Maintain your edge in the supply market: keep investigating "business gaps"

| 0 Comments

 

ShawnTheunissen2.jpg“Gaps” – or business prospects – challenge what entrepreneurs offer the market and how they offer it. This makes it important to assist them to identify the right gap before they start a business, as well as continue to test its ongoing relevance as their SME grows, says Shawn Theunissen, head of CSR at Growthpoint Properties and Property Point (Growthpoint Properties’ enterprise development programme), in this month’s SmartProcurement.


Each time someone expresses a need that is not being met, a new “gap” reveals itself in the market – occasionally providing an entrepreneurial individual with the perfect opportunity to start their own business.


“While gaps can range from a need for new products or technology to requiring different services to those currently available, not all gaps will go on to sustain viable businesses,” says Theunissen. “This makes it critical for entrepreneurs to investigate perceived gaps thoroughly – from the resources required to meet the need all the way through to quantifying market appetite for the product or service.”


Gaps are identified by listening to the market and responding to it. This means that you need to do research – even if this is informal or accidental.


“Speak to the people who will potentially become your customers. Start off identifying who you will be dealing with and what their needs are. Whilst it is often easy to establish the usual suspects (or traditional clients), make a point of finding the unusual suspects too – possible new markets for your goods and/or services.”


Once you have identified who the main consumers and suppliers are, and who is connected to whom, you must find out how their needs both are and are not being met – and why. “This will give you an indication about whether your idea is viable and will work or not,” he explains.


When you have identified your opportunity, it is important to make sure your idea will actually work before you go ahead and create a business around it.


“To do this, link what you have discovered through your research with what you want to do – and conceptualise your idea. Ask yourself what your core business will be, and how you can fill the gap you have spotted. Outline your answers on paper. Check that they speak to the needs you first identified,” says Theunissen.


Before charging ahead and starting a business based on your findings, take your answers back to the individuals who originally helped you and ask them for their feedback. If you can subsequently show that there is a market for you, it is time to start your business.


Theunissen cautions that, while it is one thing finding your business’ gap, it is equally important to maintain your position in the market by continually testing its relevance, as well as looking for new opportunities.


“One of the best ways to do this is by strengthening your relationships with existing clients and then to keep listening to them. Remember that needs change. Only by communicating with the market constantly – listening and responding – will you be able to ensure that what you are offering is still relevant and necessary.”


To stay ahead in your sector then, always keep thinking beyond your immediate context. “Gaps are about ideas and possibilities. To find new ones, actively seek out a cross-pollination of ideas between seemingly different industries. This will enable you to expand your understanding whilst broadening your own market at the same time,” concludes Theunissen.


Contact Property Point for more info on uncovering and analysing business gaps. 

Leave a comment


SmartProcurement Newsletter
X

Please enter your details below to receive the SmartProcurement Newsletter for FREE on a regular basis.

As part of the SmartProcurement Newsletter you will be receiving World Class Procurement News, Tools, Tips, Tactics, Procurement Training updates, Upcoming Events, and the latest Procurement Career Openings.

* Email Address:
* Title:
* First Name:
* Surname:
* Company:
  Position:
* Country:
* Public / Private:

 

Career opportunites

Marketing Executive

  • <500 000 Gauteng Operations, Planning & Inventory Permanent Projects / Category Management
Geographical Area: Midrand GautengSalary: Market related2 Years Marketing ...More

Head: Supply Chain Management (P6)

  • <500 000 >500 000 Limpopo Permanent Procurement Management Supply Chain
North east of the Tropic of Capricorn, just ...More

Purchasing and Supply Manager

  • <500 000 >500 000 Gauteng Permanent Procurement Management Supply Chain
Purchasing and Supply ManagerThe CSIR has a vacancy ...More

Senior Manager Public Sector

  • >500 000 Gauteng Permanent Procurement Management Projects / Category Management
 Senior Manager Public SectorTotal Cost to Company: R1.1mil ...More

Senior Manager: Mining

  • >500 000 Gauteng Industrial Engineer Permanent Projects / Category Management
Senior Manager: MiningTotal Cost to Company: R900k – ...More

SUPPLY CHAIN MANAGER

  • >500 000 Gauteng Permanent Procurement Management Supply Chain
SUPPLY CHAIN MANAGER(Total Cost to Company R750k – ...More

Master Data Management Advisor

  • >500 000 Gauteng Permanent Procurement Management Projects / Category Management
 MASTER DATA MANAGEMENT ADVISOR(Total Cost to Company R750k ...More

PRO - Performance Reporting

  • >500 000 Permanent Procurement Consultant Procurement Management Projects / Category Management
PRO - Performance ReportingTotal Cost to Company: R800k ...More

PRO - Risk & Governance

  • >500 000 Gauteng Permanent Procurement Management Projects / Category Management
PRO - Risk & GovernanceTotal Cost to Company: ...More

Supply Chain Site Manager

  • >500 000 Gauteng Permanent Procurement Management Supply Chain
Supply Chain Site ManagerTotal Cost to Company R1mil ...More

Chief Financial Officer

  • >500 000 Gauteng Permanent Procurement Officer / Specialist
Chief Financial OfficerTotal Cost to Company R1.5mil – ...More

Process Engineer- WMS

  • <500 000 >500 000 Industrial Engineer Permanent Projects / Category Management Western Cape
Process Engineer- WMS(Total Cost to Company R350K – ...More

Forecast Analyst

  • <500 000 Analyst Permanent Procurement Management Western Cape
Forecast Analyst(Total Cost to Company R350K – R500K) Location: ...More

Group Category Manager: Indirects

  • >500 000 Permanent Procurement Management Projects / Category Management Western Cape
Group Category Manager: Indirects(Total Cost to Company R700K ...More

Group Category Specialist: Chemical

  • >500 000 Gauteng Permanent Procurement Officer / Specialist Strategic Sourcing
Group Category Specialist: Chemical(Total Cost to Company R700K ...More

Sourcing Specialist - 3rd party

  • >500 000 Gauteng Permanent Procurement Officer / Specialist Strategic Sourcing
Sourcing Specialist - 3rd partyTotal Cost to Company ...More

Global Procurement Lead (Processing)

  • >500 000 Gauteng Permanent Procurement Management Supply Chain
 Global Procurement Lead (Processing)Location: JohannesburgTotal Cost to Company ...More

Global Supplier Performance Manager

  • >500 000 Gauteng Permanent Procurement Management Supply Chain
Global Supplier Performance Manager Location: Johannesburg  Cost to ...More

Group Customer Service Lead

  • <500 000 >500 000 Analyst Gauteng Permanent Procurement Officer / Specialist
Group Customer Service Lead  Location: Johannesburg As the ...More

Business Intelligence Manager

  • <500 000 >500 000 Gauteng Permanent Procurement Management Supplier / Business Development
Business Intelligence Manager Location: JohannesburgLead the development, implementation, optimization ...More