Recently, I joined a busines mastermind group, somewhat like a “think tank” for business owners. Our first assignment was to work on a SWOT Analysis. I was one of the few in the group that had done one before and knew what one was, but it had been a little while since I did my first one. It was amazing to see how much had changed in how I answered the questions since that time.
For those of you wondering, SWOT is not textspeak. It is a great acronym that stands for: Strengths, Weaknesses, Opportunities, and Threats.
A SWOT Analysis can lead to great insight about things you should continue, change, or improve within your business. It will also help you formulate a new strategy and prioritize your action items to reach your goals. Not only can a SWOT Analysis bring clarity to what needs to be fixed, but it can also generate new ideas that help build the bottom line.
By identifying your Strengths, you can find out what you are really good at—and do more of it.
- What do you do better than anyone else?
- What values do you believe in that others fail to exhibit?
- What is your company’s unique value proposition?
Once you admit your Weaknesses, you can figure out how to improve upon them or minimize them.
- What tasks do you avoid because you don’t feel confident doing them?
- What are your negative work habits?
- What could you improve?
Seeing ways to make new revenue streams come from looking at Opportunites you may never have thought of.
- Is there a need in your industry no one is filling?
- Do you have a network of strategic contacts?
- Do you have a solution to what consumers in your industry see as ‘pain points’?
Understanding your Threats will help protect you and force you to be proactive in changing what you need to.
- What obstacles do you face?
- Is changing technology threatening your business?
- What are your competitors doing?
If this interests you and you want to know more about this topic, email Nesha at email@example.com