How to take advantage of short-term opportunities

Not long ago, something happened that made me write today. Some expatriate was going back to their country and was selling their irrigation pump at a very give away price. Unfortunately, I had all my money locked-up in assets that could not immediately be sold off (illiquid assets). I had lost out on this great opportunity. If this was the only loss, I would not have bothered to write but then it came soon after my wife had also lost yet another short-term opportunity. Somebody in her social network group was looking for anybody with management accounting skills to consult on some assignment. Apparently, my wife had not made her network know of her management accounting skills. So this highly lucrative opportunity passed by her. And am pretty sure many of us have been in similar situations where we could not buy a plot of land or some other asset because the resources or the knowledge of it was not there on time.

This leaves me with a big question: how does one put themselves in a position to always take advantage of such short-term opportunities? Here’s what I have learnt from recent events:

First, know how to network – this very much applies to situations like the one my wife faced. Build long term friendships and relationships. If you don’t have a large network of friends and associates, short-term opportunities like these are much rare. So the first step is to know how to build friendships quickly and sustainably.

Secondly, keep a sizeable interest-earning liquid (cash) emergency fund – this very much applies to suddenly emerging opportunities for purchasing assets. In my professional view, if you have a very well stocked emergency cash fund, opportunities like these are a good reason to tap into it (but not to decimate it). In other words, view a portion of your emergency fund as cash you can grab to take advantage of an opportunity, and then replace when you recover the funds from the opportunity.

Thirdly, know your skills – and keep up to date on it. If you are an irrigation engineer, be on top of issues so you can be consulted when need arises. So when acquaintances have questions in those areas, they will come to you for advice. So you get paid for advisory services.

Be very forthcoming in offering advice in your area of expertise. This essentially ties together the ability to network with having domain knowledge in certain areas. Basically, when there are opportunities to discuss topics in areas where you have knowledge, share it and offer to share more upon request. For example, if you’re a computer software guru, and someone mentions upgrading a piece of computer equipment, mention that you’ve looked at the same thing in detail, drop your recommendation briefly, and tell them they can contact you if they want more help. It might just turn into a great opportunity for you later. Expose your skills at any slightest opportunity – usually free at first for them to sample out.

Lastly, believe in top notch quality in whatever you do. If you offer high quality services, your market and grasp of short-term opportunities will be unlimited.

Have a blessed week-end as you plan on how to take advantage of opportunities that come your way!