Identifying new financial opportunity is a key part of many positions in the accounting and finance fields. Managers and executive staff may also be involved in the search for new financial opportunities that can best benefit the company.
To identify new financial opportunities, apply the five Cs:
Circumstances have a significant effect on which problems a customer or client cares about and how they weigh their options for solution. Consequently, combining consideration of client or customer needs with an evaluation of the most common circumstances in which those needs might arise offers a simple way to visualize opportunities for innovation.
Because circumstances strongly affect how customers or clients behave, getting the context for a particular customer choice is key to understanding the reasons for that choice. One way to gather context is to find ways to observe customers when they encounter a problem and to examine how they try to solve it. Then, consider what your organization can offer as a simple solution to the problem in context.
Growth is spurred when an organization must innovate around some type of barrier – whether that barrier is lack of time, limited resources, or another constraint. However, do not forget the importance of context: knowing why a customer doesn’t use a particular product or service is key to identifying whether innovation will create consumption or merely generate additional indifference.
4. Compensating behaviors
One key clue to a hidden financial opportunity lies in compensating behaviors, or ways in which customers try to solve problems with inadequate or ill-fitting tools. Customers who spend money to solve a problem, but who spend it on a solution that doesn’t quite meet their needs, are likely to shift that spending to a new solution that does meet their needs. Find places where customers are “doing the best they can with what they have,” and offer something better.
“Quality” is not an objective measure of a product or service, but a subjective one: a customer’s sense of quality depends on his or her needs, desires, feelings, opinions, and prior experiences. By understanding which criteria matter to a particular customer, a company can improve its chances of delivering a product or service that customers will rate highly – and thus continue to use.
At Daley and Associates, our experienced recruiters have built extensive relationships in the accounting and financial fields, giving us the expertise we need to match great candidates with great jobs. Contact us today to learn how we can help you reach your career goals. If you are looking for executive recruiters in Boston MA, contact Daley and Associates today.