MY HOT TAKE: Cultivating ‘low hanging fruit’ is a priority for business leaders.
Current economic circumstances have brought about the need for business leaders to reprioritise and address how to sustain short to mid-term business development whilst at the same time working on their longer-term pivot or business strategy.
Low hanging fruit (the most easily achieved of a set of tasks, measures, goals) is a phrase used frequently in business management and new business development discussions, but what criteria should and can be used to focus resources on achieving outcomes?
At Genoa Black, we work closely with clients to establish clear priorities to build focused action plans that can bring about immediate success, and many comprise the following key factors:
- Areas (markets/ sectors) where you have clear capabilities, capacity and a track record
- Customers with whom you already have an established relationship or connection somewhere in your team
- Aligned proposition areas that are relevant to your customers right now
- Targets and customers where we can compete successfully and make money
Notwithstanding the positive and actionable steps outlined above, the risks associated with these opportunities also need to be considered, for example:
- Internal delivery impact
- Regional and market economic risks
- Cashflow risks
2021 is about delivering in the short term for survival and long term for strength. Converting low hanging fruit can help you build strategic focus, internal confidence and pave the way for building your longer-term strategy.