This month we’re talking about “assessing your business” here at e-Spot®, so I thought it would be a good idea to provide you with a handy tool that I use, time and again, when I feel the need to take a step back and go over my business plan.
When you’re running a business, it’s important to have goals and targets in mind, and they shouldn’t be written in the sand. If you want your business to succeed, you need to ensure its growth, and part of that involves continued re-assessment and re-calibration.
When I work with a new client, I create a communications plan and part of that involves developing a “SWOT analysis”, i.e., a simple (yet effective) method of assessing one’s business.
So what is a SWOT analysis, anyway? I’m glad you asked! Here’s a breakdown:
1. Strengths
Here’s where you want to list 4-5 of the things you’re most proud of, for example:
• Expertise and experience
• Innovative marketing techniques
• Customer satisfaction and loyalty
• Above average customer service
• High quality products
2. Weaknesses
Nobody likes to talk about their weaknesses, but it’s important to acknowledge them. Examples could include:
• Market stagnation
• Poor search engine ranking/SEO
• Lack of product differentiation/branding
• Non-existent mission statement/long term goals
• Damaged credibility/poor customer reviews
3. Opportunities
How can you take your business to the next level? Here are some opportunities to consider:
• Developing markets (i.e., social media, conferences, networking workshops, etc.)
• Partnerships or joint ventures
• Adding to current product line/services
• Expanding into other areas/markets
4. Threats
Lastly, you’ll want to identify potential red flags, such as:
• Competitors
• New taxation/governmental protocols
• Recession/unstable marketplace
• Limited distribution channels
You’ll be surprised at how much insight and value a SWOT analysis can provide. I hope you use this handy tool, and often!
What are some areas of your business that need re-assessment? We’d love to trade stories with you. Head on over to our Facebook page and join the discussion!
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