BB Chart: A Method for Targeting Benefits and Barriers in Business Opportunities

Business leaders are at all times wanting for new alternatives to cut back prices or improve income. However, these alternatives might solely be mentioned throughout strategic conferences, typically by doing an evaluation of Strengths, Weaknesses, Opportunities, Threats (aka SWOT). SWOT is a superb software for leaders to see the place the enterprise has been, the place it’s now, and the place it might go. However, the results of SWOT falls quick when a number of the alternatives recognized might not be instantly pursued. This may be as a consequence of administration feeling they should do additional analysis earlier than continuing with a chance. This follow-up analysis can take numerous time, effort, {dollars}, and presumably end result in misplaced alternatives. Instead, determine if extra analysis is important and which alternatives are instantly implementable by following the SWOT train with a fast Benefits and Barriers (BB) evaluate.

To do a BB evaluate, merely make a T-chart with every alternative listed on the highest of a separate web page. Then put the phrases “Benefits” on the left aspect of the T and “Barriers” on the best. Once the chart template is prepared, leaders can start to brainstorm concepts to put into either side of the chart.

  • Benefit examples: fast inflow of money, straightforward to do, revenue improve, have already got experience, low value to implement, matches long-term targets/aims, can use current gear, value financial savings, robust market for product, straightforward to promote, matches into company values, improves buyer satisfaction, and so on.
  • Barrier examples: pricey to implement, wouldn’t have experience, requires coaching, high quality issues, particular gear is important, costly to implement, takes an excessive amount of time, authorities restrictions, outdoors present buyer base, authorized points, requires extra insurance coverage, more room wanted, and so on.

Once the concepts for the chart are exhausted, leaders can simply see the place advantages outweigh obstacles to shortly implement some alternatives. If obstacles are a lot bigger than advantages, these alternatives might not be value pursuing presently. Where advantages and obstacles seem equal, additional analysis could also be warranted to decide and decide potential for return on funding. For these alternatives that won’t be instantly carried out and nonetheless look promising, the management can now make a plan for overcoming the obstacles in order that the enterprise can reap future advantages.

An various methodology to shortly analyze every alternative throughout a strategic assembly is to interrupt the management staff into sub-groups of three to 4 individuals. Each sub-group can be assigned two or three of essentially the most fascinating alternatives to do a BB chart for in a brief time frame. Once the charts are full, the sub-groups would re-unite into the bigger management staff to vote on which alternatives to pursue, which to analysis extra, and which to desert for now.

SWOT evaluation is a great tool for enterprise leaders to find out the place the enterprise is and the place they need the enterprise to go. However, don’t cease there as it might probably let straightforward alternatives slip by the cracks by attempting to do an excessive amount of analysis earlier than beginning them. Instead, use the BB chart to focus on the advantages and obstacles of potential alternatives. This charting methodology permits for fast execution of these alternatives that can shortly end result in speedy advantages to the enterprise. As nicely as figuring out which alternatives are definitely worth the time and effort of extra analysis versus those who might not be as advantageous as they seem when introduced earlier than the enterprise leaders.

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Source by Shirley Lee

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