For existing organizations, no undertaking is as exciting and perilous as entering or expanding into—or creating—a new market. The key to success is your ability to balance vision with practicality.
Vision is seeing the opportunity in the first place, and seeing your way into the new market. Above all, it is seeing how the operating and strategic environment will have changed by the time you arrive.
Practicality is understanding your own limitations and knowing what capabilities and resources—financial, knowledge, human—you will need to develop or acquire as you venture into the new space. It is also developing a strong plan to align the venture through your organization from top to bottom, and to evaluate and renew as you move forward.
How do you approach the big step? Research tells you the nature of the opportunity: market and feasibility studies—in fact, research will tell you whether to take the step in the first place.
Organization assessment tells you whether your firm is up to it, and what it will need to exploit the opportunity.
For more detail, contact me at 1+613-567-5300 or s.aplin@hdpgroup.com.