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The Best of Jane: When Opportunity Knocks, Should You Answer?
Posted on October 29, 2009 - Filed Under Jane Thoughts, Success Tips for Jane
When new business starts heading your way, most of us naturally leap at the opportunity. However, not all new business is GOOD new business, so it merits the time to consider whether or not the individual opportunity is right for you. Here’s your step-by-step plan for evaluating each engagement.
1. Check in with your passion
Is this something you really want to do? Sure, the money might be nice, but unless you will also enjoy the work, you may be better off passing it by and finding a different opportunity that you can truly be passionate about.
2. Check in with your business-brain
Is this opportunity profitable enough to merit the time you’ll be spending on it? Can it easily be delegated to someone else, thereby not creating additional work for you? Think about how much money the opportunity will net and how much time it will take before diving in to make sure the effort is worth it.
Sometimes, too, you might strategically decide to take a less-profitable opportunity, and that’s OK. Just make sure there’s a specific reason you’re willing to do so and plan how you will maximize the opportunity to make it pay out in other ways. Will it give you exposure to new customers? If so, how will you capture them? Will it possibly cement a longer-term relationship? If so, what do you need to be saying about money right now so that you don’t build the expectation of low-cost work?
3. Check in with your calendar
How feasible is the opportunity right now? Do you have the time to execute the work well and take full advantage of it, without sacrificing yourself, your family, or your other customers in the process? If not, you might want to make timelines a negotiation point. Rather than walking away from the opportunity altogether, perhaps you can postpone the start of the work to better fit your schedule. If that’s not a possibility, though, it will be very important to figure out exactly how and by whom the work will be done before accepting the assignment. Better to allow an opportunity to pass by than run the risk of failing to deliver in a timely manner.
4. Check in with your finances
Are you in a solid position financially to accept the opportunity? Consider all of the costs to your business and weigh them against when you will be paid. If the opportunity causes you to “front” too much money or will take too long to realize income, weigh that knowledge against your overall financial needs in the short-term. If these aren’t favorable, negotiate payment terms, such as asking for 50% up front, increasing your fees, or assessing finance charges for longer payment terms.
Long story short, opportunity is wonderful – just make sure all work you accept suits your passion and vision, can fit into your current workload, and makes financial sense. By doing your due-diligence in these four areas before answering opportunity’s knock, you’ll ensure smoother operations, greater profitability, and a happier, more balanced you!
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