THE LOW HANGING FRUIT!

 

How low can one get ?

N.K.Narasimhan

The term "low hanging fruits" refers to easily achievable goals that require minimal effort, resources, and time to accomplish. In the context of building companies, it means taking advantage of obvious opportunities that are relatively easy to grasp.

Merits of picking low hanging fruits in building companies:

Quick wins: Low hanging fruits provide a fast and efficient way to improve a company's performance. They can generate momentum and demonstrate to stakeholders that the company is capable of delivering results.

Cost-effective: The resources required to achieve low hanging fruits are usually minimal compared to other strategic initiatives. They can be achieved with little or no additional investment in infrastructure, staffing, or training.

Boosts morale and confidence: The success of low hanging fruit initiatives can instill confidence in the company’s leadership and boost the morale of employees. This can improve employee engagement, productivity, and loyalty.

Better use of resources: By focusing on low hanging fruits, companies can prioritize their resources on initiatives that have the most significant impact on their objectives. This can help them avoid wasting time and money on projects that are unlikely to succeed.

Demerits of picking low hanging fruits in building companies:

Limited impact: Low hanging fruits may not necessarily align with the long-term strategic goals of the company. Their impact may be minimal, and they may not contribute to sustainable growth.

Missed opportunities: Focusing on low hanging fruits may prevent companies from pursuing game-changing opportunities that require significant investment and effort. This can result in missed opportunities and leave the company lagging behind the competition.

False sense of achievement: Achieving low hanging fruits can give the impression that the company is making progress, even if the results are superficial. This can lead to complacency and can hamper the company's ability to achieve its long-term objectives.

Short-termism: Focusing on low hanging fruits can encourage short-term thinking, which can lead to neglecting long-term planning and execution of essential strategic initiatives.

How to spot a low hanging fruit opportunity in business

Look for problems and pain points: Identify areas where customers or businesses are struggling, facing challenges, or expressing dissatisfaction. These could be things like limited options or poor quality of products or services, inconvenient access or long wait times, high prices, complex or confusing processes, or lack of information.

Follow trends and changes: Keep an eye on industry developments, emerging technologies, and shifts in consumer behaviour or preferences. Look for opportunities to capitalize on these changes, by offering new products or services, innovating in existing areas, or adapting to new market conditions.

Analyze data and metrics: Use market research, customer feedback, website analytics, and other data sources to identify patterns, trends, and opportunities. Look for gaps or unfulfilled demand in the market, as well as areas where your business is performing well or has room for improvement.

Keep an open mind and take risks: Be willing to think creatively, try new things, and take calculated risks. Explore unconventional or non-traditional approaches to solving problems or meeting needs. This can involve collaborating with other businesses or experts, using social media and other digital channels to reach new audiences, or experimenting with different pricing or delivery models.

 

In conclusion, picking low hanging fruits can have both merits and demerits in building companies. While they provide quick wins, boosts morale, cost less and are a better use of resources, low hanging fruits may have limited impact, miss critical opportunities, promote a false sense of achievement, and encourage short-termism. Companies need to balance taking advantage of quick wins with pursuing opportunities for sustainable growth and aligning strategic initiatives with long-term goals

Leverage your strengths: Identify your core competencies, areas of expertise, or unique resources and capabilities. Consider how you can apply these strengths to address unmet needs or create value for customers or partners.