12 Reasons to Use the Opportunity Assessment
When should you reach for this?
The Opportunity Assessment has helped Product Managers, Entrepreneurs, and Executives alike.
Here are a dozen popular reasons for adding the Opportunity Assessment to your tool belt.
For Product Managers
1. Do you need to prioritize some big items on your product roadmap?
Get the team together to quickly assess each of your big ticket items.
Watch the best opportunities rise to the top.
2. Do you need to defend an earlier product decision that was never formalized?
A retroactive assessment can add value when the original argument has lost its strength.
Build and justify your case to gain better alignment.
3. Are you considering a sizable upcoming product investment?
Complete a thorough assessment and don’t cut corners with any of your answers.
Increase your confidence before you get too far in.
4. Are you growing the project team and need to onboard new members?
Formalize the answers you already know and include in the new hire training.
Provide a concise reference as pre-requisite reading.
5. Do you need to put to rest the nagging product suggestions that just won’t go away?
The assessment provides a formal "speed bump" for half-baked ideas.
Easily expose weaknesses in ill-conceived proposals.
6. Do you need to downsize and having trouble picking which projects to pause?
Good assessments help you size each opportunity so you can make fair comparisons.
Time-sensitive opportunities may take precedence.
7. Have you been mulling over or tinkering with a new idea for more than a few weeks?
Take an hour to fill out the 1-page template for your idea.
Stop wondering if your idea truly has merit.
8. Are you in pretty far already and having second thoughts with the current initiative?
Use the Assessment exercise to revisit your assumptions.
Rediscover your motivation and regain your focus.
9. Are you pitching your idea to would-be investors and need to be better prepared?
The Assessment is a good due diligence tool to build the strongest case for your idea.
Score high marks with any business-oriented audience.
10. Are you writing your first business plan and need a head start?
The Opportunity Assessment is a stepping stone to a more formal plan.
Cover much of the same territory in this brief format.
11. Are you taking over an existing project and need to get your bearings?
Use the assessment format to collect answers as you interview with the team(s).
The exercise can serve as a good bellwether for all involved.
12. Do you have entrepreneurial-minded folks on your team always blurting out their "good ideas”?
Have your go-getter fill out the assessment before pitching their latest brainstorm.
Highlight the need for qualification and lead by example.
How many of these hit home?
You many already have several reasons to perform your own Opportunity Assessment. We'd like to help you.