Some years ago,when evaluating business growth across several regions within a number of countries, I created a simple acronym to remind myself to fully review and understand the potential client base associated with each unique location.That acronym was SID and I’m going to explain it a little more fully in this short article:
S = STRUCTURE
I = ISSUES
D = DRIVERS
At this stage, don’t be tempted to second guess growth capacity or potential revenue generation. Ask yourself:
- What are the actual versus the perceived characteristics or boundaries?
- Where is this location relative to other regions and/or areas of our business?
- Where are the population centres and location/s of potential clients
ISSUES: What are the issues or things that influence or impact upon the way in which a market, or segment, works or operates? For example:
- Technological change
- Competitive action or reaction
- Government regulation or control
- Growth potential and/or restrictions
DRIVERS: What are the key issues or mindsets that create their own directional activity? For example:
- Identifiable ‘Players’ in the market (by segment): Customers, Competitors, Key Influencers, Industry Innovators, Regulators.
- People: What drives the key people within each of the ‘Player’ groups? Who influences your thoughts and processes? Ego, Innovation, Technological challenges, Financial constraints.
Thanks for taking the time to read this and I’d really appreciate your feedback on the above ideas and process that I used as well as you sharing your current business growth potential evaluation model through this blog or directly with me at email@example.com
Some food for thought.