We talk a lot about a target market, but how targeted do you want to be? You want to know your market, know your competitive advantage, which is only possible with a target market.
Yet you don’t want to close out opportunities. You want to be open for the big opportunity. Or big opportunities.
I would suggest you define your target. Perhaps there are a few options to pursue. Define them. Perhaps there is a narrow focus, a possible wider focus, and one a little wider than that. Determine how fuzzy you will let your focus be.
Remember focus requires fewer resources. It gives the opportunity to know your target market better. However, you need a large enough target market to sustain your business. And, a couple of targets can balance the business in an economic downturn.
If an opportunity outside your defined market appears. It is critical to understand not only how risky it is, but also how resources will be drained from your focus. Can you afford that? As always, you be the judge.
Tove Rasmussen, Business Coach and CEO of Partners Creating Growth, offers business expertise worldwide to help organizations grow, and disadvantaged regions thrive.
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