Most entrepreneurs that I know are Type a people - always on the go and into something new. I know one area I have to work on is taking the time to analyze where I am and where I want to go. I mean, sitting down with paper, pencil and calculator to pull together the facts and make smart decisions.
One tool to do this is called a SWOT Analysis. My guess is you’ve seen this before, and may have even used it… but I’d be willing to bet most of you haven’t done it in a while. If you haven’t, this can be a really effective way to help you make decisions about your next steps – and increase the likelihood that you will be successful.
A SWOT Analysis gets you to examine both your business and also the world outside your business - the good, the bad, and the ugly.
Starting with your business, you first list the Strengths of your business, then the Weaknesses. Then, looking outside your business (economy, competitors, etc.), you analyze the Opportunities and the Threats that exist.
Here are some questions to get you started:
Strengths:
1.What do I offer that is so good people tell their friends about it?
2.What gives me a competitive advantage over my competition?
3.What makes my service/product valuable?
4.What makes my business successful?
5.What am I most proud of about my business?
Weaknesses:
1.What would I change about my business if I could?
2.What is it about my business that I don’t want anyone to know?
3.What is the most challenging part of my business?
4.What do I struggle with?
Opportunities:
1.What new technology/products might help me out?
2.What is changing that could be a good thing for my business?
3.Who is a potential customer, ally, and or vendor that will make my business better?
4.What is my competitor doing that might work to my advantage?
Threats:
1.What changes are occurring or might occur that will impact my business negatively?
2.Who might cause damage or pain to my business?
3.How do my competitors out do me?
Once you have taken the time to answer these thoroughly, you should have a much clearer perspective on where your business stands. You’ll be clearer on the good, the bad and the ugly. Then, you can then use this knowledge and insight to decide what to focus on first.
Leigh Ann Rodgers
Coaching, Training and Products to Develop Business Professionals (404) 964-8306
