets or operational elements, OpenMind develops exit strategies to minimize pain and maximize gain.
Step 5: Opportunity Review
In the fifth step of its systematic opportunity process, OpenMind provides Opportunity Review.
Since opportunity is first and foremost a continuous learning process, it is essential to monitor and review the progress of opportunity implementation on a periodic basis, ideally every 3 months.
In collaboration with the execution team, OpenMind prepares reviews based on key performance metrics, and recommends appropriate course adjustments.
Step 6: Opportunity Discovery
In the sixth and final step of its systematic opportunity process, OpenMind provides Opportunity Discovery.
Every opportunity has a lifecycle, and relevance is always a moving target. Therefore, OpenMind recommends that every company go through the OpenMind Process every 2 to 3 years, depending on the volatility of the sector.
Alternatively, OpenMind can help companies to hire and train their own Chief Opportunity Officers, and advise them on creating in-house opportunity auditing, evaluation and implementation processes of their own.