Identifying a business initiative involves several steps:
1.
Assess Current State: Analyze the current performance of the business, including strengths, weaknesses, opportunities, and threats.
2.
Set Objectives: Define clear, measurable goals that align with the company’s long-term vision and
business goals.
3.
Market Research: Conduct thorough market research to identify trends, customer needs, and competitive landscape.
4.
Stakeholder Input: Engage with key stakeholders, including employees, customers, and partners, to gain insights and validate ideas.
5.
Feasibility Analysis: Evaluate the feasibility of potential initiatives in terms of resources, costs, and risks.