As business owners, we’re all stretched thin at times. We are hit with countless opportunities, ranging from invitations to events and speaking engagements, to advertising and charitable donation requests. So it begs the question: how do you decide whether an opportunity is a valuable use of your resources? Do you jump at every opportunity or are you able to strategize to selectively participate in those initiatives that are most likely to move the needle for your business?
As experts in our industry, we are presented with a number of different opportunities and we simply cannot participate in all of them. We don’t have the time to attend every event and sometimes the presenting opportunity just isn’t the right fit for us. Below are some strategies we use at Cristophe Salon Newport Beach to help us determine if the occasion is a valuable use of our resources.
Goal of the opportunity: First and foremost, you need to evaluate the goal of the event or activity. Is the objective to promote your business, support a partner or obtain recognition? Will the activity help you achieve something specific for your business? For example, in April we will host the Cristophe Salon Newport Beach Hair Show competition. Local professional stylists are encouraged to enter the competition. One stylist might enter to win the competition for the industry recognition and press coverage. Another may enter with the intention of winning the cash prize. Whatever your goal, will the event or activity you’re considering help you achieve it?
Audience: Another important aspect to assess before committing to an opportunity is what audience you will be reaching. For example, we attended an awards event in West Hollywood last weekend hosted by BE! Magazine. The event had RSVPs from industry professionals all over Southern California. It was a great networking event for us to meet and greet with stylists and salon owners in our industry, introduce our Hair Show Competition, and secure press coverage in the magazine just by being a part of the event. When you accept an invitation to an event or submit your business for an award, it’s important to consider the audience and how it will drive your business goals.
Cost: We all know it’s vital to weigh the financial cost of an event or activity. If seizing the opportunity is going to be too much of a stretch financially, then it might be better to pass and wait for a more affordable occasion to come along. However, if the effort is going to push your business forward or help your brand reach tens of thousands within your target demographic, then it might be worth it to look at your annual budget and move things around to make it work. We’ve talked extensively in our blogs about the Law of Attraction (http://blogs.ocmetro.com/making-the-cut-law-of-attraction/) and a “Be. Do. Have.” mentality: This principle says that you must “be” the person first, “do” as they would do, to “have” what they would have. We often hear people say, “I wish I were a millionaire.” Millionaires have one thing that these people don’t; they became the millionaire in their mind before the money ever showed up in their bank account. If you want a millionaire lifestyle, you have to be one first in your mind. If there is an event or activity that you or your business should absolutely be a part of, you’ll find a way to make it work financially.
Opportunity to Learn: What will you gain from participating in a particular event or activity? For example, does the opportunity for professional development outweigh the cost (price of activity, travel, accommodations, etc.)? While it’s important to put yourself out there and take advantage of opportunities that come your way, ask yourself if the event is a good fit for your business and what you’ll take away from it. Will you walk away with more – more ideas, more knowledge, more clients, more publicity, etc. – than you had before? If your answer is yes, then you’re considering the right opportunity.
How do you choose which opportunities to take advantage of? Share your thoughts with us below!