{"id":1858,"date":"2023-02-03T01:45:00","date_gmt":"2023-02-02T17:45:00","guid":{"rendered":"https:\/\/tomwatkin.com\/?p=1858"},"modified":"2023-04-05T16:41:27","modified_gmt":"2023-04-05T08:41:27","slug":"strategic-opportunities","status":"publish","type":"post","link":"https:\/\/tomwatkin.com\/?p=1858","title":{"rendered":"Masterful Tracking of Strategic Opportunities"},"content":{"rendered":"\n<p>During the business development cycle, opportunities will present themselves that are particularly large or strategic in nature. Perhaps there is potential for a significant recurring order or a first project with a key customer target. Tracking these strategic opportunities separately is critical. Their importance merits additional effort. <\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter is-style-fill\"><a class=\"wp-block-button__link has-vivid-red-background-color has-background wp-element-button\" href=\"https:\/\/tomwatkin.com\/?page_id=2365\" style=\"border-radius:5px\"><strong>Scale Your Revenue in Only 2 Weeks:<\/strong> <strong>Get My Guide<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p class=\"has-white-color has-text-color\">strategic opportunities<\/p>\n\n\n\n<p>I refer to these as <em>must-win<\/em> opportunities. Highlighting their significance to the objectives and purpose of your organization. Each company defines <em>must-win<\/em> in a different way, but the classification could include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>High revenue potential<\/strong><\/li>\n\n\n\n<li><strong>Long-term revenue potential<\/strong><\/li>\n\n\n\n<li><strong>New strategic customer onboarding<\/strong><\/li>\n\n\n\n<li><strong>Industry reputation enhancement<\/strong><\/li>\n\n\n\n<li><strong>New service\/product showcase opportunity<\/strong><\/li>\n<\/ul>\n\n\n\n<p>I\u2019m a very visual person and find it useful to be able to see how these larger opportunities are progressing. Below I show you how to set up a tool that can keep you tracking your strategic opportunities quickly and easily.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Setting Up Your Matrix <\/h2>\n\n\n\n<p>To start, create the following matrix (see below). Drawing it on a large whiteboard makes this easy to update. However, creating it digitally can also work, especially if you&#8217;re sharing it with remote teams. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"693\" height=\"377\" src=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-25-02-small.jpg?resize=693%2C377&#038;ssl=1\" alt=\"\" class=\"wp-image-3210\" srcset=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-25-02-small.jpg?w=693&amp;ssl=1 693w, https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-25-02-small.jpg?resize=300%2C163&amp;ssl=1 300w\" sizes=\"auto, (max-width: 693px) 100vw, 693px\" \/><figcaption class=\"wp-element-caption\">Must Win Matrix<\/figcaption><\/figure>\n<\/div>\n\n\n<p>This simple matrix comprises <em>timeframe<\/em> on the horizontal. Representing the time in which the opportunity will be awarded by the client, the length of your sales cycle will determine the timeframes used. Though typically your <em>must-wins<\/em> are those with a longer sales cycle than your regular opportunities.<\/p>\n\n\n\n<p>The likelihood of winning the opportunity makes up the vertical axis and is divided into three stages of probability. As a guide, I use:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hi<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Engaged; strong customer relationship;<\/li>\n\n\n\n<li>Detailed project discussions completed;<\/li>\n\n\n\n<li>Aligned proposal submitted;<\/li>\n\n\n\n<li>Strong probability of a win.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Med<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Good customer relationship;<\/li>\n\n\n\n<li>Limited project discussions; <\/li>\n\n\n\n<li>Proposal likely to be requested;<\/li>\n\n\n\n<li>More work to do.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Low<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Little to no customer relationship;<\/li>\n\n\n\n<li>No discussions to date; <\/li>\n\n\n\n<li>Proposal unlikely to be requested at this time;<\/li>\n\n\n\n<li>Relationship building and positioning required.\n<ul class=\"wp-block-list\">\n<li><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/kenny-eliason-y_6rqStQBYQ-unsplash.jpg?resize=470%2C314&#038;ssl=1\" alt=\"\" class=\"wp-image-3228\" width=\"470\" height=\"314\" srcset=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/kenny-eliason-y_6rqStQBYQ-unsplash.jpg?w=626&amp;ssl=1 626w, https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/kenny-eliason-y_6rqStQBYQ-unsplash.jpg?resize=300%2C200&amp;ssl=1 300w\" sizes=\"auto, (max-width: 470px) 100vw, 470px\" \/><figcaption class=\"wp-element-caption\">Regularly talking to your team about Must-Win Opportunities keeps them on your radar. <\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">Populating With Strategic Opportunities<\/h2>\n\n\n\n<p>Populating the matrix with your strategic opportunities (<em>must-wins)<\/em> means making sure it is large enough to house them. Mine sits on my office wall on a one-meter board. While it is nothing fancy, it allows me to easily move the <em>must-wins<\/em> between squares as new information comes to light.<\/p>\n\n\n\n<p>Using Post-It notes to represent the opportunities makes for an easy system to use. Having just enough information so that the user can quickly discern what they are key. As an example, my <em>must-wins <\/em>contain the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Project Name<\/strong><\/li>\n\n\n\n<li><strong>Customer Name<\/strong><\/li>\n\n\n\n<li><strong>Product\/Service Required<\/strong><\/li>\n\n\n\n<li><strong>Likely Date of Award<\/strong><\/li>\n<\/ul>\n\n\n\n<p>This is enough information to cross-reference with your <a href=\"https:\/\/tomwatkin.com\/?p=2287\"><em>tactical action plan<\/em><\/a>, where specific actions with key personnel and stakeholders should be captured. Next, it&#8217;s time to place it the opportunity on the matrix. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"692\" height=\"378\" src=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-26-02-small.jpg?resize=692%2C378&#038;ssl=1\" alt=\"\" class=\"wp-image-3213\" srcset=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-26-02-small.jpg?w=692&amp;ssl=1 692w, https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-26-02-small.jpg?resize=300%2C164&amp;ssl=1 300w\" sizes=\"auto, (max-width: 692px) 100vw, 692px\" \/><\/figure>\n<\/div>\n\n\n<p>Check the timeframe and likelihood of winning to place the opportunity appropriately. The matrix needs to be user-friendly. Therefore, don\u2019t overpopulate or create a huge sea of notes. Only include those of most significance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Using the Must-Win Matrix<\/h2>\n\n\n\n<p>A successful business developer needs to be strategic. Having long-term visibility of strategic opportunities really supports this. To really work, the visibility needs to be convert to action. The goal of the matrix is to be able to move <em>must-wins<\/em> from a <em>low<\/em> to a <em>high<\/em> likelihood of success. A quick look at the matrix highlights which companies to talk to about which projects, and these actions should be placed into the tactical action plan under high priority and with appropriate due dates.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"682\" height=\"383\" src=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-27-02-small.jpg?resize=682%2C383&#038;ssl=1\" alt=\"\" class=\"wp-image-3221\" srcset=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-27-02-small.jpg?w=682&amp;ssl=1 682w, https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/Tom-Watkin-27-02-small.jpg?resize=300%2C168&amp;ssl=1 300w\" sizes=\"auto, (max-width: 682px) 100vw, 682px\" \/><\/figure>\n<\/div>\n\n\n<p>Much like the tactical action plan, the matrix must be <em>living<\/em>, which means it needs to be regularly and accurately updated to reflect the real-world situation. Opportunities should be moved as soon as information gleaned from customers and stakeholders is heard.<\/p>\n\n\n\n<p>Good practice involves taking ten minutes a week to survey the matrix with your team to discuss any new information, make changes, and allocate actions to the<a href=\"https:\/\/tomwatkin.com\/?p=2287\"> tactical action plan<\/a>. <\/p>\n\n\n\n<p>I challenge you to set up a Must-Win Matrix and see the difference it makes to your strategic opportunities.<\/p>\n\n\n\n<p class=\"has-white-color has-text-color\">Strategic opportunities<\/p>\n\n\n\n<p>If you need want to start scaling your revenue through purposeful business development download my free guide. With ten days of action my guide will get you up and running right now.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter is-style-fill\"><a class=\"wp-block-button__link has-vivid-red-background-color has-background wp-element-button\" href=\"https:\/\/tomwatkin.com\/?page_id=2365\" style=\"border-radius:5px\"><strong>Scale Your Revenue in Two Weeks:<\/strong> <strong>Get My Guide<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p class=\"has-white-color has-text-color\">Strategic opportunities<\/p>\n\n\n\n<p>For a deeper dive into business development and advice on setting up a purposeful and consistent system I recommend checking out my new book <em>Business Development Begins Here<\/em>. It is available to order on <a href=\"https:\/\/www.amazon.com\/Business-Development-Begins-Here-Watkin\/dp\/1646637844\/ref=sr_1_1?crid=3ATJBL5WCKGU3&amp;keywords=Business+Development+Begins+Here+by+Tom+Watkin&amp;qid=1659968722&amp;s=books&amp;sprefix=business+development+begins+here+by+tom+watkin%2Cstripbooks%2C49&amp;sr=1-1\">Amazon<\/a>. It describes the <em>triple A framework<\/em> and will get you assessing your purpose, company, customers, competitors and place in the market. Aiming your effort in line with your purpose. Before taking daily action in engaging your customers and pursuing opportunities.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/IMG-1936-small-rotated.jpg?resize=332%2C443&#038;ssl=1\" alt=\"\" class=\"wp-image-3198\" width=\"332\" height=\"443\" srcset=\"https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/IMG-1936-small-rotated.jpg?w=443&amp;ssl=1 443w, https:\/\/i0.wp.com\/tomwatkin.com\/wp-content\/uploads\/2022\/11\/IMG-1936-small-rotated.jpg?resize=225%2C300&amp;ssl=1 225w\" sizes=\"auto, (max-width: 332px) 100vw, 332px\" \/><figcaption class=\"wp-element-caption\">Become purposeful with your revenue growth<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"has-white-color has-text-color wp-block-heading\">Coaching<\/h2>\n\n\n\n<p>If you want a more proactive and personal approach to your work winning I am available to help. Through one on on discussions I&#8217;ll set you on the right path and keep you accountable to future activity. I currently have space available on my 1on1 personalized coaching program. To learn more click the button below.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link has-vivid-red-background-color has-background wp-element-button\" href=\"https:\/\/tomwatkin.com\/?page_id=3634\"><strong>Coaching for Revenue Growth<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the business development cycle, opportunities will present themselves that are particularly large or strategic in nature. Perhaps there is &hellip; <\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/tomwatkin.com\/?p=1858\" class=\"more-link\">MORE +<\/a><\/p>\n","protected":false},"author":1,"featured_media":3225,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[13,3,50,26],"class_list":["post-1858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-action","tag-business-development","tag-business-development-strategy","tag-strategy","featured-image-below","featured-image-size-"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Masterful Tracking of Strategic Opportunities - Tom Watkin<\/title>\n<meta name=\"description\" content=\"Tracking strategic opportunities is a critical part of successful business development. 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